The Impact Of Private Equity Investment On The Performance Of China's Growth Enterprise

With the continuous development of China's social economy,private equity(Private Equity Investment)(PE)as a new type of investment,providing investors a high-yield channels,which promote the value of Invested enterprises to be find.PE has gradually get into the public eyes,meanwhile,it has become the third largest financing channels after bank loan and IPO in the world.After 30 years development,the establishment of the GEM,multi-level capital market system improved gradually,and the continuous improvement of laws and regulations,China's private sector has now entered the era of rapid development under the unified supervision of the new stage.At present,the impact of private equity on the economy,especially the impact of the invested enterprises is from the mature foreign capital market study.Many foreign research results show that the involvement of PE has a positive effect on the value and business performance of the enterprise.At the same time,the corporate governance level can improve the governance structure of the invested enterprises,finance the invested enterprises and bring advanced technical and management experience to the enterprises.However,the development of private equity investment industry in China is relatively late,the relevant laws and regulations and policy guidance is not perfect,whether foreign scholars research results apply to our country need to be further studied.Combining with the actual current situation of development of private equity investment industry in our country,has chosen from October 23,2009 to December31,2015,a total of 153 companies listed in Yangtze river delta as the research sample,from two aspects of theory and empirical analysis of the involvement of the private equity investment effects on business performance.On the business performance selected the profitability,solvency,operational capacity and development capacity of the four main aspects of the primary and secondary indicators to describe,and the private equity investment institutions in accordance with the different levels of reputation to further subdivision high reputation and low reputation of private equity investment background,to examine the different reputation under the background of private equity investment on the impact of business performance.The empirical method was analyzed by descriptive statistics,factor analysis,Manny-Whitney U nonparametric test and multiple regression method.Finally,it is concluded that thereis no significant difference in the four aspects of the performance of the private equity investment.There are significant differences in the profitability of the private equity investment with different reputation grades,and the other three aspects have not passed the significant test.But this difference is smaller than there is no difference in the background of private equity investment,and close to the significance test probability value.Finally,according to the theoretical and empirical analysis of the results,and combined with the development of China's private equity investment status quo,proposed the development of China's private equity investment industry policy recommendations,has a certain guiding significance.