發(fā)布時(shí)間：2018-03-06 04:04

  本文選題：私募股權(quán)投資　切入點(diǎn)：中小板　出處：《內(nèi)蒙古財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：中小企業(yè)在經(jīng)濟(jì)發(fā)展中所占據(jù)的重要地位及作用在理論界早已形成一致的看法并為各國(guó)所重視。然而我國(guó)中小企業(yè)的發(fā)展受到資金、管理水平等問(wèn)題的制約,一直處于“強(qiáng)位弱勢(shì)”的尷尬境地。私募股權(quán)投資是對(duì)新興的、具有高成長(zhǎng)潛力的未上市企業(yè)進(jìn)行的一種權(quán)益性投資。中國(guó)應(yīng)大力發(fā)展私募股權(quán)投資,利用私募股權(quán)投資進(jìn)行融資,在解決中小企業(yè)的融資問(wèn)題的同時(shí),憑借私募股權(quán)投資的力量,幫助解決中小企業(yè)發(fā)展中存在的各種難題,進(jìn)而推動(dòng)中小企業(yè)的良性發(fā)展,并最終推動(dòng)國(guó)民經(jīng)濟(jì)走向持續(xù)健康有序的發(fā)展軌道。 私募股權(quán)投資為被投資企業(yè)提供資金,同時(shí)也會(huì)為企業(yè)提供管理、技術(shù)等服務(wù),參與企業(yè)重大決策的制定,私募股權(quán)投資在為企業(yè)提供各類(lèi)支持的情況下,承擔(dān)的風(fēng)險(xiǎn)也是巨大的,因此私募股權(quán)投資要求的回報(bào)也要與它所承擔(dān)的風(fēng)險(xiǎn)成正比,私募股權(quán)投資獲得收益的主要方式是讓被投資企業(yè)IPO后退出,所以有私募股權(quán)投資支持的公司和無(wú)私募股權(quán)支持的公司必定在上市時(shí)機(jī)的選擇上是不同的,同時(shí)由于私募股權(quán)投資參與對(duì)被投資企業(yè)發(fā)揮的綜合作用,勢(shì)必會(huì)對(duì)企業(yè)的經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生或大或小、或好或壞的影響,而大多數(shù)的研究表明私募股權(quán)投資對(duì)被投資企業(yè)經(jīng)營(yíng)業(yè)績(jī)發(fā)揮著積極的影響。西方多國(guó)學(xué)者已經(jīng)證實(shí)了這一結(jié)論：研究表明私募股權(quán)投資能夠緩解各利益相關(guān)者的沖突,使代理成本得到有效降低,對(duì)目標(biāo)公司的經(jīng)營(yíng)業(yè)績(jī)發(fā)揮著正向的作用。 中小板不僅是我國(guó)金融市場(chǎng)的重要組成部分,也是我國(guó)中小企業(yè)重要的融資平臺(tái),由于私募股權(quán)投資的參與,中小板也成為私募股權(quán)投資通過(guò)把企業(yè)推向上市最重要的退出平臺(tái)。因此,本文研究的是中小板2007年到2009年首發(fā)上市的公司,通過(guò)將在這兩年上市的所有公司分為有私募股權(quán)投資參與和無(wú)私募股權(quán)投資參與兩類(lèi),分別研究這兩類(lèi)公司上市前后經(jīng)營(yíng)業(yè)績(jī)的變化規(guī)律,檢驗(yàn)兩類(lèi)上市公司上市前后變化趨勢(shì)的區(qū)別、有私募股權(quán)投資參與的上市公司IPO后經(jīng)營(yíng)業(yè)績(jī)是否好于無(wú)私募股權(quán)投資參與的上市公司；基于此本文在最后建立了私募股權(quán)投資與經(jīng)營(yíng)業(yè)績(jī)的相關(guān)多元回歸模型,對(duì)結(jié)果進(jìn)行了實(shí)證分析,希望從中得出相關(guān)政策啟示,為私募股權(quán)投資繼續(xù)為中小企業(yè)提供融資和增值服務(wù)提出了政策和制度建議。
[Abstract]:The important position and function of small and medium-sized enterprises in the economic development have already formed a consistent view and been attached importance to by many countries. However, the development of small and medium-sized enterprises in our country is restricted by the problems of capital, management level and so on. Private equity is an equity investment in emerging, high-growth unlisted companies. China should make great efforts to develop private equity investment. The use of private equity investment in financing, while solving the financing problems of small and medium-sized enterprises, relying on the strength of private equity investment, to help solve the problems in the development of small and medium-sized enterprises, and then promote the healthy development of small and medium-sized enterprises. And ultimately promote the national economy towards a sustained healthy and orderly development track. Private equity investment provides funds for invested enterprises, and also provides management, technology, and other services for enterprises to participate in the making of major decisions. Private equity investment provides various kinds of support to enterprises. The risk is also huge, so the return of private equity investment should be directly proportional to the risk it takes. The main way to get income from private equity investment is to let the invested company withdraw after IPO. Therefore, companies with private equity investment support and companies without private equity support must be different in the choice of the timing of listing. At the same time, due to the comprehensive role that private equity investment plays on the invested enterprises, It is bound to have a large or small, good or bad impact on the business performance of the enterprise. Most studies have shown that private equity investment has a positive impact on the business performance of invested companies. Many Western scholars have confirmed this conclusion: research shows that private equity investment can ease conflicts among stakeholders. The agency cost is reduced effectively, which plays a positive role in the target company's operating performance. Small and medium-sized boards are not only an important part of our financial market, but also an important financing platform for small and medium-sized enterprises in our country. Due to the participation of private equity investment, Small and medium sized boards have also become the most important exit platform for private equity investment by pushing enterprises into the market. Therefore, this paper studies the listed companies of small and medium-sized boards from 2007 to 2009. By dividing all the companies listed in the past two years into two categories: private equity investment and non-private equity investment, the changes of operating performance before and after the listing of these two kinds of companies are studied respectively. To test the difference between the two kinds of listed companies before and after listing, whether the IPO performance of listed companies with private equity investment participation is better than that of non-private equity investment listed companies; Based on this, this paper establishes a multivariate regression model between private equity investment and business performance, and makes an empirical analysis of the results, hoping to draw relevant policy inspiration. For private equity investment to continue to provide financing and value-added services for small and medium-sized enterprises put forward policy and system recommendations.
【學(xué)位授予單位】：內(nèi)蒙古財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51

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