摘要
近年来,我国多层次资本市场不断丰富完善,私募股权投资发展速度惊人。私募股权弥补了传统金融业的空缺,对支持创新创业起到不可替代的作用,然而其对中小企业的绩效影响还有待研究。论文从“认证监督”理论的运作机理出发,创新性选用企业价值乘数作为被解释变量,就我国各特性的私募股权投资对被注资企业的盈利能力与企业价值的不同影响进行实证分析,以期指导我国私募股权投资基金的良好发展。
In recent years,China's multi-level capital market has been continuously enriched and improved,and private equity investment has developed at an amazing speed.Private equity makes up for the vacancy of the traditional financial industry and plays an irreplaceable role in supporting innovation and entrepreneurship.However,its influence on the performance of small and medium-sized enterprises remains to be studied.Starting from the operation mechanism of the"certification and supervision"theory,the paper creatively selects the enterprise value multiplier as the explanatory variable,and empirically analyzes the different influences of private equity investment of various characteristics on the profitability and enterprise value of the invested enterprises,so as to guide the good development of private equity investment funds in China.
作者
王心怡
WANG Xin-yi(Soochow University,Suzhou 215301,China)
出处
《中小企业管理与科技》
2020年第11期73-75,共3页
Management & Technology of SME
关键词
私募股权投资
中小企业
企业价值
盈利能力
private equity investment
small and medium-sized enterprises
enterprise value
profitability
