The Impact Of Private Equity Funds On High-tech Enterprises

Private equity funds invest private equity in the equity of unlisted companies.Different from other traditional investment methods,private equity funds,as a special financial innovation tool,not only provide the necessary funds for enterprises,but also actively provide advice for the company's operation and management in the investment process,and provide them with the scarce resources needed.Excellent service,optimize the operation and management of the invested company,thus helping the company to establish market positioning and help the development of the company.At the same time,with the in-depth development of “Double Innovation”,high-tech enterprises have grown rapidly,and in 2016 they have exceeded 100,000,and the growth rate is as high as 31.35%.In 2016,the total industrial output value of the national high-tech enterprises accounted for 23.49% of the country's total industrial output value.The contribution rate of high-tech enterprises to China's economy is increasing,and it is playing an increasingly important role in the process of building innovative countries.This article selected 193 high-tech companies listed on the Shenzhen Stock Exchange's GEM during the five years from January 1,2011 to January 1,2016 as samples,and divided the sample companies into two groups according to the support of private equity funds.Analyze empirically the sample companies IPO data indicators of the day and the financial data indicators of the year of listing and the year after that,and study the performance of different groups of sample companies in the business performance of the IPO on the same day and after the market.And compare the effectiveness of different private equity funds to further analyze the effect.The empirical results show that our country's market cannot perfectly confirm the three theories of mature markets,and does not fully meet the theoretical expectations.By analyzing the conclusions of empirical research in our country and comparing the situation of mature markets abroad,this paper considers that there is serious asymmetry of information in the private equity market in China,IPO dominates the exit mechanism,and lacks value-added service functions.High-tech enterprises have poor fund utilization,lack of a stable fund support system and perfect protection of intellectual property rights.In response to these problems,the author's rationalization proposals were put forward.