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论文编号：	5421
作者编号：	2120112468
上传时间：	2013/6/7 18:44:11
中文题目：	私募股权投资对中小板上市公司盈利能力和成长性的影响
英文题目：	Effects of Private Equity Investment in Small and Medium-sized Listing Enterprises’ Profitability and Growth
指导老师：	陈国欣
中文关键字：	私募股权，中小企业，盈利能力，成长性
英文关键字：	private equity, small and medium enterprises, profitability, growth
中文摘要：	在我国，中小企业在促进国民经济发展、提高就业率等方面发挥着举足轻重的作用。然而，中小企业自身的自有资本不足、融资渠道少、财务管理水平低等问题，一直制约着中小企业的发展，导致中小企业“融资难”的状态。目前我国处于体制转型和结构调整时期，加上全球金融危机的影响，中小企业的“融资难”现象已成为一个普遍的现象。如何打破中小企业的融资瓶颈，有效解决中小企业“融资难”的现状成为一个亟待解决的问题。Private Equity，简称PE，在我国通常被称作私募股权投资，是一种通过私募形式向非上市企业进行权益性投资，通常通过上市、管理层回购或者并购等方式退出，出售所持股份而获得收益。企业的成长性是PE最关心的，发展空间大、前景好的企业往往是PE投资的对象。中小企业虽然规模不大，但是成长性好，因此备受PE的青睐。PE不仅能够为中小企业带来长期资本，解决中小企业“融资难”问题，还能给中小企业带来企业家才能，有助于提高企业的经营管理水平。由此可见，通过将长期资本和企业家才能的结合，PE成为了有效联系资本市场和企业的桥梁。　　　本研究围绕私募股权投资对被投资企业的盈利能力与成长性影响这一主线，首先是对私募股权相关的概念进行理论分析，并对国内外关于私募股权投资对被投资企业盈利能力与成长性影响的实证研究方法和结论进行总结。接着，以2008年之前在我国中小板上市的公司为样本，将样本分为有PE背景和无PE背景两类，根据行业相同、规模相近的原则将样本进行配对，并用STATA 11.0统计软件，对61对配对样本的盈利能力和成长性指标进行配对样本T检验，评价私募股权投资对中小企业盈利能力和成长性的影响。实证研究之后，本文介绍了同洲电子引入四家私募股权投资机构并成功上市的案例，对同洲电子上市后的盈利能力和成长性进行财务分析，总结私募股权投资对同洲电子的影响。最后，对实证和案例分析的结果进行分析，并对私募股权的发展提出建设性建议。　　　关键词：私募股权，中小企业，盈利能力，成长性
英文摘要：	In China, Small and medium enterprises play an important role in promoting economic development and increasing the employment rate . However, small and medium enterprises face the issues for the lack of capital, low level of financial management, these problems constraint on the development of small and medium enterprises, leading small and medium enterprises "difficulty of financing". Now, China is in the period of institutional transition and structural adjustment, plus the impact of the global financial crisis, small and medium enterprises ""difficulty of financing" problem has become a widespread phenomenon. How to break small and medium enterprises' financing bottleneck, finds an effective solution to small and medium enterprises' "difficult of financing", has become problem that must be solved. Private Equity, known as PE, usually referred to as private equity investment in China, is a means of private equity investment in unlisted companies, in the form, typically by listing, mergers and acquisitions or management buy-out, selling shareholder and gain profit. What PE care most is the growth of enterprises, the enterprise development space, good prospects tend to be PE investment objects. Small and medium enterprises are small, but most of their growth is good, so they are highly favored by PE. PE not only brings long-term capital for small and medium enterprises, solves small and medium size enterprises' "difficult of financing" problem, but also brings to entrepreneurs, helps to improve the management level of enterprises. It can be seen that, through a combination of long-term capital and entrepreneurial talent, PE becomes a effective bridge connect capital market and enterprises. 　　　The main line of this research is about the influence of PE to the profitability and growth of small and medium enterprises, to begin with, we introduce theoretical analysis of concepts related to PE, and then summarize the research methods and conclusions of the influence of PE invested enterprise profitability and growth at home and abroad. Then, take the in listed companies on the small and medium enterprises board in China before 2008 as samples, according to principles of the same industry and similar scale，we divide the samples into have PE background and no PE background two class, use STATA 11.0 statistics software to do pairing samples T inspection on the effect of profitability and growth of 61 pairs samples, evaluate the effect of private equity investment on small and medium enterprises profitability and growth. After empirical study, we introduces the case of Shenzhen Coship Electronics Co., Ltd. introduced four private equity investors and then successfully listed, analysis the profitability and growth of Shenzhen Coship Electronics Co., Ltd., and then summarize the effects of private equity fund investments for Shenzhen Coship Electronics Co., Ltd.. Finally, this article will analyze the results of empirical and case studies, and gives constructive suggestions to the development of PE. 　　　 Key words: private equity, small and medium enterprises, profitability, growth
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