Research On The Impact Of Private Equity Funds On The Business Performance Of Small And Medium-sized Enterprises

The height of the small and medium-sized enterprises and private equity funds,practically led to the rapid development of the real economy in our country,realize the innovation development of the national development strategy.In China,the time of private equity investment development is short,with the accelerating of small and medium-sized enterprise development speed,private equity investment rapid rise.But in the process of promote the development of small and medium-sized enterprises and the fusion,private equity investment still has not properly solved various problems.This article through the private equity fund in a detailed analysis of the actual role of small and medium-sized enterprise development,to promote enterprise production and operation efficiency,combined with the current of the impact of private equity funds,actively put forward the corresponding improvement and improvement of viewsThis article main research train of thought and framework,first of all,from the perspective of the literature review,this paper discusses the research results of private equity funds both at home and abroad,then the basic theory of private equity funds and its formation and development to sort out,and carding the formation and development of private equity funds,using the theoretical logic to analyze the mechanism of the promotion of private equity funds in China's small and medium-sized enterprises,private equity fund from three aspects affect the small and medium-sized enterprises in our country,finally to small and medium-sized enterprises PE play a role of the operating performance.Therefore our country small and medium-sized enterprises can actively introduce private equity funds.At the same time through data for empirical analysis,select 2011 small and medium-sized board listed companies from 2012 to 2015 annual data use Eviews software for research,put forward hypothesis: the combination of private equity funds and small and medium-sized enterprises can effectively enhance the level of enterprise development,greatly enhance the business capacity of enterprise.Through comparing financial indicators of PE-backed companies with no PE-backed companies,we found the current hypothesis is correct.Innovation in this paper is the differences of proportion of private equity funds in the enterprise,using the quadratic curve regression,through further analysis,PE is between 0-1,the proportion of investment in private equity funds is direct proportion to the performance of small and medium-sized enterprises.But as the proportion of private equity funds has risen,the marginal effect of SME performance improvement is decreasing.In other words,with the proportion of private equity gradually increased,the rate of performance growth for small and medium enterprises is gradually reduced.Therefore we conclude as follows: The existence of private equity fund to promote the rapid development of the enterprise,but we will strictly control its stake,guarantee within the scope of the enterprise to bear,when the ratio is too large,Instead of impeding the healthy development of the enterprise.Finally,this paper puts forward some suggestions on the two aspects of private equity funds and government regulation,in order to improve the operation of private equity funds,and effectively promote the steady improvement of the efficiency of small and medium enterprises.