This paper provides supporting evidence for the value creation effect of buyout funds. Using a sample of Chinese listed companies that set up buyout funds from 2011 to 2015， we examine the value creation effect of buyout funds and its influencing factors from the perspective of financing and investment. The empirical result shows that buyout funds set up by listed companies in China have obvious value creation ability. We also find that： (1) the higher leverage level of listed company we use， the higher wealth effect the establishment of the buyout fund will get. (2)Different types of buyout funds all have value creation ability， but the industrial integration type creates more value than the industrial extension type.