Private Equity Investment Research On The Influence Of The Enterprise Operation Ability

With the rapid development of our country investment and financing market,a large number of private equity investment institutions also poured into the market and actively involved in the investment,operation and management of enterprises,it also opens up a different from the traditional financing model of high-yield new investment pattern.Private equity is "private" by a form of non-public offer in the face of a few institutional investors and individual investors to raise funds,it is not just like the public funds on the securities market through seminars,media advertising,promotional materials and open to the public to raise funds.Combining normative research and empirical research,this paper firstly the concept,characteristics and function of the private equity investment,has carried on the related elaboration,and then on the principal-agent theory,financial intermediation theory and the theory of the value of the company,on the basis of summarized after the private equity investment in enterprise mainly by optimizing the allocation of resources,optimization of enterprise governance structure,mining and cultivate excellent talents of enterprise and so on influence on the enterprise operation ability,and finally to the gem listing of new and high technology enterprises in our country as the research sample,in the presence of private equity investment and reputation of private equity investment as the explained variable,with time to market and asset-liability ratio as control variable,with fixed asset turnover ratio,current assets turnover and non-current asset turnover to be explained variable,in CCER database and WIND to collect the data needed for the variable in the database,using econometric knowledge,set up appropriate regression model,and carries on the descriptive statistics analysis,multiple regression analysis and the multicollinearity and serial correlation test,therefore this article research conclusion that private equity investment in the presence of negative correlation with the enterprise operation ability,the reputation of the private equity investment are positively correlated with the enterprise operation ability,this also confirmed the theoretical hypotheses proposed in this paper.In order to validate the research hypothesis,we also put forward some policy suggestions on the problems in the development of private equity from the three aspects of the investing enterprise,the investment enterprise and other social aspects,in the light of the concrete circumstance and specific environment.This is helpful to the growth of the enterprise,Industrial structure optimization,upgrading,capital market reform and improvement has a positive role。...