私募股权投资对中小高新企业的影响——基于新三板创新层的研究被引量：11

The Influence of Private Equity Investment to the Management and Development of Small and Medium High-tech Enterprises:A Study Based on the Innovation Layer in New Over-The-Counter Market

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摘要 2016年6月,证监会在新三板企业中筛选了部分基本面较好的高新技术企业组成了创新层。对于中小高新企业来说,新三板是它们通过资本市场解决融资难题的一种便捷选择;对于私募股权投资来说,流动性的增加也使得风投企业在新三板上市成为一种比较理想的退出方式。本文以新三板创新层企业为研究对象,对私募股权投资是否能促进中小高新企业的经营发展进行了深入探讨。研究结论:私募股权投资的确会显著促进企业的经营发展;私募股权投资可以帮助中小高新企业摆脱融资难、融资成本高的困境,而且可以帮助企业改善公司治理结构、解决委托代理问题。从企业经营的角度看,私募股权投资持股比例高、有联合投资和有国有背景都会对中小高新企业产生积极影响。从企业发展的角度看,私募的联合投资会对企业产生更显著的影响。

作者李维林刘博楠

机构地区山东大学经济学院

出处《山东社会科学》 CSSCI 北大核心 2018年第3期118-123,共6页 Shandong Social Sciences

关键词私募股权投资中小企业新三板创新层高新技术企业

分类号 F830 [经济管理—金融学]

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