会计信息与PE投资定价实证研究——基于上市前的创业板企业数据

An Empirical Research on Relationship between Accounting Information and Investment Pricing of Private Equity——base on the data of the GEM enterprises before listing

私募股权投资基金(Private Equity Funds,简称PE)对被投资企业的估值和定价是一个受多方面因素影响的复杂过程。试图从会计的角度研究会计信息与PE投资定价之间的相关性。从招股说明书中选取PE投资于上市前的创业板企业的数据作为样本,利用费森-奥尔森模型作为基础估值模型来拟合PE的投资价格。实证结果表明,经营资产和超额经营利润与PE投资价格高度相关。经营资产对PE投资价格的解释能力更强,PE投资时对企业的利润质量关注不显著。

It is a complex process affected by many factors that Private Equity Funds（PE） evaluate and pricing the enterprises.The relation between accounting information and the investment price that PE pay for the enterprises before listing on Growth Enterprises Market（GEM） from the view of accounting are studied.The samples from GEM prospectus are selected,and used Feltham-Ohlson model as basic evaluation model to fit the price of PE investment.The empirical results show that the operation assets and excess operation profit is highly related with the price of PE investment,and the operation assets are more capable of explanation of the price of PE investment,and the relation between the price of PE investment and the quality of enterprise profits is not significant.