A set of indicators for financial perforemance appraisal was builded by combining PE with target enterprises.Applying T test and non-parametric test,three-year financial perforemance before IPO for target enterprises invested by PE was compared between government-licensed PE and non-government-licensed PE.And the investment behavior between the tow types of PE was compared in order to understand the reasons for generating differences.The empirical research show that the dual nature of investment objectives for government-licensed PE had an active role in front-end investment and later period supervision .In order to make government more effectively guide investment, syndication should be encuraged and spreaded.