我国创业板企业上市后业绩“变脸”现象及私募股权资本的影响分析.docVIP

我国创业板企业上市后业绩“变脸”现象及私募股权资本的影响分析 摘 要 自我国创业板市场开启以来，创业板企业上市后业绩“变脸”的现象一直引人注目。在创业板市场中，私募股权资本扮演着企业提供便捷和开阔的融资渠道、帮助其完善治理结构和提高经营绩效的重要角色。本文通过对比分析创业板企业上市前一年、上市当年、上市后一年的财务业绩，以及有无私募股权资本持股的企业上市后业绩变化的不同，来探究创业板企业上市后业绩“变脸”的现象以及其中私募股权资本的影响作用。 本文立足于私募股权资本对于创业板企业上市前后业绩变化的影响的视角，发现目前我国创业板企业在上市后并没有显示出应有的高成长性，盈利能力和成长能力反而大幅下滑。而私募股权资本在企业上市前未能帮助企业实现价值增值，反而对企业的成长性起到了负面影响，也没有在企业上市后帮助其维持盈利能力和高成长性，没有发挥应有的功能。本文基于以上发现，为正处于变革时刻的我国创业板市场和私募股权资本市场提出发展建议。 关键词：创业板企业，业绩“变脸”，私募股权 The performance change of ChiNext board firms after IPO and the impact of Private Equity Abstract Since the opening of ChiNext board, the surprising change of performance ChiNext board firms has been noticeable, while private equity capital has been playing an important role by providing convenient financing channels to invested firms and helping them improve governance structure and operating performance. By comparing the financial performance of ChiNext board firms the year prior to listing, the listing year, the year after the listing, and the difference of PE firms and Non-PE firms, find out the reason of performance change and the impact of private equity. Based on this unique perspective, this paper found ChiNext board firms did not show high growth or profitability but decline in performance. Private equity capital also did not help firms add value nor maintain profitability and high growth after the listing, but played a negative effect for the development of firms. Besides, based on the above findings, the paper propose some recommendations for the ChiNext board and private equity capital market during the reform period. Key words: ChiNext board firms, performance change, private equity 目 录 一、引言··················································1 二、文献综述··············································1 三、研究设计及样本········································2 （一）数据来源············································2 （二）样本统计口径说明····································2 （三）数据描述统计········································3 （四）显著性检验················