股权投资基金与企业实际投资的实证研究

Empirical Study on Private Equity Fund and Corporate Real Investment

股权投资基金与其他的融资方式相比有其独有的优势和特点,这种融资方式对于企业的投资决策和投资行为会产生其特有的影响。文章在综述国内外相关研究的基础上,以我国中小企业板上市公司为研究样本,构建实证模型,通过实证方法研究股权投资基金对企业实际投资的影响和作用。研究得出以下结论,中小企业板上市公司实际投资与股权投资基金的参与显著正相关,与公司成长性指标营业总收入增长率显著正相关,而实际投资与现金流指标和公司总资产负债率并不存在显著的相关性。

Compared with other financing sources,private equity fund has unique advantages and characteristics,which will influence company investment decisions.Based on a research review of home and abroad,the paper studies the relationship between private equity fund and corporate real investment through empirical analysis method,with the sample firms listed in the SME board of China.It is found that corporate real investment is significantly positively related to private equity fund and positively related to total operating revenue growth rate.Corporate real investment does not have a significant relationship with net cash flow or DAR.