私募股权投资介入的早晚对于上市公司绩效影响的研究

发布时间：2018-04-28 11:00

本文选题：私募股权 + 介入年限　；参考：《上海交通大学》2013年硕士论文

【摘要】：本文以2013年2月8日之前所有在中国A股市场上市的且上市前有私募股权机构投资的共计490家公司为研究对象，通过使用回归研究方法，分析了私募股权投资介入的早晚对于上市公司绩效的影响。在文中，笔者首先回顾了私募股权投资的基本概念、分类与特点、组织和运作方式、价值创造流程以及私募股权行业在国内外的发展历程，然后简要介绍了一些关于私募股权基金投资与公司绩效表现之间的研究文献，随后通过回归分析，对样本公司在上市前接受私募股权投资的介入年限与公司的治理结构、股票表现和财务表现之间的相关性进行了研究，，得到的研究结论为：在公司治理方面，私募股权基金较早的投资介入对于董事会结构的影响并不显著，但是对于股权集中度有一定的分散作用；在公司股票表现方面，私募股权基金较早的投资介入对于公司股票的发行和收益表现的影响不明显，而对于风险表现有一定的影响；在公司财务表现方面，私募股权基金较早的投资介入对于公司的财务表现的影响并不明显，包括盈利性和成长性指标。最后，笔者分析了可能造成以上结果的原因，并对私募股权投资的未来发展方向提出了一些建议。
[Abstract]:In this paper, 490 companies which have been listed in China's A stock market before February 8, 2013 and have a total of private equity firms before the listing are studied. By using the regression method, this paper analyzes the impact of the early evening and evening of private equity investment on the performance of listed companies.
In this paper, the author first reviews the basic concept of private equity investment, classification and characteristics, organization and operation, value creation process and the development process of private equity industry both at home and abroad, and then briefly introduces some research documents about private equity fund investment and performance performance of the company, and then through regression analysis, The correlation between the number of private equity investment and the corporate governance structure, the stock performance and the financial performance of the Sample Firms before the listing is studied. The conclusions are as follows: in the corporate governance, the earlier investment intervention of private equity funds is not significant to the structure of the board, but for the stock In the company's stock performance, the earlier investment intervention of the private equity fund has no obvious influence on the distribution and performance of the stock, but has a certain influence on the performance of the risk. In the financial performance of the company, the earlier investment intervention of the private equity fund is for the company's finance. The impact of performance is not obvious, including profitability and growth indicators. Finally, the author analyses the reasons for the possible results, and puts forward some suggestions on the future development direction of private equity investment.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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