私募股权投资特征会影响其减持行为吗

Will PE Investment Characteristics Affect Their Selling Behavior?

基于2006—2011年沪深两市首次公开上市并有私募股权投资参与的A股公司为研究对象,从私募股权投资的特征角度对我国私募股权投资在锁定期解禁后的减持行为进行了研究。研究发现,私募股权投资的持股比例越高、投资期限越长、向被投资企业派驻董事,则其减持比例越小,但采用联合策略的私募股权投资的减持比例较大。从投资背景来看,外资背景的私募股权投资的减持比例更小。进一步研究显示,相比民营背景的私募股权投资,国有背景的私募股权投资的减持比例更小。本文的研究结论不仅可以丰富内部人减持以及私募股权投资在IPO后的相关文献,而且有助于外部投资者了解被投资公司IPO后私募股权投资的减持行为。

Taking the A-share companies listed firstly during the period of 2006-2011 in Shanghai and Shenzhen stock markets with the participation of private equity investments as the research ob- jects, this paper from the perspective of the characteristics of PE investment conducts a study of the behavior of reducing holding-shares after the lockup period of China＇s PE investment is lifted. The findings show that if the PE holding is higher, the investment period is longer, and a director is ac- credited to the enterprise being invested, the holding-shares will be reduced less, but the reducing scale of PE investment with the combined strategy will be larger. In view of the investment back- ground, the reducing scale of PE investment with foreign fund background will be even less. Further study reveals that compared with PE investment with private background, the reducing scale of PE in- vestment with state background is much less. The conclusions of this paper can not only enrich the relevant literature of reducing holding-shares by the insiders and PE investments after IPO, but also help the outside investors understand the reducing behaviors of PE investments after IPO of the in- vestment companies.