Research On The Effect Of Private Equity Funds On Corporate Governance Of Private Enterprises

Private enterprises now offer more than 80% of the urban jobs for the community,become the main channel of employment,and have made tremendous contributions.The contribution of private enterprises to society can not be ignored.However,under the background of the socialism system with Chinese characteristics,private enterprises have been limited in size due to the problems such as "origin",scale,qualification and so on.And development bottlenecks.Therefore,many private enterprises in order to make up for the above issues began to focus on private equity funds,and gradually introduce private equity funds.There are also many experts and scholars in the study of private equity funds and the relationship between private enterprises,but more experts focus on the study of private equity funds and the relationship between private enterprise performance.There are a small number of experts and scholars to study the relationship between private equity funds and corporate governance of private enterprises,but mostly from the case analysis or game theory point of view,few experts and scholars from the perspective of empirical analysis of the relationship between the two.Therefore,the purpose and significance of this paper is based on the GEM from 2009 to 2015 listed private enterprises as a sample,based on theoretical analysis,put forward the hypothesis,the two empirical analysis.Try to find out something.In the part of theoretical analysis,combined with literature research and basic theory,this paper firstly explores the reasons why private equity funds can affect the corporate governance of private enterprises and find that private equity funds are capable and motivated to enhance the level of corporate governance of invested private enterprises.Then,this paper analyzes the impact of private equity funds on the added value of private enterprise corporate governance and the macroeconomic effect from micro and macro.The third part analyzes the game relationship between investors,private equity funds and private enterprise management in combination with the principal-agent mechanism of private equity funds.In the fourth part,this paper analyzes the impact of the private equity equity fund on the private enterprises from the four specific paths of ownership structure and shareholders' equity,the structure of the board of directors and the operation of the board of directors,the structure of the board of supervisors and the operation of the board of supervisors,the management incentive and the management Respectively,in the various parts of the proposed conclusions of their own conclusions.In the last part,based on the above theoretical analysis,five hypotheses of empirical analysis are put forward.The empirical part is the highlight of this article and the innovation part.The empirical logic structure of this paper is as follows: The first step is to review the relevant authoritative documents and authoritative books,select the evaluation indexes of the corporate governance of private enterprises,construct the corporate governance evaluation system and construct the empirical model.The second step is to use the principal component analysis method The fourth step is to make use of descriptive statistics and regression analysis of the two methods to verify the hypothesis;the fourth step,in order to make up for the regression analysis and descriptive statistical analysis of the loopholes in the emergence of robustness test.Based on the empirical results and theoretical analysis,it is concluded that the private enterprises' equity of private equity investment is higher,the proportion and number of private equity funds are not related to the level of corporate governance of private enterprises.With private equity funds,the private enterprise corporate governance level is higher.At the end of the article,based on theoretical analysis and empirical analysis,I put forward my recommendations.