A Study Of Private Equity Investment's Impact On The SMEs's Performance Of China

Private equity investment fund originated in the United States,and gradually stepped into the market in china in the 1990 s.After decades of rapid development in our country,nowadays in promoting China's economic development plays a very important role in this important task.Economic development and enterprise development are inextricably linked,due to the banks to provide loans to SMEs of China's is very strict,and the fiduciary activities is not mature enough,policy support is not enough.The financial statements of SMEs themselves lack of transparency of information disclosure and other issues,leading to the emergence of SME financing bottleneck and hinder the healthy development of the economy.So in order to promote the development of SMEs,it is necessary to solve the financing difficulties and the problem of poor governance of SMEs.In this paper,by combining with the investment characteristics of private equity,to solve the difficult problem of financing of SMEs.In this paper,the main contents of the study of the influence of private equity investment fund for SMEs of performance.Firstly,this paper reviews relevant literature of the development of private equity investment fund for SMEs about promoting or inhibiting,and to summarize in the previous literature analysis method,finally it is concluded that positive correlation,negative correlation,irrelevant three conclusions;Secondly,respectively analyzed from the investment and management aspects in private equity investment fund for SMEs.On the one hand,analyzing in the theory of credit rationing,Because of the asymmetry of information between SMEs and banks,and the risk of moral hazard and other factors leading banks are reluctant to lend to small and medium enterprises.To make the financing of SMEs becomes difficult.Thus SMEs through the introduction of private equity investment fund to solve the difficult problem of financing,and then combined with the enterprise life cycle theory according to the enterprise at different stages of private equity investment fund of the amount of investment needed to clarify.On the other hand,the private equity investment funds for the enterprise solutions is not just financial issues.The application of the theory of corporate governance the proper management of enterprises at the same time,in order for the support of the management of the enterprise;Thirdly,it analyzes the current situation of private equity investment fund in our country.And then there is an increase in the cost of the investment of private equity investment fund in our country,The lack of liquidity of capital,the imbalance of the structure of investment exit channels for a single,supervision is not standard and the looting of many problems,such as the proposed list share ownership.Use statistics software Eviews to do Second board Market 2012-2014 and list share SME board is conducted in multivariate regression statistical data on enterprises.After the analysis of private equity investment fund in our country the gem of our country enterprise have a role in promoting high and goodness-of-fit.But for small and medium-sized enterprise board in China and the conclusion of no effect.Finally combining with the empirical results and analysis of the problems and put forward some suggestions in our country,and the prospect of the future development of private equity investment fund.