私募股权投资机构参与对上市公司投融资行为的影响分析-analysis of the influence of private equity investment institutions participation on listed companies investment and financing behavior.docxVIP

ABSTRACTInrecentyears,withtheprivateequityplayinganincreasinglyprominentroleinpromotingthedevelopmentoftheglobaleconomy,theresearchofithasbecomeatending.Currently,studiesofthisfieldmostlyfocusontheprivateequityitself,suchastheintroductionoftheconceptoftheprivateequity,thecomparisonamongmethods,theanalysisofthemechanism,theexplorationofthepolicy,andtheselectionofinvestmentprojectsoftheprivateequity,aswellasincomes.Incontrast,thereislittleresearchabouttheeffectoftheprivateequitywhichappearsafteritsinvestmentcompanieslisted.Inaddition,theresearchjustsimplyassumesthattheprivateequityexitsrapidlyaftertheIPO.Infact,aftertheIPO,thereisalock-upperiod,insteadofaquickexiting.Thisarticleisbasedonthebackgroundslistedabove.Boththeinvestmentinprivateequityandthefinancingandinvestmentbehaviorwillbeintegratedandtakenintoconsideration.Inaddition,evidentialdatawillbecitedintoanalysisinordertogetvalidresults.OriginalsamplesformedbyselectingalltheA-sharelistedcompaniesinShanghaiandShenzhenstockexchangefrom2004to2011.Afterscreeningaccordingtosomeparticularqualification,938companiesremainedwiththetotallynumberofsamplereaching7504andtheyarechosenasthebasicanalyticdatainthisarticle.Meanwhile,aftertheprivateequityoftenshareholdersisintroducedasaninvestmentbackground,sampledcompaniesaredividedintoPEgroupandnon-PEgroup.Inaddition,withthebasisofresearchinfinancingandinvestmentbehavioroflistedcompaniesbefore,dummyvariableisaddedinordertoperformaseriesofregressionanalysis.Atlast,thefeaturesofPEinstitutionaredividedintofourpartswhichareforeigninvestment,jointinvestment,reputationandshareholdingpercentagerespectively.Eachfeatureisstudiedtofindoutthefurthereffecttothelistedcompanybehavior.ThemeasureItakeinthisarticleismultiplelinearregressionmodelanalysis.Dependentvariableisselectedinexceedinginvestment,insufficientinvestmentandfinanceamount.Independentvariableisselectedinfeaturesofcompanyandprivatecapitalbackground.Meanwhile,yearandstyleofindustryarecontrolled.Afteraseriesofproving,finalconclusion