私募股权投资对被投资企业债务契约的影响研究

The Impact of Private Equity on the Debt Contract of Investee Companies

本文研究私募股权投资(Private Equity,简称PE)对被投资企业债务契约的影响。研究发现,私募股权投资的参与能够影响被投资企业的债务融资数量、债务融资成本和债务期限结构。具体体现为:有PE参与的公司相比于无PE参与的公司能够获得更多的债务融资,且债务融资成本更低,长期借款比重更大。这表明,私募股权投资在被投资企业的债务契约缔结中发挥了信号作用,有利于缓解银企间的信息不对称,从而促成债务契约。进一步研究发现,不同特征的PE对债务契约的影响不同,国有背景、持股比例较高和投资期限较长的PE对被投资企业债务契约的影响更为显著。

This article analyzes weather private equity（PE）can affect the debt contract of investee companies. Research result shows：debt quantity, debt cost and debt structure of listed companies are affected by private equity. Listed companies with a PE institute as the shareholder can obtain more debt financing, have a lower debt cost and higher long-term loans ratio, this result shows that PE plays a signaling role in reaching the debt contract of listed companies. PE is helpful for mitigating the asymmetric information between bank and company, therefore affects debt contract of investee. Besides, the effect of PE is different between state-owned companies and private companies. Because of credit discrimination, the impact of PE on debt contract is more prominent in private companies. Further research shows that different PE has different impact on debt contract, PE which has a state-owned background, with higher shareholding and longer investment period has greater impact on debt contract of listed companies.