| This paper studies the investment income of private equity investment funds based on the IPO samples of science and innovation board and gem from 2018 to June 2019.Taking the private equity investment theory as the research starting point,this paper puts forward the research hypothesis.Relying on empirical research,using comparative research,descriptive statistical analysis and multiple regression analysis,this paper makes a qualitative and quantitative research on the investment income of private equity investment funds with econometric analysis methods,and verifies the hypothesis.The empirical results show that there is a significant impact on the investment return and investment time of private equity investment funds:when investing in the early stage of enterprise development,the return on investment is higher when exiting;Compared with other industries,the exit rate of investment in popular industries is higher;The investment return rate of IPO Exit through the science and innovation board is higher than that through the gem.In the process of verifying the hypothesis of this paper,we find that the impact of return on net assets and PE ratio on investment income is different between science and innovation board and gem.There are great differences between Kechuang board and other main board market related systems in terms of issuance audit standards,audit system,post listing trading and issuance pricing.It is a new market opened up.New problems have emerged in the new market,and new problems need to be further studied.The research of this paper enriches the research of private equity investment funds in China,which is conducive to grasp the impact of private equity investment fund exit under different trading systems and different trading rule systems,understand the law of exit activities,and guide the practice of private equity fund investment;It is conducive to the supervision and guidance of private equity investment funds by the government and relevant regulators;It is conducive to finding new problems under the new listing rules.Based on the research under the new market environment,this paper compares and analyzes the investment income of private equity investment funds under different environments of China’s capital market in the same period.Doing this research when China’s capital market is undergoing international reform can guide the investment of private equity investment funds. |
