Study On The Impact Of "Listed Company + PE" Buyout Fund On The Innovation Investment Of Listed Companies

With the increasing international competition and the transformation of China’s economy from high-speed growth to high-quality development,innovation,as a new driving force of economic growth,is in the core position in the process of China’s modernization.As the main body of innovation,enhancing the innovation ability of enterprises is not only the key to promote innovation and lead economic development,but also the lifeblood to improve the market competitiveness and realize sustainable development.The continuous accumulation of internal innovation investment and the introduction of external technology through M&A are the two most important ways to improve the innovation ability of enterprises."Listed Company + PE" buyout fund is a new product of the integration of industrial capital and financial capital in China in recent years.In practice,it generally adopts the organizational form of limited partnership.Listed companies and other investors,as limited partners,bear limited liability for the debts of the partnership.As the general partner and executive partner(fund manager),the private equity investment institution shall bear unlimited joint and several liability for the debts of the partnership.Under this mode,with the help of the advantageous resources and investment experience of professional investment institutions,listed companies can seize the market opportunities of M&A development,accelerate the company’s industrial layout,and further improve the company’s business scale and core competitiveness,which is in line with the company’s strategic goal of longterm development."Listed Company + PE" buyout fund can not only help listed companies complete M&A and improve M&A performance,but also improve enterprise value and promote innovation investment of listed companies by transmitting positive signals to the capital market.In order to study the net effect of "Listed Company + PE" buyout fund on the innovation investment of listed companies,this paper first combs the current situation of "Listed Company + PE" buyout fund and China’s enterprise innovation investment,reviews and summarizes the relevant literature at home and abroad.Secondly,using information asymmetry theory,signal transmission theory and principal-agent theory,this paper makes a theoretical analysis on the impact of "Listed Company + PE" buyout fund on the innovation investment of listed companies.Based on the results of theoretical analysis,taking all A-share listed companies in Shanghai and Shenzhen stock markets that established buyout fund from 2012 to 2020 as the research objects,this paper empirically tests the net effect of "Listed Company + PE" buyout fund on the innovation investment of listed companies by using PSM-DID model,and obtains the following conclusions: first,"Listed Company + PE" buyout fund improve the innovation investment level of listed companies.Second,compared with non-state-owned listed companies,the establishment of "Listed Company + PE" buyout fund by state-owned listed companies plays a more significant role in promoting their innovation investment level.Third,compared with listed companies not in high-tech,the establishment of "Listed Company + PE" buyout fund by listed companies in high-tech industry plays a more obvious role in promoting their innovation investment level.Then,due to the characteristics of high risk,long investment cycle,uncertain return,possible adverse selection and moral hazard in enterprise innovation activities,innovation investment needs continuous financial support.Therefore,the financing constraints faced by enterprises have become one of the most important factors restricting enterprise innovation investment,Through empirical test,this paper concludes that " Listed Company + PE" buyout fund can play a positive role in the innovation investment of listed companies through cash flow channels.At last,this paper puts forward some suggestions on the standardized development of "Listed Company + PE" buyout fund at the regulatory level and enterprise level respectively based on the theoretical and empirical analysis.