Research To The Influnce Of Private Equity Investment On The Growth Of Smalland Medium-sized Listed Companies

In recent years,China's financial industry is booming,private equity investment in China's financial market began to occupy a place,become the main form of financing in addition to the listed companies and bank loans.Private equity institutions participate in the management of enterprises,and use their own professional advantages to provide services to small and medium-sized enterprises,and promote the growth of invested enterprises.This thesis takes the relationship between private equity investment and the growth of small and medium-sized listed companies as the main research contents,so as to provide suggestions for China's SMEs.Help them grow up quickly and healthily with the assistance of private equity investments.Firstly,we review the existing literature from three aspects: private equity investment,the growth of enterprise and life cycle theory,which provides theoretical and empirical analysis basis for the following research.Secondly,annual data of 1493 small and medium-sized listed manufacturing enterprises were taken as samples,and use the cash flow method to screen the samples belonging to baby stage,growing stage and mature stage.The factor analysis method was used to establish the growth evaluation system which include four first level indexes and eight second level indexes,and the growth value of each sample data was calculated.Select the appropriate indexes and establish multiple regression model.Thirdly,according to the established multiple regression model,Spss22.0 software was used to analyze the impact of private equity investment on the growth of the whole sample and the samples of the baby stage,the growing stage and the mature stage.The results show that: private equity investment can promote the growth of the small and medium-sized listed enterprises.The shareholding ratio of private equity investment,the number of investment institution,and the reputation of the institution are positively related with the growth of enterprises.At the same time,the influence of private equity investment with state-owned background and foreign capital background is obvious compared to the private background.Private equity investment has different effects on the growth of enterprises in different stages of the life cycle: private equity investment has the largest impact on the growing stage of enterprises,which shows that the growing stage of life cycle has the most obvious demand for private equity investment.Finally,considering the conclusions of the empirical analysis,the reasonable suggestions were proposed from thethree angles,which including government,private equity investment institutions and small and medium-sized enterprises.