CAJ | 학술논문

以深交所中小企业板和创业板首次公开发行上市公司作为研究对象，结合基于结构和行为视角的两类董事会特征指标，实证检验了私募股权( PE)投资对公司董事会特征及绩效的影响。研究发现：PE的参与对被投资公司上市后的绩效带来了负面影响；在董事会特征方面，有PE投资的公司表现为更低的独立董事占比和CEO双重性比例；PE的参与会使得董事会规模和独立董事占比对公司绩效的负面效用增强。这进一步说明了我国私募股权投资并未对公司产生良好的治理效应。
이심교소중소기업판화창업판수차공개발행상시공사작위연구대상，결합기우결구화행위시각적량류동사회특정지표，실증검험료사모고권( PE)투자대공사동사회특정급적효적영향。연구발현：PE적삼여대피투자공사상시후적적효대래료부면영향；재동사회특정방면，유PE투자적공사표현위경저적독립동사점비화CEO쌍중성비례；PE적삼여회사득동사회규모화독립동사점비대공사적효적부면효용증강。저진일보설명료아국사모고권투자병미대공사산생량호적치리효응。
Based on data of companies which have an IPO in the SME and GEM, this paper empirically tests the relationship between private equity, board characteristics and corporate performance, using characteristic indexes on structure and behavior perspectives. Result shows that private equity brings a negative impact on corporate performance after listing;PE-backed firms has lower proportions of independent board members and CEO-chairman duality; private equity enhances the negative influence of board of directors size and proportion of independent board members on performance. All of these results reveal that private equity in China hasn’t produced a good government effect yet.