私募股权融资方式对不同生命周期中小企业的成长性研究

Research on the Growth of Private Equity Funds for Small and Medium-sized Enterprises with Different Life Cycles

依据广东、浙江、江苏新三板市场2017年末挂牌的90家中小工业和服务业企业2012-2017年的平衡面板数据,考量私募股权融资方式对不同生命周期中小企业经营规模和业绩的影响。结果表明:私募股权基金进入对中小企业的规模扩张呈正向影响,即私募股权投资基金的进入会促进企业规模壮大;私募股权基金进入对中小企业的经营业绩产生正向的影响,它能够提高中小企业的主营业务收入、主营利润和净利润,推动企业经营业绩的提升;私募股权投资基金进入中小企业的时间不同其影响不同,在成长期进入较成熟期进入效果更好。

This paper chooses 90 Small and Medium-sized Enterprises(SMEs)listed in Guangdong,Zhejiang and Jiangsu New Third Board Market at the end of 2017 as the research object,and uses the balanced panel data of sample enterprises from 2012 to 2017 to empirically analyze the impact of private equity financing on SMEs'operation scale and performance.The results show that:The entry of private equity funds has a positive impact on the scale expansion of SMEs,that is,the entry of private equity funds will promote the growth of enterprise scale.The entry of private equity funds has a positive impact on the performance of SMEs.It promotes the growth of business performance by increasing the main business income,main profit and net profit of small and medium-sized enterprises.The entry time of private equity investment funds is different and its impact is different.The effect of private equity investment funds in maturity is better than that in growth.