私募股权投资对被投公司市值管理的影响——基于创业板IPO公司的证据  

The Influence of Private Equity Investment on the Market Value Management of Invested Companies——Evidence from IPO Companies on GEM

作　　者：郑勇[1] 崔海涛 张延良[2] ZHENG Yong;CUI Haitao;ZHANG Yanliang(Shandong University of Finance and Economics,Jinan 250014,China;School of Finance,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学,山东济南250014 [2]山东财经大学金融学院,山东济南250014

出　　处：《经济与管理评论》2022年第3期149-160,共12页Review of Economy and Management

基　　金：教育部人文社会科学研究一般项目“金砖四国股票市场成长能力比较研究”(11YJEGJW001)。

摘　　要：基于私募股权投资对创业板IPO公司市值管理影响的视角,选取2015年创业板IPO公司为研究对象,以2016年1月1日至2019年3月31日季度财务数据为研究样本,利用因子分析法和倾向得分值匹配模型研究两者关系发现:私募股权投资对创业板IPO公司市值管理具有积极影响;融资约束与信息效应在二者正向关系中起到中介传导效应;由于私募机构的介入,被投资企业的市场价值可以由其内在价值充分体现,且企业的融资成本减少,从而提升企业的市场价值,改善其市值管理水平。Based on the perspective of the influence of private equity investment on the market capitalization management of GEM IPO companies,taking the 2015 GEM IPO companies as the research subject,and using the quarterly financial data from January 1st of 2016 to March 31st of 2019 as the research sample,this article uses factor analysis and propensity score matching model to study the relationship between the two.It is found:private equity investment has a positive impact on the market capitalization management of GEM IPO companies;financing constraint and information effect play mediating effect between the two;due to the intervention of private equity institutions,the market value of the invested company can be fully reflected by its intrinsic value,and the financing cost of the company is reduced so as to enhance the market value of the company and improve its level of market value management.

关 键 词：私募股权投资 市值管理 倾向得分值匹配法 

分 类 号：F830.9[经济管理—金融学]