私募股权投资对企业高质量发展的影响:基于信息不对称的中介效应研究  

Impact of private equity investment on the high-quality development of enterprises:Research on the mediating effect based on information asymmetry

作　　者：张少勇 许志勇 朱继军[1] 向鑫 殷治平[1] ZHANG Shaoyong;XU Zhiyong;ZHU Jijun;XIANG Xin;YIN Zhiping(School of Accounting,Hubei University of Economics,Wuhan 430205,China;Hubei Centre for Accounting Development Research,Wuhan 430205,China;School of Management,Wuhan Technology and Business University,Wuhan 430065,China)

机构地区：[1]湖北经济学院会计学院,湖北武汉430205 [2]湖北会计发展研究中心,湖北武汉430205 [3]武汉工商学院管理学院,湖北武汉430065

出　　处：《中国软科学》2024年第12期132-145,共14页China Soft Science

基　　金：国家社会科学基金一般项目“资产结构错配与企业高质量发展的形成机理、作用机制与防控对策研究”(22BGL032)。

摘　　要：企业高质量发展是经济高质量发展的关键,私募股权投资作为耐心资本的代表,是服务于企业高质量发展的重要推动力。基于2010—2020年A股上市公司数据,考察私募股权投资对企业高质量发展的影响、信息不对称的中介效应及其潜在的异质性。研究发现,私募股权投资促进企业高质量发展水平的提升。比较《私募投资基金监督管理暂行办法》实施前后的效应发现,政策实施前的正向效应不显著,政策实施后的正向效应显著。中介效应表明,信息不对称在私募股权投资促进企业高质量发展中发挥了部分中介效应,私募股权投资通过削弱信息不对称,进而推动了企业高质量发展。进一步分析发现,私募股权投资对企业高质量发展的促进作用在国有企业、制造业企业、创新型企业以及高质量发展战略提出后、私募股权投资总额省份排行榜前五位地区的企业更为明显。研究结论为深入理解私募股权投资对企业高质量发展的影响,提高私募股权投资效率、降低信息不对称以及提升企业高质量发展水平提供经验证据和参考建议。the high-quality development of enterprises is the key to high-quality economic development,and private equity investment has become an important driving force for China’s industrial development.This paper uses the data of A-share listed companies from 2010 to 2020 to investigate the impact of private equity investment on the high-quality development of enterprises and its information asymmetry mechanism.It is found that before the implementation of the Interim Measures for the Supervision and Administration of Private Investment Funds,the improvement of the high-quality development level of private equity investment enterprises was not significant,and it was significant in the whole sample and the sub-samples after the implementation of the Interim Measures for the Supervision and Administration of Private Investment Funds.Mechanism studies show that information asymmetry plays a part-in-the-middle role in promoting the high-quality development of enterprises by private equity investment,that is,private equity investment promotes the high-quality development of enterprises by weakening information asymmetry.The heterogeneity analysis shows that the role of private equity investment in promoting the high-quality development of enterprises is more obvious in state-owned enterprises,manufacturing industries,innovative enterprises,after the high-quality development strategy is put forward,as well as enterprises in the top five regions of the provincial rankings of the total amount of private equity investment.The research conclusion provides empirical evidence and reference suggestions for in-depth understanding of the impact of private equity investment on the high-quality development of enterprises,improving the efficiency of private equity investment,reducing information asymmetry,and improving the high-quality development level of enterprises.

关 键 词：私募股权投资 企业高质量发展 信息不对称 创新型企业 

分 类 号：F270[经济管理—企业管理]