战略性新兴产业私募股权融资经营绩效实证研究

发布时间：2018-01-10 12:10

本文关键词：战略性新兴产业私募股权融资经营绩效实证研究　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：全球经济危机过后，各国都在寻找下一轮经济增长的新动力。我国于2009年提出培育发展战略性新兴产业，选定节能环保、新一代信息技术、生物、高端装备制造、新能源、新材料和新能源汽车七大产业为重点培育发展产业，并期望凭此契机抢占科技发展的制高点，调整我国产业结构，实现经济社会的可持续发展。经过近几年的发展，我国战略性新兴产业发展势头迅猛，对产业融资的深入研究成为实践中的客观需要。私募股权融资作为一种新兴的融资方式近年来得到了迅速发展，并活跃在战略性新兴产业载体企业中。本文主要研究战略性新兴产业选择私募股权融资是否对其经营和发展产生了促进作用。从战略性新兴产业的融资需求和私募股权投资基金的投资特点入手，依据资本结构理论、产业生命周期理论，以战略性新兴产业载体企业为视角，阐述载体企业选择私募股权为融资方式的合理性和风险性。实证方面，选取战略性新兴产业各行业在创业板上市的各公司为样本，分为有私募股权投资和无私募股权投资两组，运用两独立样本非参数检验方法比较两组样本在相同时间段内的经营业绩指标是否有显著差异，以此来推断有、无私募股权投资的战略性新兴产业总体的融资效果差异。检验结果显示，私募股权融资对战略性新兴产业载体企业经营业绩具有一定的提升作用，，为战略性新兴产业企业科学选择融资方式提供了参考。
[Abstract]:After the global economic crisis, countries are looking for a new power for the next round of economic growth. In 2009, China proposed to cultivate and develop strategic emerging industries, select energy conservation and environmental protection, a new generation of information technology, biology. High-end equipment manufacturing, new energy, new materials and new energy automotive industries focus on the development of seven industries, and hope to seize this opportunity to seize the commanding height of scientific and technological development, adjust the industrial structure of our country. To realize the sustainable development of economy and society. After the development of recent years, the strategic emerging industries of our country are developing rapidly. Private equity financing, as a new financing method, has developed rapidly in recent years and has been active in strategic emerging industry carrier enterprises. This paper mainly studies whether the choice of private equity financing in strategic emerging industries promotes its operation and development, starting with the financing needs of strategic emerging industries and the investment characteristics of private equity investment funds. According to the theory of capital structure, the theory of industry life cycle, and from the perspective of strategic emerging industry carrier enterprises, this paper expounds the rationality and risk of the carrier enterprises choosing private equity as the financing mode. Selected strategic emerging industries in the gem listed companies as a sample, divided into private equity investment and no private equity investment two groups. Using two independent samples non-parametric test method to compare the two groups of samples in the same time period of operating performance indicators are significant differences, so as to infer that there are. The results show that private equity financing has a certain role in improving the performance of strategic emerging industry carrier enterprises. It provides a reference for strategic emerging industry enterprises to choose financing mode scientifically.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.44;F832.4

【参考文献】