私募股权投资对中小板上市公司经营业绩的影响

发布时间：2018-03-06 04:04

本文选题：私募股权投资　切入点：中小板　出处：《内蒙古财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小企业在经济发展中所占据的重要地位及作用在理论界早已形成一致的看法并为各国所重视。然而我国中小企业的发展受到资金、管理水平等问题的制约,一直处于“强位弱势”的尴尬境地。私募股权投资是对新兴的、具有高成长潜力的未上市企业进行的一种权益性投资。中国应大力发展私募股权投资,利用私募股权投资进行融资,在解决中小企业的融资问题的同时,凭借私募股权投资的力量,帮助解决中小企业发展中存在的各种难题,进而推动中小企业的良性发展,并最终推动国民经济走向持续健康有序的发展轨道。私募股权投资为被投资企业提供资金,同时也会为企业提供管理、技术等服务,参与企业重大决策的制定,私募股权投资在为企业提供各类支持的情况下,承担的风险也是巨大的,因此私募股权投资要求的回报也要与它所承担的风险成正比,私募股权投资获得收益的主要方式是让被投资企业IPO后退出,所以有私募股权投资支持的公司和无私募股权支持的公司必定在上市时机的选择上是不同的,同时由于私募股权投资参与对被投资企业发挥的综合作用,势必会对企业的经营业绩产生或大或小、或好或坏的影响,而大多数的研究表明私募股权投资对被投资企业经营业绩发挥着积极的影响。西方多国学者已经证实了这一结论：研究表明私募股权投资能够缓解各利益相关者的冲突,使代理成本得到有效降低,对目标公司的经营业绩发挥着正向的作用。中小板不仅是我国金融市场的重要组成部分,也是我国中小企业重要的融资平台,由于私募股权投资的参与,中小板也成为私募股权投资通过把企业推向上市最重要的退出平台。因此,本文研究的是中小板2007年到2009年首发上市的公司,通过将在这两年上市的所有公司分为有私募股权投资参与和无私募股权投资参与两类,分别研究这两类公司上市前后经营业绩的变化规律,检验两类上市公司上市前后变化趋势的区别、有私募股权投资参与的上市公司IPO后经营业绩是否好于无私募股权投资参与的上市公司；基于此本文在最后建立了私募股权投资与经营业绩的相关多元回归模型,对结果进行了实证分析,希望从中得出相关政策启示,为私募股权投资继续为中小企业提供融资和增值服务提出了政策和制度建议。
[Abstract]:The important position and function of small and medium-sized enterprises in the economic development have already formed a consistent view and been attached importance to by many countries. However, the development of small and medium-sized enterprises in our country is restricted by the problems of capital, management level and so on. Private equity is an equity investment in emerging, high-growth unlisted companies. China should make great efforts to develop private equity investment. The use of private equity investment in financing, while solving the financing problems of small and medium-sized enterprises, relying on the strength of private equity investment, to help solve the problems in the development of small and medium-sized enterprises, and then promote the healthy development of small and medium-sized enterprises. And ultimately promote the national economy towards a sustained healthy and orderly development track. Private equity investment provides funds for invested enterprises, and also provides management, technology, and other services for enterprises to participate in the making of major decisions. Private equity investment provides various kinds of support to enterprises. The risk is also huge, so the return of private equity investment should be directly proportional to the risk it takes. The main way to get income from private equity investment is to let the invested company withdraw after IPO. Therefore, companies with private equity investment support and companies without private equity support must be different in the choice of the timing of listing. At the same time, due to the comprehensive role that private equity investment plays on the invested enterprises, It is bound to have a large or small, good or bad impact on the business performance of the enterprise. Most studies have shown that private equity investment has a positive impact on the business performance of invested companies. Many Western scholars have confirmed this conclusion: research shows that private equity investment can ease conflicts among stakeholders. The agency cost is reduced effectively, which plays a positive role in the target company's operating performance. Small and medium-sized boards are not only an important part of our financial market, but also an important financing platform for small and medium-sized enterprises in our country. Due to the participation of private equity investment, Small and medium sized boards have also become the most important exit platform for private equity investment by pushing enterprises into the market. Therefore, this paper studies the listed companies of small and medium-sized boards from 2007 to 2009. By dividing all the companies listed in the past two years into two categories: private equity investment and non-private equity investment, the changes of operating performance before and after the listing of these two kinds of companies are studied respectively. To test the difference between the two kinds of listed companies before and after listing, whether the IPO performance of listed companies with private equity investment participation is better than that of non-private equity investment listed companies; Based on this, this paper establishes a multivariate regression model between private equity investment and business performance, and makes an empirical analysis of the results, hoping to draw relevant policy inspiration. For private equity investment to continue to provide financing and value-added services for small and medium-sized enterprises put forward policy and system recommendations.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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