The Relationship Between PE And GEM Companies' Operating Performance After IPO

With the "13th Five-Year" planning,the Chinese capital market made some opportunities to the four industry,while the "venture capital ten" required to cultivate multiple venture capital and Give full play to the role of guidance fund,in addition the buyout fund of “listed company +PE” sustained develops and venture capital rises etc.Therefore,the impact of private equity on corporate governance is increasingly becoming a hot topic of research,in which business performance is a good perspective.The Chinese gem market provides a better financing platform for companies which have no outstanding performance but have a higher growth,meanwhile a high yield exit mechanism for high risk and high growth investment,such as venture capital,private equity investment and so on.At present,a lot of research shows that the gem company has the phenomenon of performance change after being listed,then does the private equity intervention have an impact on this,if there is,what is the cause of it? This article will discuss it from this point of view.This paper first combs the relevant literature at home and abroad,summarizes the current research situation,and leads to the research content of this paper;then the system background and related theories are analyzed.The four hypotheses of this paper are established by the analysis of the theory of authentication hypothesis and the theory of supervision hypothesis.After that,406 companies listed on the gem between 2009 and 2104 are used as research objects,With the method of linear regression about three years of business performance after the listing,the results show that private equity investment has a positive effect on the business performance of the gem company after the listing of private equity.;moreover the proportion of private equity joint investment and investment has a positive effect on the business performance of the gem company after the market;but private equity investment has a certain effect on short-term performance of IPO,but it has no obvious effect on mid long term business performance.Finally,according to the above conclusions,some suggestions are put forward in the government supervision function,the private equity withdrawal mechanism and the investment company level.