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今年以来募资完成数量同比增长近五成 上市公司青睐投资产业并购基金

2017-09-05 07:51:43   中国经济网

业内人士认为,并购基金在国企、上市公司的转型升级过程中,有四大投资优势。第一,并购基金投资具有放大效应,上市公司通过少量的资金撬动大量的金融资本和社会资本,发挥了杠杆效应;第二,通过产业并购基金可以整合各类市场化资源;第三,并购基金投资具有市场化的操作优势;第四,并购基金投资的退出较为简便。

魏武群表示:“因为大的基金机构可以在投资标的企业层面植入股权,或者说在基金层面植入份额,未来在标的企业IPO,或者说ABS(资产证券化)的过程当中,上市公司进退的结构都很灵活。”

业内人士介绍,并购标的会在约定时间装入所合作的上市公司,PE的退出进行了提前锁定。不过,在上市公司并购环境收紧的当下,并购标的的估值合理性、与上市公司主业的协同性等问题,给并购基金投资带来新的挑战。同时,上市公司参与发起设立产业并购基金过程中,产业投资周期长、流动性较低,投资回收期较长,且投资并购过程中将受宏观经济、行业周期、投资标的公司经营管理、并购整合等多种因素影响,将可能面临投资效益不达预期或基金亏损的风险。此外,结构化基金收益要优先分配优先级资金及收益,极端情况下(基金全部亏损)需要上市公司或其大股东对优先级资金本金及收益兜底。

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