An Empirical Study On The Impact Of Private Equity Investment On Science And Technology Innovation Board Enterprises

With the rapid development of China's economy,China's private equity investment continues to develop.Unlike traditional investments,private equity funds,as a financial innovation tool,provide post-investment management while providing funds for enterprises,make suggestions on business management,provide other resources and empowerment services needed to improve the operation and management capabilities of the invested enterprise,and promote the rapid development of the enterprise.In June 2019,the science and technology board market was officially launched.The establishment of the science and technology board can help technological innovation enterprises to solve the problems of financing difficulties and expensive financing,assist the development of innovative enterprises,cultivate more Technological enterprises with innovative capabilities,and promote industrial transformation and upgrading.At the same time,it will expand exit channels for private equity investment and promote the further development of private equity investment.This article uses the science and technology board listed companies as a sample.the main purpose is to verify the three theories of mature markets on the impact of private equity investment in technology-based small and medium-sized enterprises.Firstly,this article introduces the concept,characteristics,operating process of private equity investment and the development status in China and abroad.It introduces the development overview of the science and technology board from the four aspects of the history,establishment,innovation and significance,and discusses the theoretical basis of private equity investment affecting high-tech enterprises.Then this paper selects 94 companies listed on the Shanghai Stock Exchange Science and Technology Board as samples,and conducts empirical research to verify the impact of equity investment from three aspects of solving information asymmetry,improving business performance and exerting reputation advantages through factor analysis and descriptive statistics.The results of empirical analysis show that private equity investment has a limited positive effect on reducing information asymmetry and improving the invested company's operating performance,and reputation has a certain positive effect on private equity investment institutions to solve the information asymmetry and improving the invested company's operating performance influences.