企业上市前后经营绩效受私募股权投资影响的差异性研究——基于浙江省中小企业的实证分析

Research on the Differences of Business Performance before and after the Listing by Private Equity Investment——An Empirical Analysis Based on Small and Medium Enterprises in Zhejiang Province

本文选取2004—2014年间在中小板和创业板上市的124家浙江省企业数据来实证研究上市前后经营绩效受私募股权投资影响的差异。结果显示,上市前,私募股权投资的介入会提升企业绩效、企业绩效与私募机构持股比例正相关、联合投资使企业绩效变差;上市后,有私募股权投资介入的企业绩效差于无私募股权投资介入的企业、联合投资可提升企业绩效、企业绩效与私募机构减持比例、持股比例、持股时间负相关。

This paper selects the data of 124 Zhejiang enterprises listed on the small and medium-sized board and the GEM in 2004-2014 to empirically study the difference in the performance of the business before and after the listing by private equity investment.The results show that before the IPO,the intervention of private equity investment will improve the performance of enterprises,the performance of enterprises and the proportion of shares held by private equity institutions,and the joint investment will make the performance of enterprises worse.After listing,the performance of enterprises with private equity investment is worse than private placement.Enterprises and joint investment involved in equity investment can improve corporate performance,corporate performance and private equity reduction ratio,shareholding ratio,and shareholding time.