| Since entering the 21st century,small and medium-sized enterprises,especially scientific and technological innovation enterprises with high-tech content,have become an important part of China’s economic development and made great contributions to China’s technological innovation and technological progress.At the same time,the important role of private equity investment in alleviating the financing pressure of enterprises and improving the corporate governance structure of science and innovation enterprises has also attracted the attention of many scholars.Based on the above background,this paper focuses on the following contents:firstly,by combing the literature,this paper reviews the impact direction and mechanism of private equity investment on business performance at home and abroad.The relevant literature provides a good research basis for this research work.Secondly,through the principal-agent theory,regulatory screening theory and venture capital certification theory,this paper analyzes the impact of private equity investment on enterprise business performance from the theoretical level,and focuses on the positive impact of private equity investment on enterprise business performance by strengthening resource integration,broadening financing channels and improving enterprise reputation.Finally,this paper takes all listed companies on the science and innovation board from July 2019 to October 2021 as the research sample,and empirically tests the research hypothesis with the help of descriptive statistical analysis and multiple regression analysis.The conclusions of this paper are as follows:Private equity investment participation has a positive impact on the business performance of science and Innovation Board enterprises;The shareholding ratio of private equity investment has no significant impact on the operating performance of science and Innovation Board enterprises;The number of private equity investment participating institutions has an inhibitory effect on the business performance of science and Innovation Board enterprises,that is,the more participating institutions,the worse the business performance of enterprises;The popularity of private equity investment has no significant impact on business performance.According to the empirical results,this paper puts forward corresponding countermeasures and suggestions for private equity investment and science and Innovation Board enterprises,and encourages science and Innovation Board enterprises to actively introduce private equity investment,but we should pay attention to the screening of investors to avoid synergy and other problems. |
