私募股权投资对公司价值的影响研究

发布时间：2018-01-12 04:37

本文关键词：私募股权投资对公司价值的影响研究　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

更多相关文章： PE投资 创业板 公司价值 盈利能力

【摘要】：私募股权投资(以下简称“PE投资”),是指通过私募方式对非上市企业进行股权投资,同时考虑了将来的退出机制。它在为企业多一个融资渠道、提升企业价值的同时,也为投资者多了一个投资渠道。作为一个从国外引进来的新型的投资方式,PE投资在我国过去10年当中发展迅速,成绩斐然,吸引了众多学者、中介机构、监管机构、投资者的重视。尽管2012年以来PE投资遭遇到了冰封期,但俨然已经成为我国资本市场中不可或缺的重要力量。由于PE投资引入我国的时间较晚,真正的第一笔PE投资案例直到2004年才出现,加之创业板在2009年9月30日才刚刚成立,所以国内对PE投资对被投资企业的价值影响的实证研究比较少,大多是在PE投资现状、运作流程、监管体制、法律法规的完善等方面进行理论研究。论文首先对国内外关于PE投资的文献综述进行梳理,从而提出论文研究的立足点,然后对PE投资、公司价值等相关概念进行界定以及对PE投资对被投资企业价值影响的基础理论进行相关概述；其次分析一下目前我国PE投资的发展现状以及提出值得借鉴的国外成熟PE投资经验；最后选取了343家(剔除一些资料不完整的上市公司)在深证证券交易所创业板上市的公司,以2013年第三季度的财务报告数据作为样本,通过逐步回归方法和多元回归模型进行实证分析,分别证明：PE投资与公司价值、公司盈利能力呈显著的正相关关系、以及公司盈利能力和公司价值之间的正相关关系。论文采用理论分析和实证分析相结合的方法,旨在对PE投资与被投资企业的价值关系进行量化研究,选题非常具有现实意义。
[Abstract]:Private equity investment (hereinafter referred to as "PE"), refers to the equity investment in non listed companies through private placement, while taking into account the exit mechanism in the future. It is an enterprise in financing channels, enhance the enterprise value at the same time, but also for investors more than one investment channels. As an imported the new type of investment, PE investment in China over the past 10 years of rapid development, has made remarkable achievements, has attracted many scholars, intermediaries, regulators, investors pay attention to investment since 2012. Although PE suffered a period of ice, but seems to have become an important force in the capital market of China. Due to the PE investment the introduction of our time is late, the real first PE investment case didn't appear until 2004, and in September 30, 2009 the gem has just established, so the domestic investment in PE on the investment value of enterprises An empirical study on the influence of relatively small, mostly in the PE investment situation, operation process, perfect the supervision system and other aspects of the laws and regulations of the theoretical research. Firstly, the domestic and international literature review on PE investment analysis, and put forward the research standpoint, then the definition of PE investment, as well as PE investment the basic theory of the invested enterprise value influence the value of the company related to an overview of related concepts; secondly analyze the current development situation of PE investment in China and put forward valuable foreign mature PE investment experience; finally selected 343 (excluding some incomplete information of the listed company) in the Shenzhen stock exchange GEM listed companies to report financial data, the third quarter of 2013 as samples, the empirical analysis by stepwise regression method and multiple regression model were demonstrated: PE and public investment Our value is positively related to the profitability of the company, and a positive correlation between corporate profitability and corporate value. This paper adopts a combined method of theoretical analysis and empirical analysis, to quantify the value relationship between PE investment and investment enterprise, the topic has very realistic meaning.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】