科技型中小企业私募股权融资效果研究
发布时间：2018-12-31 14:01
【摘要】：科技型中小企业作为技术创新的主要力量，，是培育和发展战略性新兴产业的重要载体，其对于增加就业、转变经济发展方式、调整产业结构具有重大的意义。但是科技型中小企业由于自身规模的限制及高投入、高风险的经营特点，很难从传统的融资渠道获得资金，资金短缺成为限制科技型中小企业发展壮大的难题。私募股权基金作为一种直接投资机制，不但可以解决科技型中小企业的融资瓶颈，而且还可通过参与企业管理来改善科技型中小企业的经营绩效。 本文在理论研究的基础上，具体分析科技型中小企业发展中存在的问题和私募股权市场的发展，并从资本结构、公司治理、IPO等方面阐述私募股权对科技型中小企业的促进作用。目前，我国已经有部分科技型中小企业在私募股权资本的支持下成功上市,实证检验这些企业的融资效果是本文的研究重点。 在实证研究中，本文以在深圳中小板成功上市并超过四年的86家科技型中小企业为研究样本，运用多元回归模型ROE= C+β1PER+β2SIZE+β3LEV+β4EPS，验证私募股权持股比例（PER）、企业总规模（SIZE）、资产负债率（LEV）、每股收益（EPS）对企业净资产收益率（ROE）的影响。其中，ROE是评价企业经营绩效的综合性指标。本文使用Eviews3.0对样本进行描述性统计和回归分析，运用最小二乘法（OLS）对参数进行估计。 总体样本的研究结果表明，私募股权持股比例（PER）与企业经营绩效（ROE）呈现正相关关系，即私募可以提升科技型中小企业的经营绩效，且私募持股比例越大，企业经营绩效越好。同时还得出，每股收益（EPS）、资产负债率（LEV）与企业经营绩效（ROE）呈现正相关关系，企业总规模（SIZE）与经营绩效（ROE）呈现负相关关系。 结合实证研究结果，论文最后从政府和企业两个层面出发，提出科技型中小企业私募股权融资的对策和建议，以促进科技型中小企业快速发展，进而带动经济发展方式的转变。
[Abstract]:As the main force of technological innovation, science and technology small and medium-sized enterprises are important carriers for cultivating and developing strategic emerging industries, which are of great significance for increasing employment, changing the mode of economic development and adjusting the industrial structure. However, due to the limitation of their own scale, high investment and high risk, it is difficult to obtain funds from the traditional financing channels. The shortage of funds has become a difficult problem to restrict the development and growth of small and medium-sized technology-based enterprises. As a direct investment mechanism, private equity funds can not only solve the financing bottleneck of technology-based SMEs, but also improve the performance of technology-based SMEs by participating in enterprise management. On the basis of theoretical research, this paper specifically analyzes the problems existing in the development of small and medium-sized technological enterprises and the development of private equity market, and from the capital structure, corporate governance, IPO and other aspects of private equity on the promotion of technology-based small and medium-sized enterprises. At present, some small and medium-sized technological enterprises have been listed successfully under the support of private equity capital in China. The empirical test of the financing effect of these enterprises is the focus of this paper. In the empirical study, 86 small and medium-sized technological enterprises listed successfully on Shenzhen small and medium-sized board for more than four years were selected as a sample, and the multivariate regression model, ROE= C 尾 1PER 尾 2SIZE 尾 3LEV 尾 4EPSs, was used to verify the ratio of private equity holding to (PER),. The influence of total scale (SIZE), asset liability ratio (LEV), earnings per share (EPS) on enterprise net asset return (ROE). Among them, ROE is a comprehensive index to evaluate business performance. In this paper, Eviews3.0 is used for descriptive statistics and regression analysis, and least square (OLS) is used to estimate the parameters. The results of the overall sample study show that the proportion of private equity holding (PER) is positively correlated with enterprise performance (ROE), that is, private equity can improve the performance of small and medium-sized technological enterprises, and the larger the proportion of private equity, the greater the proportion of private equity holdings. The better the business performance. At the same time, it is also found that there is a positive correlation between (EPS), asset-liability ratio (LEV) and business performance (ROE), and a negative correlation between total enterprise size (SIZE) and business performance (ROE). Combined with the empirical research results, the paper finally from the government and enterprise two levels, put forward the technology SMEs private equity financing countermeasures and suggestions, in order to promote the rapid development of small and medium-sized technological enterprises, and then promote the transformation of economic development.
【学位授予单位】：天津理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F276.3
[Abstract]:As the main force of technological innovation, science and technology small and medium-sized enterprises are important carriers for cultivating and developing strategic emerging industries, which are of great significance for increasing employment, changing the mode of economic development and adjusting the industrial structure. However, due to the limitation of their own scale, high investment and high risk, it is difficult to obtain funds from the traditional financing channels. The shortage of funds has become a difficult problem to restrict the development and growth of small and medium-sized technology-based enterprises. As a direct investment mechanism, private equity funds can not only solve the financing bottleneck of technology-based SMEs, but also improve the performance of technology-based SMEs by participating in enterprise management. On the basis of theoretical research, this paper specifically analyzes the problems existing in the development of small and medium-sized technological enterprises and the development of private equity market, and from the capital structure, corporate governance, IPO and other aspects of private equity on the promotion of technology-based small and medium-sized enterprises. At present, some small and medium-sized technological enterprises have been listed successfully under the support of private equity capital in China. The empirical test of the financing effect of these enterprises is the focus of this paper. In the empirical study, 86 small and medium-sized technological enterprises listed successfully on Shenzhen small and medium-sized board for more than four years were selected as a sample, and the multivariate regression model, ROE= C 尾 1PER 尾 2SIZE 尾 3LEV 尾 4EPSs, was used to verify the ratio of private equity holding to (PER),. The influence of total scale (SIZE), asset liability ratio (LEV), earnings per share (EPS) on enterprise net asset return (ROE). Among them, ROE is a comprehensive index to evaluate business performance. In this paper, Eviews3.0 is used for descriptive statistics and regression analysis, and least square (OLS) is used to estimate the parameters. The results of the overall sample study show that the proportion of private equity holding (PER) is positively correlated with enterprise performance (ROE), that is, private equity can improve the performance of small and medium-sized technological enterprises, and the larger the proportion of private equity, the greater the proportion of private equity holdings. The better the business performance. At the same time, it is also found that there is a positive correlation between (EPS), asset-liability ratio (LEV) and business performance (ROE), and a negative correlation between total enterprise size (SIZE) and business performance (ROE). Combined with the empirical research results, the paper finally from the government and enterprise two levels, put forward the technology SMEs private equity financing countermeasures and suggestions, in order to promote the rapid development of small and medium-sized technological enterprises, and then promote the transformation of economic development.
【学位授予单位】：天津理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F276.3
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