私募股权投资基金对中小企业成长性的影响——基于新三板企业2011—2016年的数据

Impact of Private Equity Investment Funds on Development of SMEs: Based on Data from New Three-Board Companies from 2011 to 2016

中文关键词:  私募股权投资基金  中小企业  成长性  公司治理  经营管理  投资轮次

英文关键词:private equity investment fund  Small and Medium-sized Enterprise  growth performance  corporate governance  business management  investment round

中文摘要:

      中小企业是我国国民经济保持增长活力的关键所在,中小企业的发展问题备受社会关注。基于新三板企业2011—2016年的非平衡面板数据,实证分析了私募股权投资基金的进入对中小企业成长性的影响。研究结果表明:私募股权基金的进入显著地促进了企业规模的扩大、获利能力的增强和收益质量的提高,将企业在新三板的挂牌年限作为工具变量再次估计时,该影响更加明显。当考虑到进入轮次时,私募股权基金从A轮进入显著地促进了企业的规模增长,且对企业收益质量的提高同样影响显著,但对企业盈利能力的影响并不明显；私募股权投资基金从B轮进入对企业的规模和收益质量具有显著的正向影响；私募股权投资基金多轮次进入则对企业规模、盈利能力和收益质量都具有显著的正向影响。因此,应重视并发挥私募股权基金对于破解中小企业融资困境、提高中小企业经营管理水平的作用,完善相应的政策规范,进一步确保私募投资过程中的资金安全。

英文摘要:

      Small and Medium-sized Enterprise (SMEs) are the key to maintaining the vitality of China's national economy, and the development of SMEs has received much attention from the society. Based on the unbalanced panel data of the New Three-Board enterprises since 2011 to 2016, this paper empirically analyzes the impact of the entry of private equity investment funds on the development of SMEs. The empirical results show that the entry of private equity funds significantly promotes the increase of enterprise scale and the increase of profitability as well as the improvement of quality of enterprise earnings. The impact is more obvious considering the listing period of the new three boards as a tool variable. When considering the entry rounds, the private equity fund's entry in round A has significantly promoted the growth of the company, and significantly promoted the quality of the company's earnings, but did not significantly promote the profitability of the company. The private equity investment fund has a significant positive impact on the total assets and income quality of the company in round B. When private equity investment funds enter the company in multiple rounds, it has a significant positive impact on the enterprise scale, profitability and quality of earnings. Therefore, we should pay attention to the role of private equity funds in alleviating the financing dilemma of SMEs and improving the management level of SMEs, improve the corresponding policy norms, and further guarantee the capital security in the process of private equity investment. 