私募股权投资对上市公司企业价值影响的实证研究

发布时间：2018-06-07 00:53

本文选题：私募股权投资 + 企业价值　；参考：《山东大学》2016年硕士论文

【摘要】：私募股权投资在世界金融市场的发展创新中应运而生,在中国经济结构不断调整、金融市场不断完善的背景下,私募股权投资成为处于风口上的大趋势。据清科私募通统计,中国股权市场活跃的投资机构已由2005年的500多家发展到2014年底的8000多家,管理资本量超过4万亿人民币,市场规模实现了质的飞跃。此外,国务院实行简政放权改革,鼓励创新创业,私募股权投资为创业公司提供充足的资金支持和增值服务,越来越多的处于创业阶段的公司寻求私募股权投资的支持,这也为其发展提供了空间。在此背景下,越来越多的学者开始关注这一领域,研究私募股权投资是否能够根本上提升企业价值具有重要现实意义。本文通过系统的理论分析和深入的实证分析得到私募股权投资对企业价值的影响,并且对私募股权投资机构进行详细的分类,从PE背景、投资期限、持股比例和联合投资等方面细化差异,加深理解私募股权影响企业价值的作用机理。最后,本文的研究结果可以为私募股权投资机构、企业和政府提出参考性建议。论文第一章主要阐述了选题的背景和意义,通过分析和总结国内外文献确定本文的研究创新点。第二章对私募股权和企业价值的基本情况进行了介绍,首先了解私募股权的定义、特点和运作流程,接下来介绍企业价值的相关概念及计算方法。论文第三章对私募股权的发展进行全面分析,主要包括发展历程、行业现状及其运作机制与国外PE的不同。结合我国私募股权的特点,论文第四章从融资渠道、增值服务等角度分析了私募股权投资提升企业价值的主要途径,并就PE对企业价值的作用机理进行阐述。针对以上理论分析,第五章从实证角度验证私募股权对企业价值的影响。首先针对PE机构的不同特点和PE投资的不同情况提出了五种假设,在假设基础上选取了托宾Q值作为衡量企业价值的指标,将是否有PE参与作为解释变量,同时针对私募股权的不同特征,选取持股比例、投资期限、外资背景、国有背景和联合投资数目作为其他被解释变量,另外选取资产规模等控制变量构造了计量模型。选取深圳证券交易所创业板近两年上市的企业数据作为样本,运用STATA软件进行回归,结果显示私募股权投资的参与显著影响了企业价值的提升。拥有外资背景的PE机构因其专业的管理水平对企业价值提升具有促进作用,有国有背景的PE机构也具有雄厚的实力可以影响企业价值。同时,私募股权投资的持股比例越高、投资期限越长,意味着PE对企业的影响越大,对提升企业价值的作用也越明显。而多家PE机构联合投资可以扩大信息共享,获取有效资源,降低代理成本,因此也可以显著提高被投资企业的企业价值。论文最后一章对前文研究结果进行了总结,并针对研究结果从政府、私募股权投资机构和企业三个角度提出了针对性建议。本文不仅研究了私募股权投资参与企业是否有利于提升企业价值这一问题,同时从私募股权投资机构的特征角度出发,深入研究了不同背景、不同持股比例和投资期限以及多家私募机构共同投资的情况下PE参与对企业价值的影响。研究结果丰富了现有文献,对国家引导私募股权投资市场健康发展具有重要借鉴意义。
[Abstract]:Private equity investment has come into being in the development and innovation of the world financial market. In the context of the continuous adjustment of China's economic structure and the continuous improvement of the financial market, private equity investment has become a big trend in the mouth of the wind. According to the statistics of private private equity, the active investment institutions in China's stock market have developed from more than 500 in 2005 to 2014. In addition, the State Council has implemented the reform of simplified government and decentralization, encouraged innovative entrepreneurship, private equity investment provided sufficient fund support and value-added services for venture companies, and more and more companies in the start-up phase sought private equity investment. In this context, more and more scholars begin to pay attention to this field. It is of great practical significance to study whether private equity investment can fundamentally improve the value of the enterprise. This paper has analyzed the influence of private equity investment on the enterprise value through systematic theoretical analysis and in-depth empirical analysis. And the detailed classification of private equity investment institutions, from the PE background, investment period, shareholding proportion and joint investment and other aspects of detailed differences, to deepen understanding of the impact of private equity on the role of the enterprise value mechanism. Finally, the results of this study can provide reference for private equity investment institutions, enterprises and the government. Chapter 1 of the paper This paper mainly expounds the background and significance of the topic, and through the analysis and summary of the literature at home and abroad to determine the innovation point of this paper. The second chapter introduces the basic situation of private equity and enterprise value, first to understand the definition, characteristics and operation process of private equity, and then to introduce the related concepts and calculation methods of enterprise value. The third chapter makes a comprehensive analysis of the development of private equity, mainly including the development process, the industry status and its operating mechanism different from the foreign PE. Combined with the characteristics of private equity in China, the fourth chapter analyzes the main ways of raising the value of private equity investment from the financing channels and value-added services, and the value of PE on the enterprise value. In view of the above theoretical analysis, the fifth chapter verifies the impact of private equity on the enterprise value from the empirical point of view. Firstly, it puts forward five hypotheses about the different characteristics of PE institutions and the different situations of PE investment. On the basis of the hypothesis, Tobin Q value is selected as the index of the value of the enterprise, and whether there is a PE participation will be involved. In order to explain the variables, at the same time, according to the different characteristics of private equity, select the proportion of the stock, the period of investment, the foreign capital background, the state-owned background and the number of joint investment as the other variables, and select the control variables such as the size of the assets, select the enterprise data listed in the Shenzhen stock exchange for the last two years as the sample. Using STATA software to return, the results show that the participation of private equity investment has significantly affected the promotion of enterprise value. The PE institutions with the background of foreign capital have a promoting role for the promotion of enterprise value because of their professional management level. The PE institutions with the state-owned background also have strong strength to influence the enterprise value. The higher the shareholding proportion of the right investment, the longer the investment period, the greater the impact of PE on the enterprise and the more obvious effect on the enterprise value. And the joint investment of several PE institutions can expand the information sharing, obtain effective resources, reduce the agency costs, and thus can significantly improve the enterprise value of the invested enterprises. The last chapter of the paper The results of the previous study are summarized, and the pertinent suggestions are put forward from the three perspectives of the government, private equity investment institutions and enterprises. This paper not only studies whether private equity investment participates in the problem of improving the value of the enterprise, but also studies the characteristics of private equity investment institutions. The impact of PE participation on enterprise value in different backgrounds, different shareholding ratio and investment duration and the joint investment of a number of private equity institutions has enriched the existing literature, which is of great significance for the state to guide the healthy development of private equity market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51

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