The Impact Of Private Equity On The Transfer Board Enterprises Of Neeq

The development of NEEQ market is currently facing serious difficulties.Due to the rapid expansion in the early stage,the listed companies are uneven,which greatly reduces the liquidity of NEEQ.The decrease of liquidity further hit the confidence and interest of market participants,which directly led to a large number of listed companies choosing to delist from NEEQ and transfer to the main board for listing.This paper empirically tests the impact of private equity on enterprises from the perspective of the transfer board enterprises of NEEQ.By selecting 138 enterprises listed on the NEEQ in 2014-2016 and later announced to be listed on the main board,the small and medium-sized board and the growth enterprise board as samples.Using factor analysis method,this paper constructs a comprehensive index of business performance from four aspects:profit ability,debt paying ability,operation ability and growth ability.Taking whether there is private equity,reputation,experience,background,investment duration,shareholding ratio,joint investment and stage investment as explanatory variables,and taking enterprise scale and industry as control variables,a multiple regression model is constructed.The empirical results show that private equity has a significant positive impact on the business performance of the transfer board enterprises;the higher the reputation and experience of private equity,the better the business performance of the transfer board enterprises;the government background of private equity has no significant impact on the business performance of the transfer board enterprises;the longer the duration of private equity and the higher the proportion of private equity,the lower the business performance of the transfer board enterprises,but the impact is not significant;joint investment of private equity is negatively related to the business performance of the transfer board enterprises;stage investment of private equity is positively related to the operating performance of the transfer board enterprises.Based on the empirical research results,this paper puts forward different suggestions from the perspective of private equity investment institutions,relevant government departments and invested enterprises.