Research On The Impact Of Private Equity Investment On The Operating Performance Of Listed Companies

More and more small and medium-sized enterprises in China choose GEM to be listed,and GEM has become a very key exit path for PE.This thesis studies the cooperation between listed companies and PE,studies the influence of PE’s interference in their business efficiency,and the role of corporate governance in PE’s influence on the company’s business efficiency.On the basis of summarizing the research on private equity investment,return on equity and the relationship between them,this thesis puts forward the research framework of this thesis,expounds the meaning of private equity investment and return on equity,and introduces the principal-agent theory,financial intermediary theory and screening supervision function theory,so as to provide theoretical support for the subsequent analysis.Secondly,through theoretical analysis and induction of the impact of private capital on enterprise efficiency mechanism,using the factor analysis of profitability,it can be divided into four aspects:debt repayment,the ability to build enterprise operation efficiency indicators,operation capacity and growth capacity.Finally,based on the empirical analysis of enterprises listed on the GEM of Shenzhen Stock Exchange from 2015 to 2020.the thesis draws a conclusion that the impact of direct investment on enterprise efficiency.The conclusions are as follows:(1)Private equity investment can improve the business efficiency of enterprises,and thus increase the profitability of enterprises;(2)Different characteristics of private equity investment have an impact on the corporate return rate,such as the number of participating institutions and the largest share of private capital can affect the corporate return rate;(3)The influence path of private equity investment on corporate performance involves two intermediary variables:corporate governance level and ownership concentration.According to the above analysis,corresponding countermeasures are proposed from the three aspects of GEM enterprises,investment institutions and the government to promote the development of private equity investment and the improvement of ROE.