An Empirical Study On The Operating Performance Of Private Equity Fund Financing For Strategic Emerging Industries

After the global economic crisis, countries are looking for new momentum for the nextround of economic growth.China has proposed developing strategic emerging industries in2009，selected energy-saving and environmental protection, new generation of informationtechnology, biotechnology, high-end equipment manufacturing, new energy, new materialsand new energy automotive industry as the focused industries to develop,expecting to seizethe opportunity to get the dominant position of technological development, readjust industrialstructure, achieve sustainable economic and social development.After several years ofdevelopment, the strategic emerging industries develop rapidly, the further study in financingfor the industry development has become an objective need.Private equity as a new way offinancing has developed rapidly in recent years,and is active in the emerging industries ofstrategic enterprises.The paper studies whether the private equity funds play roles in promoting the operationand development in the emerging industries of strategic or not. Start from the financing needsof emerging industries of strategic and investment characteristics of private equity funds, thepaper elaborated the reasonableness and the venture of emerging industries of strategicenterprise choosing private equity fund for financing, which is based on capital structuretheory, life cycle theory.In empirical aspects, the paper selected companies of strategicemerging industries in GEM as samples, which can be divided into private equity investedand non-private equity invested groups.Through2-independent nonparametric test the paperplans to find whether there is a significant difference or not between the two groups inoperating performance indicators of the same period, in order to infer the overall effect offinancing from private equity fund in emerging strategic industries.The test results showedthat private equity funds have demonstrated the role to enhance the business performance ofstrategic emerging industries carrier enterprise. The result of the empirical study provides areference for the strategic emerging industries in choosing financing scientifically.