私募股权投资时机对被投企业盈利能力影响的实证研究

Research on the Impacts of Private Equity Investment Opportunity on Profitability

私募股权投资时机的选择是近年来学术界研究的热点问题。本文研究私募股权投资时机对被投企业盈利能力的影响,选取深圳中小板的企业数据进行实证研究,结果发现私募股权投资选择不同的时机进入,会对被投企业的盈利能力产生不同影响。初创期进入与企业盈利能力存在显著的正相关关系,扩张期进入则没有显著的相关关系,但是成熟期却与企业盈利能力存在显著的负相关关系,进入时机越早,对提升企业盈利能力的作用越明显,企业的资金和资本越能够得到迅速增值。

The investment timing is a hot topic in recent years. In order to study the impact of private equity investment timing on profitability of listed companies, this paper uses samples on Shenzhen SMEs board listed companies. Through empirical research, we observe that different timing private equity capital injection will have different impacts on the profitability of listed companies. Investments in the start-up stage show a significant positive correlation with the compa-ny’ s profitability and no significant correlation on the profitability during its developing stage, while investments in mature stage will have negative correlation with the profitability of the business. Our research concludes the earlier enters, the more obvious effects that enhance the ability of profitability and the capital can be more rapid appreciation.