本文關(guān)鍵詞：私募股權(quán)投資對公司價(jià)值的影響研究　出處：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： PE投資 創(chuàng)業(yè)板 公司價(jià)值 盈利能力

【摘要】：私募股權(quán)投資(以下簡稱“PE投資”),是指通過私募方式對非上市企業(yè)進(jìn)行股權(quán)投資,同時(shí)考慮了將來的退出機(jī)制。它在為企業(yè)多一個(gè)融資渠道、提升企業(yè)價(jià)值的同時(shí),也為投資者多了一個(gè)投資渠道。作為一個(gè)從國外引進(jìn)來的新型的投資方式,PE投資在我國過去10年當(dāng)中發(fā)展迅速,成績斐然,吸引了眾多學(xué)者、中介機(jī)構(gòu)、監(jiān)管機(jī)構(gòu)、投資者的重視。盡管2012年以來PE投資遭遇到了冰封期,但儼然已經(jīng)成為我國資本市場中不可或缺的重要力量。由于PE投資引入我國的時(shí)間較晚,真正的第一筆PE投資案例直到2004年才出現(xiàn),加之創(chuàng)業(yè)板在2009年9月30日才剛剛成立,所以國內(nèi)對PE投資對被投資企業(yè)的價(jià)值影響的實(shí)證研究比較少,大多是在PE投資現(xiàn)狀、運(yùn)作流程、監(jiān)管體制、法律法規(guī)的完善等方面進(jìn)行理論研究。論文首先對國內(nèi)外關(guān)于PE投資的文獻(xiàn)綜述進(jìn)行梳理,從而提出論文研究的立足點(diǎn),然后對PE投資、公司價(jià)值等相關(guān)概念進(jìn)行界定以及對PE投資對被投資企業(yè)價(jià)值影響的基礎(chǔ)理論進(jìn)行相關(guān)概述；其次分析一下目前我國PE投資的發(fā)展現(xiàn)狀以及提出值得借鑒的國外成熟PE投資經(jīng)驗(yàn)；最后選取了343家(剔除一些資料不完整的上市公司)在深證證券交易所創(chuàng)業(yè)板上市的公司,以2013年第三季度的財(cái)務(wù)報(bào)告數(shù)據(jù)作為樣本,通過逐步回歸方法和多元回歸模型進(jìn)行實(shí)證分析,分別證明：PE投資與公司價(jià)值、公司盈利能力呈顯著的正相關(guān)關(guān)系、以及公司盈利能力和公司價(jià)值之間的正相關(guān)關(guān)系。論文采用理論分析和實(shí)證分析相結(jié)合的方法,旨在對PE投資與被投資企業(yè)的價(jià)值關(guān)系進(jìn)行量化研究,選題非常具有現(xiàn)實(shí)意義。
[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.

【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1412750