| Private Equity Investment in China has a history of more than 20 years.The market is getting more and more mature.By the end of 2017,the amount of capital in Private Equity market is more than 7 trillion yuan in China,totally 122,890 investment projects.The Private Equity investment market has became the third largest market besides traditional bank credit markets and capital market.As a booster to our country's economy,it plays an important role in the development of small and medium-sized enterprises.In our country's capital market,NEEQ is designed for high-tech enterprises,who can't match the requirements of the main board.NEEQ can help them solve the problem of equity fluidity and financing matter.But considering its asset scale,poor equity fluidity and lack of collateral,even the company listed on NEEQ still have the financing problem.Different from traditional credit institution,Private Equity investment financing the company don't needs collateral,they buy the share of the company,and profit from the development of the company.They share the profit and bare the loss.Besides,PE/VC also provide enterprises with a variety of value-added services,such as human resources supporting,credit endorsement,consulting service,channel resources,etc.At present,the research is abounded about the PE/VC's impact on the enterprises' performance listed on main board,GEM,small and medium-sized plate.But research for new three board enterprise is relatively rare.In terms of region of the study,former studies are focused on developed region,such as European,Americas region.Few research cover the developing area,even in a particular province.Considering all of those above and the current financial service level in Henan province.It ismeaningful for us to study the impact of private equity investment on NEEQ enterprise's performance.The result we come up with from this study can give some useful suggestion to both the local government,but also the company listed on NEEQ.It has positive meaning to the future development of private equity market and improve the level of financial services in Henan province.This paper analyse and sum up the relative domestic and foreign literature.Including the impact of domestic and foreign private equity investment on enterprise performance and value-added services private equity providing to company.And then,on the basis of relevant theories,Henan 378 NEEQ listed companies as the research object,from the ability of operating,profitability,solvency,growth ability to study the enterprise performance.In the statistical analysis,according to whether it has PE/VC support,we divide 378 enterprises into two groups.And then,for the company has PE/VC support,we take statistical analysis on the changes of financial indexes before and after private placement.From this part,we take intuitive research on the mechanism of the impact of private equity investment on enterprise performance.In order to verify the conclusions,we take a further research.Through the principal component analysis,this paper makes an empirical study on the PE/VC influence of the TeNai.Co(Code:833032),verified the conclusion.The conclusion is as follows:first,the enterprises with PE/VC participation have a better performance overall.However,further analysis of the performance changes of PE/VC supported enterprises in the current year and the following year,we find that solvency and enterprise management ability were significantly improved compared with other aspects.Secondly,in the empirical analysis of the two years later and two years before the intervention of the private equity investment institutions,the comprehensive performance score of private equity investment is higherthan before intervention.At the end of the article,based on the finding above we come up with suggestion for Henan private equity market.And provide countermeasures and Suggestions through various channels to promote the development of small and medium-sized enterprises in Henan province. |
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