The Impact Of Private Equity Investment On The Performance Of ChiNext Companies

The practice of China s economic development shows that many small and medium-sized enterprises in China have played an important role in the rapid development of China s social economy.At the same time,the difficulty of financing has become a bottleneck for China's entrepreneurial enterprises and small and micro enterprises to achieve rapid development.After the birth of private equity investment funds,the close integration of SMEs and private equity investment funds not only promoted the rapid rise and rapid development of private equity investment funds,but also became an important channel for SMEs to solve financing problems,effectively driving China's real economy.Rapid development.Because of the short development time of private equity investment in China,in the process of the integration and development of SMEs and private equity investment funds,although private equity funds meet the financial needs of enterprise development to a certain extent,there are often unfavorable factors,not all of which can promote enterprises to achieve good business performance.In view of this,this paper conducts research on the impact of private equity investment on the performance of China's GEM companies,in order to provide reference and reference for SMEs to correctly understand and effectively use private equity investment.This paper uses a combination of theoretical research and empirical research,and combines the current development of private equity investment in China.From January 1,2013 to December 31,2017,63 GEM listings in the Beijing-Tianjin-Hebei region were selected.As a research sample,the company's data focuses on the research and discussion of the impact of private equity investment institutions on the business performance of listed companies on the GEM.In the empirical aspect,the return on assets(ROA)is taken as the explanatory variable.The proportion of private equity investors,the holding time and the number of joint ventures are selected as explanatory variables.On the other hand,debt asset ratio(DAR)?company size?listing time?and growth rate of the main are selected as a control variable,as well as the concentration of equity.The results of empirical research show that companies with private equity involvement do better and the higher the share-holding ratio of private equity investment institutions,the better the operating performance of the invested enterprises.Furthermore,the investment duration of private equity investment institutions has a weak positive correlation with the operating performance of the invested enterprises.Finally,there is a weak negative correlation between the amount of joint investment of private equity investment institutions and the operating performance of the invested enterprises.Based on the above analysis,this paper compares the empirical analysis results with the existing research results in the Yangtze River Delta region,analyzes the similarities and differences between the two,and on this basis,from the government and other regulatory agencies,private equity investment institutions and invested companies themselves,etc.Three aspects proposed policy recommendations,in order to provide reference and reference for the scientific and reasonable introduction of private equity investment funds by many small and medium-sized enterprises in China.