The Empirical Research On Financial Characteristics Of The Chinese Private Enterprise Group

Private enterprises are often encountered in the process of enterprise development, financing problems, to overcome the financial difficulties of private enterprise development to become an important issue. As bank loans to flow, and holding of listed companies has become an important channel for financing of private enterprises, such financing methods to promote the rapid development of private enterprises to the capital markets but also brings many problems. This will run the Department of Family Characteristics of corporate finance point of view to analyze the nature of these problems.In this paper, the selected sample is 1999 to 2007 China's A share market by the private enterprises of the 51 mergers and acquisitions of listed companies, in order to study the effectiveness of, and the other selected according to the size of the target company and the industry's 51 listed companies in general as a control group Comparative Study. Research from the capital structure of listed companies income, solvency and profitability of these four aspects, financial indicators of 43 matching the first analytical methods used, the target company selected and non-significant difference between the target company's financial indicators 8. In pairs on the basis of analysis of the use of Logistic model, the above-mentioned indicators 8 test of significance.Through empirical analysis, the paper reached the following conclusions:Department of China's ethnic enterprises are private companies controlled by the main show the following characteristics:1, concentrated ownership, that is, the ratio of the largest shareholder of listed companies is lower than ordinary; 2, the private line within the quick ratio of listed companies is less than the general market companies; 3, the private line within the net assets of listed companies is lower than the ordinary rate of return of listed companies; 4, private line connected transactions of listed companies with more than ordinary amount of listed companies; 5, private listed companies within the Department of the amount of secured loans is greater than the ordinary listed companies.this paper, the status quo of China's market characteristics of these different kinds of the corresponding explanation, and at the end of the thesis of this paper, further studies were necessary to note the direction.