私募股权投资对企业上市后经营绩效的影响——基于江浙两省中小企业板制造业上市公司的实证分析  

Private Equity's Influence on Performance of Enterprises After Public Listing——An Empirical Analysis Based on the Data of Companies in Manufacturing Industry of SME in Jiangsu and Zhejiang

作　　者：徐新阳[1] 

机构地区：[1]江苏信息职业技术学院工商管理系,江苏无锡214153

出　　处：《财经论丛》2011年第6期65-71,共7页Collected Essays on Finance and Economics

基　　金：江苏省教育厅高校哲学社会科学研究基金重点资助项目(09SJB790001)

摘　　要：本文以2004—2007年在深圳证券交易所中小企业板上市的27家江浙两省制造业企业为研究对象,采用面板数据分析方法和比较分析方法,对私募股权投资对企业上市后经营绩效的影响进行了实证检验和分析。结果发现:私募股权投资对所投资企业上市后的经营业绩具有积极作用,但是这种积极作用随着私募股权投资机构的减持而不断减弱;私募股权资本所投资的企业上市后的经营业绩还不如无私募股权资本支持的企业。这一结果启示我们提高私募股权投资机构的素质与专业水平是当前亟待解决的重要问题。Based on data of 27 manufacturing enterprises in Jiangsu and Zhejiang provinces listed in SME board of Shenzhen Stock Exchange in 2004 - 2007, we empirically test the private equity＇s influence on the performance of companies after public listing. The result shows that private equity has a positive effect on performance of these companies, which however continuously declines with share holding reduction of private equity institutions. So business performance of companies backed by private equity may be worse than those without it. It proves that the quality and professional standards of private equity institutions should be improved.

关 键 词：私募股权投资 经营绩效 增值服务 面板数据 

分 类 号：F830.59[经济管理—金融学]