Private Equity Investment In Listed Companies Impact On The GEM Empirical Research

In2009after the launch of the gem market in China, the private equity IPO exit is opened, in make money effect leads, the private equity investment of the pre-ipo project is hot in our country, some freshmen of venture capital institutions inoculation. Occurs in the PE market for projects and high PE valuation flying, the PE market has become a "crazy" market, with only the first28companies listed on the run, with private equity companies have19, accounted for68%. Gem listed companies, meanwhile, also gave birth to the "three highs"(high price, high p/e ratio, high raise) the gem companies. Under this background, the private equity investment’s influence on the gem listed companies aroused people’s concern.According to the certification regulation model of main ideas:VC/PE institutions have the ability to identify good projects, so the VC/PE holdings will be as IPO company certification, also is the company has a good prospect of signals to the public, in addition, VC/PE organization in order to achieve the purpose of profit, also can better play a role of regulation of the invested enterprise, realizes the enterprise value added value. Compared with the corresponding certification supervision theory, is grandstanding model, this model thinks, risk investment institutions in the face of fame and interest demand would lead to the invested enterprise is listed as soon as possible. There are two main reasons:one is a good name is an effective way to attract investors, VC/PE organization in order to attract more investors, can take various means to enhance their own reputation, including eager to prove his ability to the world and in this case, will rush will still not mature on IPO market enterprise; other is IPO exit is to achieve maximum return way, in order to obtain excess profits, prompting VC/PE organization will push the invested enterprises listed as soon as possible in order to realize the exit. In failing to give play to the role of regulatory certification at the same time, in the long run, this will not be hard on the growth enterprise board market mature enterprise behavior will lead to developing in the future, a sharp fall in the number of listed enterprise value, affect the normal development of the enterprise. Based on the theory of the two, in order to verify whether private equity for gem listed companies have certification regulation effect, hypothesized, respectively, and by comparing the mean and multivariate regression analysis method, through the empirical research results show that the private equity investment institutions did not play a role of their certification regulation, but there are serious fickle kinds, therefore, lead to enterprise in the aspects of performance after IPO are inferior to no private equity investment in support of the enterprise.