Empirical Study Of Private Equity's Impact On The Company Performance Of The Companies Listed On The New Board

Private Equity is the result of financial innovation and industry innovation,Margin trading in foreign market development early,to launch margin trading in our country until 2010,official pilot is on March3,2010,a year later,in 2011 the relevant departments launched refinancing operations,so far our country has experienced five times in harmony,and a significant increase in margin trading scale,there have been a lot of have done related research literature,a lot of results show that the margin impact on Chinese stock market is more and more important,securities regulators and investors need to focus on,therefore,the study of the problem still has important academic value and practical significance.First of all,the theory foundation and the influence mechanism of private equity investment impact on the performance of listed companies are analyzed in detail in this thesis.Then,the development course of private equity investment and the investment status of private equity participation in the new third board market are analyzed.A detailed analysis of the existing problems in it is followed.Finally,through the selection of 1320 new third board listed companies from 2013 to 2015,the empirical test shows that private equity investment can have a significant impact on enterprise performance.Which choose ROA,ROE for the performance observed variables to stake PE,the background of theshareholders as well as joint investment of explanatory variables,using OSL further test whether the model of private equity investments with different characteristics will be impact on business performance differ in direction and degree.Firstly,we find the performance of companies invested by PE institution is better.PE can improve the performance of invested enterprises.Secondly,the higher of PE investors shareholding,the better performance of invested enterprises,because of agency cost-reducing and managerial level-increasing.Joint investment of PE investors can improve the performance of invested enterprises,because of agency cost-reducing and more resources.Well-reputed private equity investment institutions can better support the invested enterprises,thus leading to better resources and more professional valued-added management services,which ultimately leads to the growth of corporate profits.Finally,the paper puts forward some suggestion from the aspects of the exit mechanism,capital market system,law and regulatory system.