私募股权投资基金对企业绩效影响的研究

发布时间：2018-02-02 12:00

本文关键词： 私募股权投资基金企业绩效生命周期　出处：《中国地质大学(北京)》2017年硕士论文　论文类型：学位论文

【摘要】：私募股权投资基金是一个不折不扣的舶来品,最先起源于美国,诞生于20世纪三四十年代。从广义上看,按照投资标的企业所处的不同发展阶段,私募股权投资基金包含天使投资、风险投资、私募股权投资、并购基金和产业基金等多种形式,主要通过投资企业股权后低买高卖‖方式,分享所投资企业绩效提升带来的巨额收益。近些年来私募股权投资基金在国内发展势头迅猛,新募基金金额和新募基金数量均呈指数级增长。以此为背景,本文旨在通过实证分析来探究私募股权投资对于被投企业绩效的影响。同时引入生命周期的概念,分别探究引入私募股权投资基金对处在不同发展阶段企业绩效的影响,以更好地为私募股权投资基金和有融资需求的企业提供洞察和建议。在梳理相关理论文献的基础上,提出了两个研究假设——假设1:引入私募股权投资基金的企业的成长绩效优于未引入私募股权投资基金的企业的成长绩效;假设2:私募股权投资基金对被投企业绩效的影响随企业生命周期的不同而不同。在实证研究中,本文以2014年至2016年间新挂牌上市的A股公司为研究对象。针对假设1,本文把企业按有无引入私募股权投资基金分为两组,用SPSS进行样本均值对比以探究引入私募股权投资的企业的成长绩效表现是否优于未引入私募股权的企业的成长绩效;针对假设2,本文把引入私募股权投资的企业样本按照生命周期进行分组,并以私募股权投资基金的机构数量、持股时长、持股份额、机构声誉为解释变量,以净资产收益率(ROE)和总资产净利率(ROA)为被解释变量,以资产负债率和企业规模作为控制变量进行回归建模,分别探究不同生命周期下引入私募股权投资基金对企业绩效的影响。通过本研究,得出如下结论:(1)引入私募股权投资基金对于企业绩效产生显著正向影响;(2)在全周期内,机构声誉和机构数量对企业绩效发挥正向重要影响;(3)在企业生命周期的不同发展阶段,私募股权投资基金各要素对企业绩效的影响不同。同时本文建议,有融资需求的企业应当谨慎挑选投资机构,重视引入高声誉机构,同时在融资金额固定情况下应当优先考虑引进多家投资机构。
[Abstract]:Private equity investment fund is an import, first originated in the United States, was born in 20th century. In a broad sense, according to the investment target enterprises in different stages of development. Private equity investment funds include angel investment, venture capital, private equity investment, mergers and acquisitions funds and industrial funds and other forms, mainly through the investment of corporate equity after the purchase of high sales. In recent years, private equity funds have developed rapidly in China, the amount of new funds and the number of new funds have increased exponentially. This paper aims to explore the impact of private equity investment on corporate performance through empirical analysis. At the same time, the concept of life cycle is introduced. Respectively explore the introduction of private equity investment funds on the performance of enterprises at different stages of development. In order to better private equity investment funds and enterprises with financing needs to provide insight and advice. On the basis of combing the relevant theoretical literature. This paper puts forward two hypothesis-hypothesis 1: the growth performance of the firms with the introduction of private equity funds is better than the growth performance of the enterprises without the private equity investment funds; Hypothesis 2: the impact of private equity funds on the performance of invested firms varies with the life cycle of the firm. In the empirical study. This paper takes A shares listed newly listed from 2014 to 2016 as the research object. According to hypothesis 1, this paper divides the enterprises into two groups according to the introduction of private equity investment funds. Using SPSS to compare the sample mean value to explore whether the growth performance of the enterprises with the introduction of private equity investment is better than the growth performance of the enterprises without the introduction of private equity. In view of hypothesis 2, this paper groups the enterprise samples into private equity investment according to the life cycle, and takes the number of institutions, the duration of holding, the shareholding share and institutional reputation as the explanatory variables. The rate of return on net assets (ROEO) and the net interest rate of total assets (ROAA) are taken as the explanatory variables, and the asset-liability ratio and the scale of the firm are taken as the control variables to model the regression model. This paper explores the impact of the introduction of private equity funds on corporate performance under different life cycles. The conclusion is as follows: 1) the introduction of private equity funds has a significant positive impact on corporate performance; (2) during the whole cycle, the reputation and number of institutions play a positive role in the performance of enterprises; 3) in the different development stages of the enterprise life cycle, the factors of private equity investment fund have different influence on the enterprise performance. At the same time, this paper suggests that enterprises with financing needs should carefully select investment institutions. Attention should be paid to the introduction of high reputation institutions, and priority should be given to the introduction of multiple investment institutions in the case of fixed financing.
【学位授予单位】：中国地质大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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