The Influence Of Private Equity Investment On High-tech Enterprises

High-technology enterprises are small-scale and with credit constraint,therefore,they will always face financing difficulties,such as large fund demand,lack of financing channels and high financing costs.Private equity investment consider more on firm's business potential,so it has gradually become a major source of financing for high-technology companies.Private equity investment can not only help hightechnology companies solve financing difficulties,but also bring them management skills,technology and market resources.So private equity investment is useful to help high-technology companies regulate corporate structure and improve operational efficiency.In a word,private equity investment agencies not only provide financial support,but also help high-technology companies realize value-added.This dissertation selects 244 high-technology companies listed on the Shenzhen GEM from 2009 to 2015 as the research object,and studies the influence of private equity investment on corporate value and growth potential of high-technology companies using multiple linear regression,factor analysis,and independent sample ttests.The conclusion is that private equity investment cannot significantly enhance the corporate value of high-tech companies,but private equity investment can have a significant impact on the value of high-tech companies if the largest shareholder has a small or large shareholding.In addition,private equity investment can significantly enhance the growth of high-tech companies.