PE持股对上市公司影响的实证研究——以我国创业板上市公司为例

An Empirical Research on the Effect of PE on Listed Firms——Taking GEM Listed Companies in China as the Example

关于PE①持股对上市公司的影响,国内外学者进行了大量研究并试图给出各自的解释。目前理论界主要提出逆向选择、认证效应、监督效应和逐名效应四种理论模型来解释PE在上市企业中的作用,但截至目前尚没有一致的结论。本文以截止2011年12月31日在我国创业板上市的281家公司为例,结合我国独特的资本市场背景,对以上四种理论模型进行了验证。研究结果显示,在我国创业板市场中不存在逆向选择效应和监督效应,认证效应部分得到了验证,逐名效应基本得以验证。将PE按照成立年限进一步分为新成立组和成熟组进行研究预测,结论是:随着我国PE市场的发展和成熟,PE在企业发展过程中提供的"增值服务"将逐步显现。

Domestic and foreign scholars have made a large amount of research on the effect of PE shareholding on listed firms and try to give different explanations. By now, four kinds of theo- retical models have been proposed to explain the role of PE in listed firms, namely Adverse Selec- tion, Certification effect, Monitoring effect and Grandstanding effect, but there has been no unani- mous conclusion since then. In this paper, 281 GEM listed firms in China mainland until December 31st, 2011 have been taken as the sample, combining the specific capital market background in Chi- na, we make a test on the above four kinds of theoretical model. It shows that there is neither Ad- verse Selection nor Monitoring effect in GEM market in China. The Certification effect has been partially testified, while Grandstanding effect is testified basically. Further, the PE institutions have been divided into newly--established group and mature group according to the years of estab- lishment. And the result shows that with the development and maturing of PE market in China, the value-added effect of PE will gradually play its role in the process of corporate development.