【作者】 赵峰；

【导师】 叶德珠；

【作者基本信息】 暨南大学 ， 金融学， 2013， 硕士

【摘要】 私募股权投资是一种以私募形式募集资金，再以股权的方式投资于非上市公司的权益性投资，是一种追求被投企业价值最大化的投资行为，是一种在投资企业后为企业提供更多的如战略方向、渠道管理、法律财务等方面的增值服务，以帮助企业快速成长，实现股权价值的迅速增值的过程。国外对私募股权投资基金与被投企业成长性的研究结果表明，私募股权投资机构的介入、参与、声誉均对被投企业成长性有实质性的影响，帮助被投企业规范了企业的治理结构，提高企业的绩效收入。而我国私募股权投资基金市场发展时间较短，相关政策法规、市场配套、资本市场不健全，国外的研究成果是否适用于我国的环境，值得深入研究。本文结合我国的实际情况来做私募股权投资基金对中国的企业成长性的影响的相关研究。分析在中国私募股权投资机构能否对被投企业的成长性产生积极的影响，产生多大的影响，在哪些方面发挥着积极的作用。本文选取深圳创业板开板至2011年12月31日上市的281家公司为研究样本，按照股东中有无私募股权投资基金背景分为两组，以被投公司IPO前两年营业总收入的复合增长率为成长性指标，选为被解释变量。研究结果发现有私募股权投资基金背景的创业板上市公司比没有私募股权投资基金背景的公司成长性要好。其中，私募股权投资机构声誉越大，其投资的企业成长性越好；而私募股权投资机构参与的程度与创业板公司上市前成长性并没有显著的关系。从研究的结论看出，创业企业除加强自身研发实力外，尽可能引进私募股权投资机构。对于在选择私募股权投资机构的时候，应当选择声誉较高的机构。同时对于私募股权投资机构来说，在投资后应加强投后管理，加强增值服务，提高自身声誉，作一个全生命周期的金融服务提供商，推动企业快速成长壮大，最终获得高额投资收益。更多还原

【Abstract】 Private equity is a form of private fund-raising,to invest the non-listed companies, pursuitsthe portfolio of maximize the value of the enterprise. Private equity provide more value-addedservices such as strategic direction, channel management, legal and financial, to help enterprisesgrow the value.The results of foreign research shows that the involvement participation and reputation ofprivate equity investment institutions, have a substantial impact on the growth of the portfoliocompanies, standardized corporate governance structure, and improving the performance ofincoming. However, China’s private equity investment fund market development time is shorterthan foreign,the related policies and regulations, capital market is not perfect,the results offoreign research are applicable to the environment of our country or not is worthy of furtherstudy.In this paper, combined with Chinese actual situation, we do the research of our country tofind out the influence of private equity investment fund on growth of Chinese enterprises. Weanalyze whether the private equity have positive impact on the growth the portfolio ofcompanies.We Select281companies as samples in the Shenzhen GEM, and divided into two groups inaccordance with the shareholders whether have private equity investment fund background.Theresult shows that the growing of GEM listed companies with private equity investment fundbackground is better than without private equity investment fund background. And the growingof GEM listed companies with higher reputation is better than lower reputation.The venture companies are pleased to introduce the private equity investment institutions,specially with higher reputation.At the same time private equity investment institutions shouldstrengthen the post-investment management, providing value-added services, becoming a fulllife-cycle financial service providers, help the enterprises to quickly grow and ultimately, get thehigh investment income.更多还原