An Empirical Study On The Impact Of Private Equity Investment On The Operating Performance Of Listed Companies On The Growth Enterprise Market

With the launch of the growth enterprise market of Shenzhen Stock Exchange,a large number of domestic and foreign private equity investment institutions have flooded into the capital market of China,and the private equity investment industry has entered a period of rapid development in China.However,the research results of theory and practice related to private equity investment industry are far behind its rapid development,which can not provide innovation and necessary practical basis for China's private equity investment industry.Many domestic scholars mostly study private equity investment on the level of macro policies,laws and regulations.Although some scholars have done some empirical research on the impact of private equity investment on enterprises,most of them are based on Hong Kong market or small and medium-sized board market.At the same time,the research angle of scholars in China is relatively single,mostly through the simple comparative study of private equity holding enterprises and non-private equity holding enterprises,few in-depth study of the impact of the time length of private equity investment into the enterprise,the nature of private equity investment,capital scale,shareholding ratio and other factors on the company.Private equity investment prefers high-tech enterprises with the characteristics of high risk and high return,so private equity investment mostly exists in the growth enterprise market,which is generally matched with the growth characteristics of listed companies on the growth enterprise market.Based on this,it is necessary and practical to study the relationship between private equity investment and listed companies on the growth enterprise market.Due to the establishment of gem in 2009,there are few studies on the impact of private equity investment on GEM companies in China,and some existing literatures have studied this aspect.However,most of the existing literatures only use the virtual variable of owning private equity investment to set the variables of private equity,and classify and study the impact of private equity in many aspects There are relatively few empirical studies on the extent of private equity,and there is still lack of rigorous empirical evidence on which aspects of private equity affect the operating performance of the invested company or the performance of the stock price in the capital market,and the conclusions of the study are inconsistent.Therefore,based on the existing literature research,this paper will analyze the impact of private equity investment on the operating performance of GEM companies from various aspects.The research methods of this paper focus on the combination of theoretical analysis and empirical analysis,and comprehensively use normative qualitative research,empirical quantitative research,comparative research and other research methods to study practical problems on the basis of existing theories.Based on the GEM listed companies in China,the impact of private equity investment on business performance is analyzed from two levels.In the first level,we take 160 GEM companies as samples,and get the overall qualitative impact of private equity investment on the operating performance of GEM companies through 160 observation data regression models.In the second level,148 GEM companies with private equity investment are selected as research objects to collect and sort out panel data from the first quarter of 2014 to the third quarter of 2018,and to study the impact of the popularity of private equity,the nature of different funds and the number of private institutions on the business performance of GEM companies.The results have different effects,and get the impact of private equity investment on the operating performance of GEM companies.The results show that the existence of private equity investment does have a positive impact on the business performance of enterprises.The number of private equity institutions is positively related to the company's net profit rate,and its popularity and different capital nature will have different degrees of impact on the business performance of GEM companies.However,no matter the popularity of private equity institutions is high or the nature of private equity funds is strategic It is still a capital type,and its increase in the shareholding ratio of GEM companies has a positive correlation with the improvement of the operating performance of GEM companies.