私募股权的政府背景对目标企业财务绩效的影响

Influence of Government-Licensed Private Equity on Target Enterprises' Financial Performance

结合私募股权投资机构和目标企业两大研究视角,构建了一组财务绩效考核指标。通过T检验和非参数检验,考察政府背景与非政府背景私募股权投资机构所投资的目标企业在IPO前三年中的财务绩效,并进一步对比了两类投资机构的投资行为以分析差异的成因。非政府背景私募股权投资机构投资的企业财务绩效较优,而政府背景私募股权投资机构投资企业的经营和盈利状况改善幅度更大。实证发现政府背景私募股权投资机构因其投资目标的双重性,在前期投资和后期监督中起到了积极的作用。为了更好地发挥政府引导作用,联合投资模式值得进一步鼓励和推广。

A set of indicators for financial perforemance appraisal was builded by combining PE with target enterprises.Applying T test and non-parametric test,three-year financial perforemance before IPO for target enterprises invested by PE was compared between government-licensed PE and non-government-licensed PE.And the investment behavior between the tow types of PE was compared in order to understand the reasons for generating differences.The empirical research show that the dual nature of investment objectives for government-licensed PE had an active role in front-end investment and later period supervision.In order to make government more effectively guide investment,syndication should be encuraged and spreaded.