Research On The Impact Of Private Equity Investment On The Performance Of High-tech SMEs

The development of high-tech SMEs is the main driving force for technological innovation in the national economy.It is also an important means and carrier for the state to foster and support the accelerated development of a series of strategic technological emerging industries.Ways,adjusting the structure and development of high-tech industries have a major guiding role.However,due to the limitations of its own investment scale,high-cost investment,and high-risk market-oriented business model,it is difficult for high-tech SMEs to obtain sufficient funds from the traditional direct financing methods and channel mechanisms of SMEs.The problem has become an important problem that restricts the development and growth of high-tech SMEs.As a supplementary financing method,private equity investment can not only effectively solve the structural financing problems of high-tech SMEs,but also improve the operating performance of high-tech SMEs.Through empirical analysis,the following conclusions are drawn: the impact of private equity investment on high-tech SMEs is positively correlated.The more private equity participation,the greater the impact on companies,the greater the proportion of private equity holdings,and the daily management of high-tech SMEs The more effective,the higher the proportion of the largest private equity holdings has the potential to promote corporate performance.Based on this,this article puts forward suggestions from three perspectives of high-tech SMEs,private equity institutions,and the government,thinking that high-tech SMEs should improve their own innovation capabilities and control financing risks.Private equity institutions should take advantage of the agglomeration effect of private equity funds and choose effective operating mechanisms.The government should optimize the equity investment tax rate,broaden the exit channels of private equity investment institutions,and stabilize economic sentiment.At present,problems such as small-scale risk tolerance,high R & D expenditure,and shortage of funds have become major obstacles to the development of high-tech SMEs.After the emergence of private equity,high-tech SMEs and private equity funds are closely integrated,which promotes high-tech SMEs in terms of equity structure,capital structure,corporate governance,and enhanced corporate added value.By selecting 130 small and medium-sized companies and GEM companies from January 1,2015 to December 31,2018 as research samples,using panel data multipleregression models,the presence or absence of private equity participation,the number of private equity participation,the proportion of private equity,A large amount of privately held shares was used as an explanatory variable,and the return on net assets(ROE)was used as an explanatory variable.Perform multiple regression analysis as a control variable to study the impact of private equity investment on the performance of high-tech SMEs.The study found that the impact of private equity investment on high-tech SMEs is positively correlated: the more private equity participation,the greater the impact on companies;the greater the proportion of private equity holdings,the more effective the daily management of high-tech SMEs;The higher the proportion of large private equity holdings,the potential to promote corporate performance improvement.According to this,to improve the operating performance of high-tech SMEs through private equity investment,it can be carried out from three aspects: high-tech SMEs,private equity institutions and the government: first,high-tech SMEs should improve their own innovation capabilities and control financing risks;Secondly,private equity institutions should take advantage of the agglomeration effect of private equity funds and choose effective operating mechanisms.Third,the government should optimize the equity investment tax rate,broaden the exit channels of private equity investment institutions,and stabilize economic sentiment.