Research On The Impact Of Private Equity Investment On The Performance And Innovation Of The Listed Companies In The Neeq

At present,China's economy is facing a shift from high-speed growth to high-quality development.The central government has steadily promoted the structural reform of the financial supply side and the reform of the capital market,among which the problem of large financing gap for private enterprises and small and medium-sized enterprises is particularly important.The NEEQ aims to provide financing services for small and medium-sized enterprises,but in recent two years,there has been a decrease in the amount of financing and the number of listed companies.In October 2019,China Securities Regulatory Commission officially launched the NEEQ to comprehensively deepen the reform,set up a selection level,reform the basic market systems such as issuance,trading,investor appropriateness,to improve the market financing function,improve liquidity,and give full play to the role of the NEEQ in serving innovative small and medium-sized enterprises.Under the background of deepening the reform of the NEEQ,this thesis studies the practical role of private equity(PE)in promoting the development of NEEQ enterprises in terms of performance and innovation,as well as the different effects of PE's different participation degree and characteristic background on enterprises.This thesis takes the enterprises listed in the innovation layer of the NEEQ in 2016-2018 as the research sample.Through empirical analysis,it is found that PE's participation in investment and high shareholding ratio have a significant negative effect on the return on assets of the NEEQ enterprises.PE's participation in investment and joint investment can significantly improve the technical input ratio of enterprises and promote research and development.Whether PE have the background of state-owned assets has no significant impact on the performance and innovation of NEEQ Enterprises.Finally,this thesis puts forward some suggestions.For PE,we should optimize the investment structure and improve the post investment management.We should support the development of nongovernmental PE,and improve the information disclosure mechanism.For innovative enterprises in the NEEQ,we should speed up the transformation of research and development achievements,and create core competitiveness.For deepening the reform in the NEEQ,we should introduce the significance of the reform and pay attention to the quality of selected enterprises.And face up to the problem of overlapping with the Sci-Tech innovation board(STAR Market),and make many levels of capital market system interconnection.Overall,we should promote the mutual development of the new third board and PE industry.