Empirical Research Of The Impact Of Private Equity And Venture Capital On High-tech Enterprise Growth Nature

In the international financial market, private equity rapidly becomes the third financing market after the bank credit and IPO market in recent years. In virtue of the Growth Enterprises Market (GEM) board which does the service for the independent innovation and other growth enterprises, private equity has a more flexible exit optioa But after the period of the "PE/VC in great demand "and "2012PE/VC winter", the2013PE/VC market began to pick up. And PE/VC industry begins to implement the "value investment" concept, lay stress on the original value-added service, and pay more attention to the enterprises’growth potentiality. So the effect of the private equity on the high-tech enterprises’has aroused the high concern in theoretical and practical aspects.Firstly, this paper reviews and reorganizes the related concepts and literature data about the private equity and the high-tech enterprise growth, defines the concepts of the PE/VC, High-tech enterprise, Enterprise growth, Enterprise growth nature and Enterprise growth index. Also, this paper analyses that the PE/VC has the strong advantages in promoting high-tech enterprises’growth nature in the theoretical level based on the new financial intermediary theory, enterprise growth theory and the principal-agent theory and puts forward the hypothesis. And then, the paper takes the131high-tech enterprises listed before December31,2012in Shenzhen GEM as research samples, measures the growth nature of high-tech enterprises by using the factor analysis method, uses the independent sample T test, nonparametric test, regression analysis and other methods in order to analyze the effect on the growth of the high-tech enterprises of the private equity from two aspects. At last, this paper makes a conclusion of the research result, points out the innovation points and deficiencies and puts forward the relevant policy suggestions on the promotion of the private equity investment and the growth of the high tech enterprises.The main findings of this paper are as follows:1) Generally speaking,the growth of the high-tech enterprises is good, but there is a large space for the growth of the high-tech enterprises to promote;2) PE/VC has positive and significant influence on the growth of the high-tech enterprises, and this positive influence shows growth trend;3) PE/VC has a positive and significant influence on the debt paying ability and development ability of the high-tech enterprises and has a positive but not significant influence on the operating ability and innovation ability;4) Part of the data supports that PE/VC holdings and the growth of the high-tech enterprises have a significant positive correlation, and the larger scale, the lower the rate of assets and liability, the higher the growth index of the high-tech enterprise.