Page 88 - 201903

第 34 卷摇 第 3 期 许摇 军: 私募股权投资基金对中小企业成长性的影响

场的影响研究[M]. 北京:经济科学出版社,2010. 122.
[13]吴敬琏. 建立有效的公司治理结构[J]. 天津社 [18]朱鸿伟, 陈诚. 私募股权投资与公司治理:基于
会科学, 1996(1):16 - 18. 创业板上市公司的实证研究[J]. 广东财经大学学报,
[14]王会娟, 张然. 私募股权投资与被投资企业高 2014(1):62 - 72.
管薪酬契约———基于公司治理视角的研究[J]. 管理世 [19]HOLMSTRM B, KAPLAN S N. Corporate govern鄄
界, 2012(9):156 - 167. ance and merger activity in the United States: making sense
[15] SIMONS T, RENNEBOOG L. Public鄄to鄄Private of the 1980s and 1990s [J]. Journal of Economic Perspec鄄
transactions: Lbos, Mbos, Mbis and Ibos[M]. Tilburg: Til鄄 tives,2001, 15(5): 121 - 144.
burg University, 2005. [20]OECD. Emerging trends in SME and entrepreneur鄄
[16]WONGSUNWAI W , HEALY P , PALEPU K , et ship finance[ J]. Financing Smes & Entrepreneurs, 2012,
al. Does venture capitalist quality affect corporate govern鄄 52(2): 9 - 18.
ance? [M]. Havard: Havard University, 2007. [21] BOTTAZZI L, RIN M D, HELLMANN T. Who
[17]贺玮. 私募股权投资对创业板上市公司的公司 are the active investors? Evidence from venture capital[J].
治理行为影响研究[J]. 湖南社会科学, 2015(4):118 - Journal of Financial Economics, 2008, 89(3): 488 - 512.

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

XU Jun
(Department of Economics and Management, Beijing Jiaotong University, Beijing 100044, China)

Abstract: Small and Medium鄄sized Enterprise (SMEs) are the key to maintaining the vitality of China蒺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鄄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 in鄄
crease 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蒺s entry in round A has significantly promoted the growth of the company, and significantly promoted the quality
of the company蒺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.
Key Words: private equity investment fund; Small and Medium鄄sized Enterprise; growth performance; corporate govern鄄
ance; business management; investment round

(本文责编摇 王沈南)

· 8 3 ·