【摘要】：私募股權(quán)投資作為金融創(chuàng)新的產(chǎn)物,利用專業(yè)管理水平、融資能力,為中小企業(yè)融資拓寬渠道、提供價(jià)值增值服務(wù),并調(diào)節(jié)社會(huì)資源配置,在現(xiàn)代金融體系中作用日益凸顯。在以往研究中,通常僅研究私募股權(quán)投資對(duì)被投資公司單個(gè)／單方面財(cái)務(wù)指標(biāo)的影響,研究區(qū)間段集中在IPO之前。與以往學(xué)者不同,本文從私募股權(quán)投資參與公司治理的路徑與退出方式入手,選取了2004年-2010年在我國中小板、創(chuàng)業(yè)板上市的665家公司為研究樣本,通過主成分分析法,構(gòu)建綜合的績效評(píng)價(jià)指標(biāo)體系,比較有私募股權(quán)投資與無私募股權(quán)投資的公司上市后三年內(nèi)綜合績效差異。進(jìn)一步使用多元回歸分析模型,分析了私募股權(quán)投資參與的公司績效影響因素。 在理論研究上,本文認(rèn)為私募參與標(biāo)的公司治理,包括組織運(yùn)營、公司運(yùn)營、財(cái)務(wù)杠桿等,能夠?qū)究冃Мa(chǎn)生積極影響,而私募的退出獲利的投資理念會(huì)對(duì)公司績效產(chǎn)生消極影響,此外私募的公司的篩選作用、認(rèn)證作用及市場影響也會(huì)對(duì)標(biāo)的公司績效產(chǎn)生利好影響。實(shí)證結(jié)果發(fā)現(xiàn)：(1)不論有私募股權(quán)投資或無私募股權(quán)投資的公司,IPO后第一年公司績效均明顯優(yōu)于IPO當(dāng)年,而IPO后第二年績效略有下降；(2)有私募股權(quán)投資與無私募股權(quán)投資的公司績效比較,在IPO后三年內(nèi)對(duì)比差異不顯著,但無私募股權(quán)投資公司績效均值較優(yōu)；(3)從長期來看,有私募股權(quán)投資對(duì)公司績效會(huì)產(chǎn)生正效應(yīng),而私募持股比例、私募聲譽(yù)等對(duì)公司績效影響不顯著,此外,上市當(dāng)年僅聲譽(yù)較好的私募股權(quán)投資者對(duì)公司績效產(chǎn)生顯著正影響。最后,本文分析了可能導(dǎo)致以上結(jié)果的原因,并對(duì)私募發(fā)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.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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