| In recent years, with the development of Chinese capital market, private equity also gradually entered the field of vision to the public. Private equity investment can not only broaden the financing channel of small and medium-sized enterprises, but also promote high-tech enterprise development.In the western developed countries, private equity investment is an important form of financing, played a complementary role to the traditional way of indirect financing. As IPO exit is the main means to exit for private equity, in order to achieve this goal, private equity will not only provide financial support for the development of the enterprise, but also set a series of value-added services to help enterprises improve internal operation management and profitability. Through the reading of a large number of related literature at home and abroad, we find that foreign scholars generally support that private equity can improve the company value because of the certification hypothesis, market power hypothesis and screening and monitor hypothesis. But the research on related areas is limited in our country and also has no unified conclusion.The GEM board market in our country focus on many high-tech enterprises. And in order to gain higher returns, private equity investment object is these enterprises, which have high risk. So this paper tries to do a study of PE’s impact on the company value of GEM board enterprises, which is more representative in China. This article applies the method of empirical analysis(single variable analysis and multiple regression), and selects new enterprise of GEM board in 2014 to do this research. What’s more, we select the number of private equity, private equity stake proportion and the reputation of the private equity for micro factors to further explore the role of private equity for enterprise value, and put forward relevant policy suggestions for the future development of private equity in our country. |
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