“上市公司+PE”并购基金是近年才在国内出现的具有中国特色的新型并购基金，是上市公司借助金融投资机构实现战略扩张或转型的产融结合新模式。目前国内外关于该类基金投资行为的研究仍非常稀缺。本项目将基于资源基础理论和代理理论双重视角，理论分析和实证研究“上市公司+PE”并购基金的投资行为问题。研究内容包括：第一，通过理论分析与构建模型，探明该类并购基金投资行为机制；第二，实证研究该类并购基金的“是否实际投资”、“投资类型选择”和“项目投资定价”等具体投资行为问题；第三，实证研究并购基金项目投资的经济后果；第四，理论提炼并提供政策建议。该项目研究意义体现在：第一，为理解“上市公司+PE”并购基金投资行为及经济后果提供创新性理论分析框架；第二，丰富国际范围内的并购基金和公司并购研究成果，为理解并购基金运作和公司并购行为提供新视角和新证据；第三，实践上为该类基金运作及其监管提供理论启示和政策建议。

“Listed company+PE” buyout fund is a new type of buyout fund with Chinese characteristics in recent years, and it is a new mode of integration of industry and finance for listed companies to achieve strategic expansion or transformation with the help of financial investment institutions. Research about the investment behaviors of such buyout funds is still scarce at home and abroad. Based on the dual perspectives of resource-based theory and agency theory, this project will theoretically and empirically investigate the investment behaviors of “listed company+PE” buyout funds. Firstly, we will explore the investment behavior mechanisms of such buyout funds through theoretical analysis and model construction. Secondly, we will empirically investigate the investment behaviors of such buyout funds, which include three specific behavioral problems, such as whether the project investment is actually implemented, the choice of investment type and the pricing of project investment. Thirdly, we will empirically investigate the economic consequences of such buyout funds. Finally, we will summarize the research findings and providing suggestions. The research significance of this project is reflected in the following aspects: (1) to provide an innovative theoretical analysis framework for understanding the investment behavior and economic consequences of "listed company+PE" buyout funds; (2) to enrich the literature of buyout funds and M&A, and provide new perspectives and evidence for the understanding of the operation of buyout funds and company’s M&A behavior; (3) to provide theoretical enlightenments and policy suggestions for the operation and supervision of such funds.