Private Equity Investment In An Empirical Analysis Of The Impact On The Value Of Listed Companies

In recent years, with the rapid development of China economic and financial system to accelerate the improvement of, private equity investment in China’s financial system plays a more and more important role, in bank loans and direct financing (listed) has become an important way of financing, private equity investment has become China’s capital market in the development of pet, like a raging fire. However, from the private equity investment in Chinese market began to appear and the foreign capital to enter the Chinese market has nearly20years, although the financing, management consulting services to small and medium-sized enterprises and support the construction of a multi-level capital market Chinese, but also exposed a lot of problems to be solved.This paper will focus on the private equity investment institutions to the2012GEM listed company value influence analysis.The first chapter:introduces the background, research innovation of the topic;The second chapter is the investment in the private equity is introduced: definition, pattern, mode of operation, development;The third chapter is the literature review of domestic and foreign research: private equity investment on the value of the company conducted a summary;The fourth chapter is the theoretical analysis:the investment from private equity influences the company value, such as capital structure, corporate governance and so on completion of private equity investment effect on corporate value theory.The fifth chapter is the focus of this paper, empirical analysis. By selecting the gem in2012listing Corporation as study sample, using descriptive statistics, multiple regression analysis to test the effect of PE on China’s growth enterprise market of listing Corporation value;The sixth chapter is the conclusion, policy suggestion:analysis found that the influence of private equity investment on the value of the company through empirical testing, statistics, summarizes the research of the phenomenon, and puts forward the corresponding policy recommendations.Conclusion1:whether the company access to private equity investment has no effect on the value of the company.The company is private equity fund investment and not private equity fund investment in equity concentration H, the rate of assets and liabilities, equity balance degree R L, chairman of the board is served as general manager of A differences were found between these indexes:ownership concentration H, the asset liability ratio, equity balance degree of difference R L in between the two is not significant, only the chairman of the board is served as general manager of A this index through the difference test, the chairman is not the same as general manager is relatively common in private equity investment company. But according to the ownership concentration degree index of Q Tobin H, asset liability ratio, equity balance degree R L, chairman of the board is served as general manager of A and measure the value of the company carries on the empirical analysis found that the asset liability ratio L and corporate value presented correlation, negative correlation between. The other three indexes were not correlated with the value of the company. At the end of the company whether private equity investment and corporate value regression, regression results have not passed the test for whether the company is private equity investment of this indicator, it verifies the analysis before.Conclusion:2for private equity investment company, ownership concentration, H value irrelevant; asset liability ratio of L and company value is negatively related to R; equity balance degree and is positive to the company value; chairman of the board is also served as general manager and company value is negatively related to A.Ownership concentration H impact on the company value is uncertain. She is the supervision mechanism, incentive mechanism and external supervision and other aspects of the role of the market; with the growth of debt finance, financial risk will enterprises face increases, so that enterprises in the financial crisis and bankruptcy, debt to asset ratio L is negatively correlated with firm value than "relationship; ownership structure better than the multiple checks and balances", there are major shareholders of several holding relatively more conducive to improving the corporate governance structure, ownership structure has positive effect on firm value; the chairman and general manager post separation, is advantageous to the enterprise internal power balance, the chairman of the board and general manager by different person, can increase the external supervision right of management at the same time, increased power chairman supervises the management level, reduce the number of gray chain benefits, improve the value of company.Conclusion:3senior private equity investment funds to help enhance the value of the firm. Compared with the general private equity investment company, concentration H significantly less senior private equity stake in the company; asset liability ratio L is small, but not significant; equity balance degree R significantly larger; the chairman is not at the same time as general manager, there are significant differences.Senior private equity investment fund was established in2005the company before, many well-known international investment company branches in China. The management team has on the company capital structure, governance structure, and the equity investment fund itself can be increased by famous investment company brand, visibility, the empirical test, senior private equity investment fund to help raise the company’s value.Private equity investment in the capital market has become an important means of financing, to improve, improve investment and financing, China’s capital market management efficiency plays an important role in. Since the private equity investment since entering China, the rapid development of Shenzhen, launched the gem is speeding up its pace of development. But in the scale and capacity, private equity investment institutions in China is still a big gap compared with developed countries. Combined with the conclusion of the status quo of China’s private equity investment industry and the research, proposed the following suggestions:1. To speed up the training of professional talentsIn China’s private equity investment fund industry development relatively late, but limited to the domestic many areas not open, the overall quality and foreign Chinese domestic private equity investment professional experience, there is a certain gap between. Therefore, the government should as a local private equity fund to create more favorable policies, at the same time, the government can guide the fund created by the government, to hire foreign fund managers, through the study of cumulative investment experience, better cultivate local talent.2. The construction of a multi-level capital market systemIn2012the IPO moratorium on private equity investment fund caused great impact, indicating that at this stage in China’s private equity investment fund exit channel is not perfect, regulators should increase the pilot strength of OTC market, improve the property rights trading system of enterprises, establish and perfect, smooth exit channel funds into private equity investment after the.3. Perfect the laws and regulationsAt present in our country and the private equity investment funds most relevant laws and regulations are mainly "partnership enterprise law","company law","venture capital management approach", these laws are not unified operating rules matching. All of these need to be perfected according to the situation of our country, provide operation specification for the development of private equity investment fund. At the same time, countries can be revised "commercial bank law","social security fund management approach","insurance law", allowing commercial banks, insurance companies, pension funds and other institutions with reference to international experiences, capital investment in private equity funds to extract a certain percentage of. We should speed up the "measures" the introduction of management of private equity investment fund, private equity investment fund industry is pushed to the market, the establishment of sunshine, transparent, perfect market system.