The Impact Of Different Characteristics Of Private Equity Investment On The Performance Of Listed Companies In The NEEQ

Now the small-sized and medium-sized enterprise in the domestic market in order to be able to enter the capital market areas,often choose to be listed on the NEEQ market,which can not meet criterion of the traditional way of listing such as main board market,SME board market and growth enterprise market,in order to enable enterprises to use the capital market that make themselves develop bigger and stronger.It's no doubt that private equity investment is particularly important.With the rapid development of national economy,the NEEQ as an emerging market has become the most popular way of private equity institutions to invest,which plays a more and more important role in the capital market.At present,the domestic academic research on the impact of private equity investment on corporate performance is mainly foucus on the traditional market,and not focus on NEEQ market.Study the companies listing on NEEQ in the recent three years of private equity investment enterprises invest,whether to become the main reason affecting enterprise performance should be analyzed and verified,choose ROA and ROE as observation variables,the explanatory variables include the number of private equity institution,joint investment of stock proportion and PE institution reputation,basing this build mathematical modeling,and thus the PE investment institutions how to affect enterprise performance and effection extent was further verified.The conclusion mainly includes the private equity investment institutions is whether in good condition impact on enterprise or not,in addition aim at different characteristic private equity investment has made the further analysis,understand the number of institutions,joint investment proportion of shares and PE reputation,will affect the performance of the NEEQ enterprise.Conclusion shows that the private equity investment proportion is higher,can improve the agency costs better,and improve the management level of the enterprise,make the enterprise profit increase;joint investment by private equity investment institutions can effectively reduce the agency cost,and also bring a lot of resources to increase the competitiveness in the market,contributing the increasing of corporation profits;good reputation of the private equity investment institutions can better support the invested enterprises,injecting in better resources and more professional value-added management services to the corresponding investment enterprise,making the profit increase.This study mainly discusses the effect mechanism of PE how to affect the performance of the NEEQ companies,and the different characteristics of private equity investment has the different strength and direction influence on the enterprise performance,for PE and enterprise performance provides the literature helping in its research field.