私募股权基金对我国中小企业发展的影响研究

发布时间：2018-01-05 14:27

本文关键词：私募股权基金对我国中小企业发展的影响研究　出处：《合肥工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：中小企业是我国社会主义市场经济的重要组成部分，它在活跃经济、解决就业等发面发挥着重要作用，长期以来，中小企业融资难问题始终得不到有效解决。实践证明以银行为主体的间接融资对大中型企业特别是盈利能力强的企业发挥重要作用，但对中小企业关注不足。在全球经济一体化的今天，通过国际和国内的经验表明，作为金融创新产品的私募股权基金可以很好的改善这一问题。因此，，研究私募股权基金对中小企业的影响，对解决中小企业融资问题、促进中小企业发展有着重要的理论和现实意义。本文在综合分析国内外研究的基础上，结合我国实情，利用西方经济学相关理论，从微观、中观、宏观的角度分析了私募股权基金促进中小企业发展的经济功能，起到了改善公司的关系治理机制、有助于融资结构的改变、推进了我国产业结构升级的积极效应。通过对私募股权基金与中小企业的关联关系进行博弈分析，得出私募股权基金的参与改善了中小企业的法人治理结构，维护了社会的公平交易机制。通过实证研究来检验理论分析的正确性，实证研究围绕企业经营绩效和IPO抑价率这两个中心，运用描述性分析和多元回归分析等方法，证实了私募股权基金在改善企业业绩、推动中小企业发展的作用。最后就改善私募股权基金的发展环境，促进中小企业的发展给出相关的政策建议。
[Abstract]:Small and medium-sized enterprises are an important part of our socialist market economy, which plays an important role in activating the economy and solving the problem of employment for a long time. It has been proved that indirect financing with banks as the main body plays an important role in large and medium-sized enterprises, especially those with strong profitability. In the global economic integration today, through the international and domestic experience, as a financial innovation products, private equity funds can improve this problem very well. It is of great theoretical and practical significance to study the influence of private equity funds on SMEs, to solve the financing problems of SMEs and to promote the development of SMEs. On the basis of comprehensive analysis of domestic and foreign research, combined with the reality of our country, this paper makes use of the relevant theories of western economics, from the micro, meso. Macro analysis of the private equity fund to promote the development of small and medium-sized economic function, played a role in improving the relationship of the company governance mechanism, conducive to the change of financing structure. Through the game analysis of the relationship between private equity funds and small and medium-sized enterprises, it is concluded that the participation of private equity funds has improved the corporate governance structure of small and medium-sized enterprises. Through the empirical research to test the correctness of the theoretical analysis, empirical research around the business performance and IPO underpricing rate of the two centers. Using descriptive analysis and multiple regression analysis, this paper proves the role of private equity funds in improving the performance of enterprises and promoting the development of small and medium-sized enterprises. Finally, the development environment of private equity funds is improved. To promote the development of small and medium-sized enterprises to give relevant policy recommendations.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3

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