私募股权投资的行业专业化与被投资企业的绩效表现

PE’s Industry Specialization and the Performance of Invested Companies

以2009—2016年创业板上市公司为样本,手工收集私募股权投资基金的个体特征和投资特征数据,实证检验了PE的行业专业化对被投资企业绩效表现的影响。研究发现:PE的行业专业化越高,企业绩效表现越好。进一步分析积极影响的机理发现:行业专业化的PE不能事前筛选优质企业;行业专业化的PE能够通过抑制盈余管理、提高企业的薪酬业绩敏感度提升企业绩效。本研究丰富了我国PE的行业专业化方面的文献,有利于帮助利益相关者深入理解PE的行为和机理,对企业管理者及私募股权投资未来的发展具有一定的参考价值和启示作用。

Based on the data of listed companies on the GEM of China from 2009 to 2016,this paper manually collects the individual and investment characters of private equity funds,and empirically analyzes the impact of industry specialized PE on the performance of invested companies.The results indicate that PE with industry specialization can promote the performance of invested companies.Moreover,through further analysis of the mechanism of the positive impact,the results show that PE with industry specialization fails to select good companies when investing;yet they can increase the performance of invested companies by decreasing accrual earnings management and enhancing the par for performance sensitivity of invested companies.This research enriches the literature on the industry specialization of PE in China,helps stakeholders to understand PE's behavior and mechanism in depth,and provides references and enlightenment for enterprise managers and the future development of PE.