私募股权投资特征对被投资企业价值的影响——基于2008-2012年IPO企业经验数据的研究

The Impact of PE Characteristics on the Invested Firm Value:Empirical Evidence from 2008-2012 IPO Companies

本文从私募股权投资特征角度研究私募股权投资对被投资企业价值的影响。研究发现,有私募股权投资参与的企业,其企业价值普遍高于无私募股权投资参与的企业。从股权性质角度看,外资背景的私募股权投资较非外资背景的私募股权投资对被投资企业价值的影响更为显著;国有背景的私募股权投资较民营背景的私募股权投资对被投资企业价值的提升作用更为显著。进一步研究显示,私募股权投资持股比例越高、投资期限越长、引进私募股权投资机构数量越多,则被投资企业的企业价值表现越好。该研究结论丰富了私募股权投资与企业价值方面的理论,对优化私募股权投资选择,促进私募股权投资机构发展,完善相关制度安排都具有重要理论意义和借鉴价值。

This article investigates into issue of private equity and itsimpact on the firm value of the investment company from the per- spective of PE characteristics. First, based on the emerging capital market from the perspective of private equity characteristics the pa- per tries to make study on the relationship between PE and firm val- ue; the finding is that private equity can improve the equity structure and corporate governance of the invested firm, so as to improve the invested firm value. In addition, the study also finds that compared to listed companies with no private equity participation, firm value is generally so much the better in the listed companies with private equity. Then, from the perspective of the nature of the equity foreign background of private equity investment is a foreign background of private equity investment more significant influence on the invested enterprise value, this may be because the foreign background PE has more mature operation mode and more abundant management expe- rience. The state-controlled background private equity of the invested enterprise value promotion effect is more significant than private background private equity, this may be because the state-owned back- ground PE has larger scale, more professionals, and have the ability to increase the value of the invested firm. Further study shows that the higher of the PE share, the longer of its investment term, the more numbers of its agencies, will be better to the invested company＇s firm value. This may be because the private equity has the greater shares, the longer the period, the bigger the number, leads to the higher the degree of control of the enterprise and participation, thus can provide more effective value-added ser- vices. The research conclusion enriches the theory contents about PE, clears the difference influences on the invested firm value by PE characteristics and deepens the understanding of PE mechanism improve firm value, it has important theoretical meaning and ref- erence concerning the choice of optimization of PE＇s investment, promoting the development of PE institutions and to perfect the rel- evant system arrangement.