Research On The Impact Of Private Equity Investment On The Performance Of Listed Companies In China

With the continuous improvement and development of China's economy,PE is also constantly deepening into China.After the opening of the GEM market in 2009,PE is an important financing means for SMEs in China.keep growing.The results of foreign research on PE indicate that the intervention of PE will promote the performance of enterprises.However,due to the late development of PE in China and the special socialist national conditions in China,this conclusion is affected by the PE used in China.Further research is needed.Firstly,based on theoretical research,this paper analyzes the impact of PE intervention on the performance of listed companies,and explains the different results of PE's impact on company performance in two different perspectives.Then,from the mechanism analysis of PE,it analyzes its impact on the four core competencies of the company's performance,and determines the calculation method of the company's comprehensive performance through analysis.Secondly,the analytic hierarchy process and the entropy weight method are used to determine the comprehensive weight of the company's comprehensive performance,and further calculate the company's overall performance.Through the listing of 99 listed companies with PE intervention in China's GEM in 2009-2017,the comparison of PE's comprehensive performance in the past three years,the results show that PE intervention will have a negative impact on company performance;A comparative analysis of 2017 data and 2017 performance data without PE interventions,once again determined that PE intervention will have a negative impact on company performance.In order to verify the specific impact of PE intervention on the company's comprehensive performance,the paper introduces the control variables such as the enterprise's listing period,the largest shareholder's shareholding ratio,and the asset size.Firstly,the PE analysis is carried out to compare the PE samples to further verify the PE.It will have a negative impact on the performance of China's GEM companies.Then using panel data to do a fixed-effects model analysis,once again proved that PE intervention will have a negative impact on company performance.It is worth noting that in the study,the authors found that the intervention time of PE will affect the impact of PE on company performance.Finally,the article was summarized and some personal opinions and views were put forward on the national development of PE.