As the mature form of private equity fund, there are various modes of buyout. Take listed companies for example, the buyout modes include direct and indirect buyout, buyout with cashes, stocks, assets and mixed paying, acquisition and merger, etc. According to the existing law, listed company buyout includes acquisition, purchase of assets through issuing shares and merger of company, the ifrst two are acquisition, and the last one is merger. In addition, acquisition includes tender offer, acquisition agreement, indirect buyout and open market purchase. There are many modes of listed company merger and acquisition to choose from, buyout fund should consider the pros and cons of different investment projects to ensure beneifts.%作为私募股权投资基金的成熟形态,并购基金对目标公司的并购模式多种多样.以上市公司并购为例,主要包括直接并购和间接并购,现金、证券、资产、混合支付型并购,收购与兼并多种模式.根据现有法律制度,可以将上市公司并购分为上市公司收购、发行股份购买资产和公司合并,前两者属于收购上市公司,后者属于兼并上市公司.其中,收购上市公司,又包括要约收购、协议收购、间接收购和集中竞价收购.基金并购上市公司的可选模式众多,应当根据具体项目,分析利弊,以确保投资收益.
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