Influence of Government-Licensed Private Equity onTarget Enterprises' Financial Performance

doi:10.3696/j.issn.1672-6952.2011.02.018

Journal of Liaoning Petrochemical University ›› 2011, Vol. 31 ›› Issue (2): 65-72.DOI: 10.3696/j.issn.1672-6952.2011.02.018

Previous Articles Next Articles

Influence of Government-Licensed Private Equity onTarget Enterprises' Financial Performance

LIU Ying-hua

Antai College of Economics and Management，Shanghai Jiaotong University，Shanghai 200052，P.R.China

Received:2011-03-03 Published:2011-06-25 Online:2017-07-05

私募股权的政府背景对目标企业财务绩效的影响

刘颖华

上海交通大学安泰经济与管理学院,上海200052

作者简介:刘颖华(1986-),女,江苏苏州市,在读硕士。
基金资助:
国家自然科学基金项目(70972066)。

Abstract

Abstract:

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.

Key words:

Private equity , , Venture capital , , Financial performance , , Government guidance , , Syndication

摘要： 结合私募股权投资机构和目标企业两大研究视角,构建了一组财务绩效考核指标。通过T 检验和非
参数检验,考察政府背景与非政府背景私募股权投资机构所投资的目标企业在IPO 前三年中的财务绩效,并进一步
对比了两类投资机构的投资行为以分析差异的成因。非政府背景私募股权投资机构投资的企业财务绩效较优,而
政府背景私募股权投资机构投资企业的经营和盈利状况改善幅度更大。实证发现政府背景私募股权投资机构因其
投资目标的双重性,在前期投资和后期监督中起到了积极的作用。为了更好地发挥政府引导作用,联合投资模式值
得进一步鼓励和推广。

关键词: 私募股权投资 , , 风险投资 , , , , , 财务绩效 , , , 政府引导 , , 联合投资

LIU Ying-hua.

Influence of Government-Licensed Private Equity onTarget Enterprises' Financial Performance

[J]. Journal of Liaoning Petrochemical University, 2011, 31(2): 65-72.

刘颖华. 私募股权的政府背景对目标企业财务绩效的影响[J]. 辽宁石油化工大学学报, 2011, 31(2): 65-72.

[1]	Liang Jiling，Wang Liqun，Liu Lijuan，Tian Li，Zhang Lunqiu，Wang Weiqiang. The Modification of Fe3O4@SiO2 by Silane Coupling Agent and Performance [J]. Journal of Liaoning Petrochemical University, 2019, 39(6): 21-26.
[2]	Wang Yan， Nie Hong. Synchronous H _∞ Stabilization of TimeDelay Switched Systems under Partially DelayDependent Controllers [J]. Journal of Liaoning Petrochemical University, 2018, 38(04): 93-100.
[3]	Yang Fan, Li Yongfeng. Research Progress in Preparation and Catalytic Performance of the Carbon-Based Non Noble Metal Catalysts [J]. Journal of Liaoning Petrochemical University, 2018, 38(02): 1-8.
[4]	Wang Guoliang， Yi Chenglong. Fault Dependency Detection Method Based on Random Occurrence of Fault Signal [J]. Journal of Liaoning Petrochemical University, 2018, 38(02): 71-79.
[5]	. Removal of Sulfides from Simulated Oil by CH₃CONH₂/ZnCl₂ Deep Eutectic Solvent [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 1-7.
[6]	LiuYujuan,XuJi,TongYufei,et al. Progress in Research of the Synthesis Methods of Nanometer Ceria [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 8-12.
[7]	Liu Jindong,He Xin,Xin Dingye,et al. Change Law of Four Fractions in Residue Hydrotreating Catalyst Grading System [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 13-16.
[8]	Fu Yu,Li Xiaoou,Li Heming,et al. Enhanced Removal of the Mechanical Impurities in OilSandsOil  from Indonesia by UltrasoundSedimentation Method [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 17-21.
[9]	Wu Hao， Ma Guiyang， Xiang Nan，et al. The Effect Analysis of Settlement of Soil on Stress Fields of  Horizontal Section of Crossing Pipeline Structure [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 22-25.
[10]	Yan Rongju， Wang Weiqiang， Li Zimeng，et al. Progress of Severe Slugging in Marine Riser System [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 26-30.
[11]	Wang Long. Application of Seismic Reconstruction Inversion in Prediction of River  Channel of X Development Zone in Daqing Placantieline [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 31-37.
[12]	Zhu Bomin. Optimization of Well Spacing in Gaotaizi Reservoir  of Sazhong Development Zone [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 38-43.
[13]	Ma Jing,Jin Kejun,Liang Yufeng,et al. Study on Comprehensive Evaluation for Engineering  Mode of Offshore Oil and Gas Fields [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 44-48.
[14]	Fan Dengshuai,Gao Peng, Liu Zhihui，et al. A Method of Connection Reliability Analysis of Bolted Flange Systems [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 49-52.
[15]	Wu Zhiyong,Liu Yang,Gao Yang,et al. An Investigation on the Time Relaxation Parameter Used in Boiling  Simulation of Helical Coil Heat Exchanger ShellSide [J]. Journal of Liaoning Petrochemical University, 2017, 37(5): 53-60.

Influence of Government-Licensed Private Equity onTarget Enterprises' Financial Performance

私募股权的政府背景对目标企业财务绩效的影响

PDF

Knowledge

Abstract

Cite this article

share this article

References

Related Articles 15

Recommended Articles

Metrics