私募股权投资对我国公司绩效的影响研究
发布时间：2018-08-11 12:36
【摘要】：私募股权投资作为金融创新的产物,利用专业管理水平、融资能力,为中小企业融资拓宽渠道、提供价值增值服务,并调节社会资源配置,在现代金融体系中作用日益凸显。在以往研究中,通常仅研究私募股权投资对被投资公司单个／单方面财务指标的影响,研究区间段集中在IPO之前。与以往学者不同,本文从私募股权投资参与公司治理的路径与退出方式入手,选取了2004年-2010年在我国中小板、创业板上市的665家公司为研究样本,通过主成分分析法,构建综合的绩效评价指标体系,比较有私募股权投资与无私募股权投资的公司上市后三年内综合绩效差异。进一步使用多元回归分析模型,分析了私募股权投资参与的公司绩效影响因素。 在理论研究上,本文认为私募参与标的公司治理,包括组织运营、公司运营、财务杠杆等,能够对公司绩效产生积极影响,而私募的退出获利的投资理念会对公司绩效产生消极影响,此外私募的公司的筛选作用、认证作用及市场影响也会对标的公司绩效产生利好影响。实证结果发现：(1)不论有私募股权投资或无私募股权投资的公司,IPO后第一年公司绩效均明显优于IPO当年,而IPO后第二年绩效略有下降；(2)有私募股权投资与无私募股权投资的公司绩效比较,在IPO后三年内对比差异不显著,但无私募股权投资公司绩效均值较优；(3)从长期来看,有私募股权投资对公司绩效会产生正效应,而私募持股比例、私募声誉等对公司绩效影响不显著,此外,上市当年仅声誉较好的私募股权投资者对公司绩效产生显著正影响。最后,本文分析了可能导致以上结果的原因,并对私募发展提出一定思考。
[Abstract]:As the product of financial innovation, private equity investment plays an increasingly important role in the modern financial system by using professional management level, financing ability, widening channels for SMEs financing, providing value added services, and adjusting social resource allocation. In previous studies, the impact of private equity investment on individual / unilateral financial indicators of invested companies is usually studied, with the interval focusing on IPO. Different from previous scholars, this paper starts with the path and exit way of private equity investment to participate in corporate governance, and selects 665 companies listed on the small and medium board of our country from 2004 to 2010 as the research sample, through principal component analysis. A comprehensive performance evaluation index system is constructed to compare the comprehensive performance differences between companies with private equity investment and those without private equity investment within three years after listing. Using multiple regression analysis model, this paper analyzes the factors that influence the performance of private equity investment. In the theoretical research, this paper argues that corporate governance, including organizational operations, corporate operations, financial leverage, and so on, can have a positive impact on corporate performance. The investment idea of withdrawing profit from private placement will have a negative impact on corporate performance, in addition, the screening role, certification role and market impact of private equity firms will also have a positive impact on the performance of the underlying company. The empirical results show that: (1) the performance of the first year of IPO is obviously better than that of the year of IPO, but the performance of the second year of IPO declines slightly; (2) there is no significant difference between the performance of the firms with and without private equity investment in the three years after IPO, but the average performance of the companies without private equity is better; (3) in the long run, Private equity investment has a positive effect on company performance, but the proportion of private equity holdings and private equity reputation has no significant impact on corporate performance. In addition, only the private equity investors with good reputation have a significant positive impact on corporate performance in the year of listing. Finally, this paper analyzes the reasons that may lead to the above results, and puts forward some thoughts on the development of private equity.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2177012
[Abstract]:As the product of financial innovation, private equity investment plays an increasingly important role in the modern financial system by using professional management level, financing ability, widening channels for SMEs financing, providing value added services, and adjusting social resource allocation. In previous studies, the impact of private equity investment on individual / unilateral financial indicators of invested companies is usually studied, with the interval focusing on IPO. Different from previous scholars, this paper starts with the path and exit way of private equity investment to participate in corporate governance, and selects 665 companies listed on the small and medium board of our country from 2004 to 2010 as the research sample, through principal component analysis. A comprehensive performance evaluation index system is constructed to compare the comprehensive performance differences between companies with private equity investment and those without private equity investment within three years after listing. Using multiple regression analysis model, this paper analyzes the factors that influence the performance of private equity investment. In the theoretical research, this paper argues that corporate governance, including organizational operations, corporate operations, financial leverage, and so on, can have a positive impact on corporate performance. The investment idea of withdrawing profit from private placement will have a negative impact on corporate performance, in addition, the screening role, certification role and market impact of private equity firms will also have a positive impact on the performance of the underlying company. The empirical results show that: (1) the performance of the first year of IPO is obviously better than that of the year of IPO, but the performance of the second year of IPO declines slightly; (2) there is no significant difference between the performance of the firms with and without private equity investment in the three years after IPO, but the average performance of the companies without private equity is better; (3) in the long run, Private equity investment has a positive effect on company performance, but the proportion of private equity holdings and private equity reputation has no significant impact on corporate performance. In addition, only the private equity investors with good reputation have a significant positive impact on corporate performance in the year of listing. Finally, this paper analyzes the reasons that may lead to the above results, and puts forward some thoughts on the development of private equity.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
【参考文献】
相关期刊论文 前8条
1 丁响;;私募股权资本退出与公司治理因素关系的实证研究[J];上海金融;2009年01期
2 李建华;张立文;;私募股权投资信托与中国私募股权市场的发展[J];世界经济;2007年05期
3 朱静;;私募股权投资与公司价值相关性的实证研究——来自中小板上市公司的经验证据[J];财务与金融;2011年02期
4 安国俊;李飞;;我国私募股权基金市场的发展思路[J];中国金融;2011年01期
5 李建伟;;私募股权投资基金的发展路径与有限合伙制度[J];证券市场导报;2007年08期
6 吴继忠;;私募股权投资公司上市模式比较研究[J];证券市场导报;2008年09期
7 谈毅;陆海天;高大胜;;风险投资参与对中小企业板上市公司的影响[J];证券市场导报;2009年05期
8 雷菁;吕晓蔚;赵玉林;;私募股权投资对成长型高新企业绩效的影响——基于中小板上市公司的实证研究[J];武汉理工大学学报(社会科学版);2012年04期
，本文编号：2177012
本文链接：https://www.wllwen.com/jingjilunwen/touziyanjiulunwen/2177012.html
