私募股权投资与公司治理:基于创业板上市公司的实证研究

Private Equity Investment and Corporate Governance:An Empirical Study Based on Listed Companies of GEM Board

利用中国创业板2009年～2012年的上市公司数据，运用主成分分析法构建公司治理指数，检验私募股权投资的参与对公司治理水平的影响。结果发现：有私募股权投资参与的上市公司其治理水平显著高于无私募股权投资参与的公司。进一步的研究显示，私募股权投资的国有背景及资历对公司治理水平也有显著的影响，但是私募股权投资的持股比例和联合投资情况却无显著影响，表明目前国内私募股权投资机构为被投资企业提供支持时，公司治理的改善与PE的入股、PE的经验紧密相关，与PE的持股比例关系不大。

Based on the data of listed companies in China ＇ s Growth Enterprises Market （GEM） board a- mong 2009 -2012, this paper applies principal component analysis to establish corporate governance index, and tests the influence of private equity （PE） on corporate governance. The result shows that the governance level of the listed companies with PE involvement is significantly higher than that of those without PE in- volvement. Its further study shows that PE＇ s state-owned background and seniority also improve the corpo- rate governance significantly, but PE＇ s stake and joint investment do not exert any significant influence, in- dicating that while the current domestic PE institution offers support to the invested enterprise, the improve- ment of corporate governance is closely related to PE＇ s existence and experience, but is not related to PE＇ s shareholding ratio.