Research On The Impact Of Private Equity Investment On Innovation Performance Of ChiNext Enterprises

With the gradual strengthening of the national emphasis on the field of science and technology innovation,more systems and regulations are tilted towards SMEs,deepening the shift to the specialized and new industry chain.Through the support at the national policy level,the five sets of criteria proposed for the GEM are also up-to-date and more in line with the evaluation criteria for some specialized and new enterprises.Through the market value index to measure enterprises,the previous reliance on earnings performance is reduced and new ideas and perspectives are opened up.In addition,through the wide standard listing of some companies that still have losses and the improvement of the listing program for special companies that meet the relevant regulations,a multi-channel reform in terms of mergers and acquisitions is carried out.Due to the addition of GEM companies,the number of more M&A cases of GEM companies is also gradually rising,through the introduction of this approach is also to stimulate new vitality for private equity investment.The rapid development of GEM listed companies depends more on their own long-term earnings and performance,and the number of their innovative technology and patent investment and innovation performance become important contributing factors,so the participation of PE will help innovative companies to have a longer-term effect at the level of value creation.Therefore,PE participation will help innovative companies to have longer-term effects at the value creation level.The main objective of this thesis is to investigate the path and theoretical model of the impact of private equity firms on the innovation performance of GEM listed companies,using the relevant GEM listed companies as the sample.The theoretical model is constructed by elaborating the mechanism related to private equity investment from three aspects:the role of private equity investment in qualification recognition,the role of supervision and screening,and the role of financial benefits;the theoretical model is completed on the basis of literature support,and executive team heterogeneity is introduced as the mediating variable in this study.The data sources of this study are CSMAR and WIND databases,and the sample data of GEM listed companies from 2011-2021 are selected,and the final number of valid corporate company samples obtained is 758.It is found that there is a positive correlation between private equity investment and corporate innovation performance;the promotion effect of foreign PE on corporate innovation performance is very significant;and there is a partial mediating role of executive team heterogeneity in the influence of private equity investment on corporate innovation performance.Finally,suggestions and countermeasures are proposed based on the above findings.Enterprises listed on the GEM have innovation development as the main nature,and the research investment is large and relatively unique in nature,with the development of the GEM market as the main research target.By mining the innovation development performance of enterprises under this system,it helps to better analyze the importance of private equity investment,explore the role of private equity investment on the formation of innovation performance,and also helps to the private equity investment and GEM enterprises between It also helps to propose a more solid theoretical basis for the two-way choice between private equity investment and GEM enterprises,and also provides the necessary theoretical basis and practical significance for government departments to introduce corresponding policy measures in order to better promote the realization of the function of private equity.