武汉理工大学学报：社会科学版
武漢理工大學學報：社會科學版
무한리공대학학보：사회과학판
Journal of Wuhan University of Technology(Social Science Edition)
2012年
4期
515~518
,共null页
私募股权投资 高新技术企业 企业绩效
私募股權投資 高新技術企業 企業績效
사모고권투자 고신기술기업 기업적효
private equity （PE）; high-tech enterprises; enterprise performance
从私募股权投资的已有理论着手,提炼出除私募股权以外影响企业绩效的因素,选择私募股权投资基金对成长型高新技术企业绩效的影响为研究对象,建立线性回归模型进行实证分析。实证结果表明,PE确实对成长型中小企业的绩效有着显著的正向影响,资产负债率对企业绩效会产生负面影响,企业年龄、最大股东持股比例、企业规模对企业绩效的影响在该研究中不显著。
從私募股權投資的已有理論著手,提煉齣除私募股權以外影響企業績效的因素,選擇私募股權投資基金對成長型高新技術企業績效的影響為研究對象,建立線性迴歸模型進行實證分析。實證結果錶明,PE確實對成長型中小企業的績效有著顯著的正嚮影響,資產負債率對企業績效會產生負麵影響,企業年齡、最大股東持股比例、企業規模對企業績效的影響在該研究中不顯著。
종사모고권투자적이유이론착수,제련출제사모고권이외영향기업적효적인소,선택사모고권투자기금대성장형고신기술기업적효적영향위연구대상,건립선성회귀모형진행실증분석。실증결과표명,PE학실대성장형중소기업적적효유착현저적정향영향,자산부채솔대기업적효회산생부면영향,기업년령、최대고동지고비례、기업규모대기업적효적영향재해연구중불현저。
In this paper we take 53 high-tech enterprises from the small and medium sized enterprises （SMEs） board as the samples. In order to multivariate the regression model,we take the ratio of return on total assets as a dependent variable which measures the enterprise performance,also we select private equity ratio as the dummy variable, and age of the enterprise, maximum shareholding ratios, asset liability ratio and enterprise scale as the independent variables. Then we analyze the data with the software Eviews. The result indicates that PE is positively related to enterprise performance. Asset liability ratio is negatively related to enterprise performance. The relation between the enterprise performance and enterprise scale age of enterprise, and maximum shareholding ratios is not significant.
