›› 2016 ›› Issue (01): 79-88.

• 工商管理 • 上一篇    下一篇

私募股权投资与企业成长性——基于中国2009—2013年创业板上市公司数据的实证研究

余劲松, 罗雪祝   

  1. 西南政法大学 经济学院, 重庆 401120
  • 收稿日期:2015-10-27 出版日期:2016-01-15 发布日期:2016-01-11
  • 作者简介:余劲松(1972—),男,湖北洪湖人,西南政法大学经学院教授,经济学博士,硕士生导师,研究方向为制度经济学,资本市场;罗雪祝(1991—),女,重庆人,西南政法大学经济学院硕士研究生,研究方向为资本市场。
  • 基金资助:

    本文为国家社科基金"网络贷款投资人利益保护机制研究"阶段性研究成果(项目编号:15XJY021)。

Private Equity Investment and the Enterprise Growth-An Empirical Study Based on the GEMListed Company Data in 2009—2013

YU Jin-song, LUO Xue-zhu   

  1. School of Economics, Southwest University of Political Science and Law, Chongqing 401120, China
  • Received:2015-10-27 Online:2016-01-15 Published:2016-01-11

摘要: 随着我国资本市场的不断深化和发展,引入私募股权投资已成为我国企业的主要融资方式之一,因此研究私募股权投资对企业影响具有重要的现实意义。从微观视角考察私募股权投资对创业板上市公司成长的影响,研究发现尽管总体来看私募股权投资对企业成长性没有显著的促进作用,但国营基金和外资独营基金与企业的成长能力显著正相关,而民营基金对企业成长能力的提高相对较低。研究结果表明我国应积极引进外资基金,并正确引导民营基金,使之有效地参与到企业的管理之中。

关键词: 私募股权投资, 上市公司, 成长性

Abstract: With the deepening and development of capital market in China, PE has been one of the main financing waysfor the enterprises. So research on private equity investment impact on the enterprise has important practical significance.In this paper, we will study private equity investment's influence on the GEM listed company growth.Study found that although overall PE to the enterprise growth without significant role in promoting,Statefunds and foreign funds to the company's growth ability was significantly positive correlation. However,Private funds will not affect the company's growth abilitysignificantly.The results showed that our country shouldintroduce foreign funds actively, and guide the private fund correctly.

Key words: private equity investment, public company, growth

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