私募股权基金在华Pre-IPO投资的影响因素分析

Analysis of the Influential Factors on Pre-IPO Investment of Private Equity Funds in China

经历过金融危机的洗礼,私募股权基金(Private Equity Fund)"巨头"们在全球资本市场上,尤其是在亚洲资本市场上再次迅猛发展.中国正被国际目光所聚焦,备受PE亲睐.不过,专门研究Pre-IPO基金对中国企业投资运作的文献甚少.借鉴国内外相关研究成果,从私募股权基金的角度出发,研究其在中国Pre-IPO投资项目时选择目标企业所考虑的相关条件及主要影响因素.采用相关性分析和因子分析相结合的综合实证方法分析,对所选取的样本进行了统计分析.在相关性分析法中,通过考察包括有、无Pre-IPO基金参与投资的样本的诸多项指标,从中找出与Pre-IPO投资这项指标相关系数较高的十四项指标,并具体分析了它们之间的关系.接着用因子分析法进一步对有Pre-IPO基金参与投资的样本进行分析.综合评价各项指标间的内部关系并以此得到指标的分类,从而得出影响私募股权基金选择目标企业投资Pre-IPO的主要因素.通过分析,以期对想"牵手"私募股权基金"巨头"们来实现上市融资的国内企业,有实质性的借鉴作用和可操作意义.

Experienced financial crisis,the magnates of Private Equity Fund have developed rapidly and vigorously in the global capital market,especially in Asian capital market again. Being the focus of international attention,China wins their high favor.However,there are few documents specialized in the Pre-IPO operated in the China＇s enterprises. Using Correlation analysis and factor analysis as a comprehensive statistical analysis method,this paper,based on the related researches,studies the choices on target enterprises, taking into account relevant factors and the conditions of the relationship between when Private Equity operate the Project of the Pre-IPO Fund in China,from the PE＇s perspective,and eventually reaches the four main components which influence the overseas Pre-IPO Funds＇ decisions.In the correlation analysis,fourteen indices,which have the highest correlations with the Pre-IPO,have been found,through the research of the cases either has Pre-IPO or doesn＇t.Also,the relationships between them have been studied.Then Facotr analysis is used to make composite commons of the inner relationships of the indeses, classifying these indexes.This empirical study is to provide some substantive reference and operational significance for the domestic enterprises who wish to cooperate with the PE magnates to achieve their own financing for listing.