| Since the 1980 s,private equity investment has a history of more than 30 years in China.After the rapid growth of the private equity market and the rapid development of the private equity market,China has become the third largest country due to the rapid growth of the private equity market.In recent years,the reform of the capital market registration system has been deepened,the degree of financial openness has been improving,the regulatory environment has been improving,and a large number of private equity investment institutions have entered the field.Internet plus,bio medical technology,sharing economy,artificial intelligence and other fields have launched a new round of investment boom.With the proposal of investment concepts such as value investment and return to the origin of value-added services,the growth potential of enterprises has become the focus of private equity investment institutions.In order to effectively disperse the possible risks in the process of investment,joint investment strategy has gradually become the preferred choice of more and more private equity investment institutions.Compared with individual investment,joint investment can make use of the social relationship network of various institutions,integrate technical resources,broaden information channels,increase the flexibility of business arrangements,and make investment decisions more scientific through collaborative management.The existing research mainly discusses its impact on enterprise growth from the perspective of whether there is private equity investment,but rarely involves the level of joint investment,Therefore,it is of great practical significance to explore the impact of private equity joint investment on enterprise growth.Firstly,this paper reviews and sorts out the motivation and cost of joint investment and the relevant literature on the impact of private equity investment on enterprise growth,defines the concept of private equity joint investment and enterprise growth,and then introduces the overall situation of China’s private equity investment industry around the current situation and development characteristics of the market.At the theoretical level,based on the relevant theories of principal-agent,social network and corporate governance,this paper analyzes the mechanism of private equity joint investment affecting enterprise growth,and puts forward the research hypothesis of this paper.In the empirical research part,this paper selects the data of 221 enterprises listed on Shenzhen GEM from 2016 to 2019 as samples,uses factor analysis to construct enterprise growth index,establishes a multiple linear regression model,and uses Stata software to test and analyze.The empirical results show that private equity joint investment has a positive effect on enterprise growth.In addition,the participation of private equity investment institutions also has a positive effect on enterprise growth,But its effect will be affected by the law of diminishing marginal return.Combined with the research results of scholars at home and abroad,private equity investment institutions can not only provide financial support for target enterprises,but also participate in corporate governance by sending professionals for guidance and strengthening supervision,so as to improve the governance level of enterprises.Therefore,this paper further studies the effect of private equity joint investment on enterprise growth from the perspective of governance structure.The results show that the interaction between private equity joint investment and equity structure,board structure and management incentives will have a positive impact on enterprise growth.Finally,based on the research conclusions,from the perspective of invested enterprises,private equity investment institutions and government departments,this paper puts forward targeted policy suggestions for private equity investment to promote the growth and development of enterprises,points out the shortcomings and improvements of this study,and makes further prospects for the future research direction. |
