Research On Post-investment Value-added Services Provided By Private Equity Funds To Growth-stage Private Enterprise

Private equity funds in China have grown rapidly in recent years.After experiencing a round of rapid growth,the whole industry has entered an important adjustment period from "quantitative growth" to "qualitative development".With the implementation of new capital management regulations,the growth of industry scale is gradually slowing down,the industry concentration ratio is constantly improving,backward institutions are gradually exiting,the era of pure financial investment earning excess returns has gone.In the selection of investment targets,more and more investment institutions are no longer chasing the mature stage to be listed enterprises whose dividends have been released in advance,but turning to the growth stage enterprises with more investment value,especially private enterprises.However,although private enterprises in the growth period have a certain foundation,there are widespread problems such as low maturity of enterprise management and large uncertainty of enterprise development.Therefore,in order to maximize the investment value,in addition to providing financial support to enterprises,private equity investment institutions also begin to pay attention to providing enterprises with matching resources,docking new technologies,providing investment and financing services and other post-investment value-added services.On the basis of reading a large number of domestic and foreign relevant literature on post-investment management,this paper conducts an in-depth study on principal-agent theory,knowledge specificity theory and network resource theory,which provides a theoretical basis for this paper.Through the form of semi-structured interview,this paper reveals the current situation of value-added service after private equity investment in China,and proposes three difficult problems in the practice of value-added service after private equity investment in combination with the characteristics of private enterprises in the growth period.Q Fund in the case of this paper is a minority shareholder of J Company and the first private equity investment institution introduced by J Company.It is also faced with problems such as weak influence on the enterprise,diversified needs of the enterprise,weak team after its own investment,etc.The case introduces Q Fund’s post-investment management team and mechanism.The key point is to make an in-depth analysis of the process of systematic value-added services provided after the investment in Enterprise J.Finally,by comparing the changes in the operating data,financial data and enterprise valuation of J Company before and after the investment of Q Fund,as well as the return on investment of Q Fund,the effect of value-added service after investment is analyzed.Through the analysis of problems and successful cases,finally put forward the countermeasures of difficult problems.The research on post-investment value-added services in this paper provides a feasible solution for private equity fund investment to better serve private enterprises in the growth stage,and at the same time,it also provides a reference for the promotion of soft power of private equity investment institutions.