| In recent years,the capital market has grown rapidly and gradually developed towards diversification,which has prompted the birth and development of many innovative capital models.Private equity funds are an innovative investment and financing method,and have gradually become active in my country’s capital market,which has attracted the attention of the government and investors.Private equity fund(Private Equity fund,referred to as PE)refers to an investment method of investing in non-listed equity or non-publicly traded equity of listed companies.It promotes the growth and development of companies by providing funds,technical support,and improving corporate governance.The goal is to realize the introduction and profit of capital by promoting the listed company’s listing or mergers and acquisitions.Existing research shows that PE can drive business performance improvement by broadening financing channels,improving governance levels,and enhancing corporate profitability.As a basic industry in the development of a new generation of information technology industry,the electronic information industry is a key development part of China’s strategic emerging industries and high-tech industries.It has strong development momentum and has laid a modern foundation for China’s economic and social development.Therefore,by studying the relationship between PE and operating performance in electronic information industry companies,it is helpful to put forward targeted measures for the management and development of the electronic information industry,and it is also conducive to promoting my country’s economic transformation and upgrading.From the perspective of corporate management,this paper selects listed electronic information companies as the research object,and takes the financial data of the enterprise from January 2014 to December 2018 as a sample,and uses factor analysis to reduce the dimensionality of the business performance evaluation index system.SCORE,a measure of operating performance,studies the impact of private equity funds on the operating performance of listed companies at two levels.The first level,using all electronic information listed companies as a research sample,uses the propensity score matching method to match one-to-one with companies with or without private equity funds to participate in the background,in order toeffectively overcome the endogenous problems faced in previous studies Finally,this paper uses panel data multiple regression model to analyze the overall qualitative impact of PE on electronic information companies’ operating performance.The second level is to select companies with PE background as the research sample,and use the number of PE joint investments,the nature of private equity institutions,and the shareholding ratio as explanatory variables.The impact of different characteristics of PE on electronic information companies on operating performance In-depth analysis.The empirical results show that the performance of listed companies with private equity funds is generally higher than that of companies without private equity funds,and the proportion of PE holdings,foreign or state-owned background,and the number of joint investments is positively correlated with the company’s operating performance.Finally,from the perspective of the management of the invested company,this article gives corresponding suggestions on how companies use private equity funds to improve operating performance. |
