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论文编号：	5542
作者编号：	2120112399
上传时间：	2013/6/12 10:55:00
中文题目：	私募股权投资对创业板上市公司绩效的影响
英文题目：	How The Private-equity Investment Influences The
指导老师：	刘志远
中文关键字：	私募股权投资 私募减持 公司绩效
英文关键字：	Private Equity Stock Reduction Company Performance
中文摘要：	近几年，随着创业板市场的开放，很多外资私募基金进入中国资本市场并对其发展产生广泛影响，我国的私募股权投资行业显然已经进入了发展的快车道。然而，在私募投资基金产业快速发展的同时，与之相关的理论研究还不充分，无法为快速发展的私募投资产业提供必要的理论和实践依据。国内学者对私募投资的研究大多涉及政策、法律、制度等宏观层面，虽然也有一些学者对私募基金参与对公司的影响进行了实证研究，但这些学者大都是研究了私募参与对公司首次公开发行上市的影响。为此，本文研究的意义从广义上来说是在前人研究的基础上，继续探索私募股权投资对公司绩效的影响。从2010年11月1日起，创业板上市公司除控股股东、实际控制人外的股东开始陆续解除限售，根据深圳证券交易所《上市规则》中对限售及公告制度的规定，截至2013年2月1日，共有74家公司相继发布私募股权股东减持的公告，占到有私募背景且解除限售的上市公司的48.1%。在减持的过程中，私募股权投资者都获取了高额的投资回报，其退出之快、收益之多难免不让人质疑私募股权的支持究竟为上市公司带来了什么，其退出又会选择在什么时机对公司有何影响。为此，本文以截至2010年末在创业板上市的公司和该批公司中发布减持公告的上市公司为样本，探讨私募股权投资者在公司上市和开始发布减持公告两个时间段对创业板上市公司业绩的影响，同时区分了私募股权投资的不同影响因素。最后得出结论，私募股权投资者支持的公司基本面较好、成长性较大，在公司上市后确实可以增加盈利能力、提高成长性并抑制公司业绩前后的变脸情况，但最终，私募股权投资的短期获益动机决定了私募的退出并非因为公司已经发展相对成熟，而是在市场还看好的时候尽快抽身退出。最后，本文对私募股权投资的发展提出了几条建议。
英文摘要：	In the past years, with the opening up of the Growth Enterprise Market , many foreign private-equity firms enter and impact on China's capital market development, China's private-equity industry has entered fast lane. However, at the same time, the related theoretical research is not enough, which can not provide the necessary theoretical and practical basis. Most domestic scholars study on venture investment is about the macro part, involving policy, law, system, etc., although there are some scholars start studying the influence of private equity’s participation in the IPO period. So this paper continues to explore the performance of private equity investment to the company. There are 74 listed companies in Growth Enterprise Market notice the reduction by private equity shareholders by February 1st 2013, which account for 48.1% of all the GEM companies with investment background of Private Equity and without restriction. Their quick movement and huge proceeds make us curious to clarify the real motivation of their investment. Therefore, this paper chooses the companies listed before 2011 as sample, using the Descriptive statistical method and regression analysis method to analysis the influence of company’s financial achievement invested by private equity. Also, the paper studies the holding time of these investors, investment return and financial situation of the invested enterprise during the reduction period. A conclusion is obtained at the last of the paper, private equity investments have a extensive influence of the corporate financial performance. And the motivation of the private equity shareholders of the sample companies is to obtain the short-term return and withdraw the fund when the enterprise is relatively mature.
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