私募股权投资基金对中小企业成长性的影响——基于新三板企业2011—2016年的数据
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摘要
中小企业是我国国民经济保持增长活力的关键所在,中小企业的发展问题备受社会关注。基于新三板企业2011—2016年的非平衡面板数据,实证分析了私募股权投资基金的进入对中小企业成长性的影响。研究结果表明:私募股权基金的进入显著地促进了企业规模的扩大、获利能力的增强和收益质量的提高,将企业在新三板的挂牌年限作为工具变量再次估计时,该影响更加明显。当考虑到进入轮次时,私募股权基金从A轮进入显著地促进了企业的规模增长,且对企业收益质量的提高同样影响显著,但对企业盈利能力的影响并不明显;私募股权投资基金从B轮进入对企业的规模和收益质量具有显著的正向影响;私募股权投资基金多轮次进入则对企业规模、盈利能力和收益质量都具有显著的正向影响。因此,应重视并发挥私募股权基金对于破解中小企业融资困境、提高中小企业经营管理水平的作用,完善相应的政策规范,进一步确保私募投资过程中的资金安全。
Small and Medium-sized Enterprise( SMEs) are the key to maintaining the vitality of China's national economy,and the development of SMEs has received much attention from the society. Based on the unbalanced panel data of the New Three-Board enterprises since 2011 to 2016,this paper empirically analyzes the impact of the entry of private equity investment funds on the development of SMEs. The empirical results show that the entry of private equity funds significantly promotes the increase of enterprise scale and the increase of profitability as well as the improvement of quality of enterprise earnings. The impact is more obvious considering the listing period of the new three boards as a tool variable. When considering the entry rounds,the private equity fund's entry in round A has significantly promoted the growth of the company,and significantly promoted the quality of the company's earnings,but did not significantly promote the profitability of the company. The private equity investment fund has a significant positive impact on the total assets and income quality of the company in round B. When private equity investment funds enter the company in multiple rounds,it has a significant positive impact on the enterprise scale,profitability and quality of earnings. Therefore,we should pay attention to the role of private equity funds in alleviating the financing dilemma of SMEs and improving the management level of SMEs,improve the corresponding policy norms,and further guarantee the capital security in the process of private equity investment.
Small and Medium-sized Enterprise( SMEs) are the key to maintaining the vitality of China's national economy,and the development of SMEs has received much attention from the society. Based on the unbalanced panel data of the New Three-Board enterprises since 2011 to 2016,this paper empirically analyzes the impact of the entry of private equity investment funds on the development of SMEs. The empirical results show that the entry of private equity funds significantly promotes the increase of enterprise scale and the increase of profitability as well as the improvement of quality of enterprise earnings. The impact is more obvious considering the listing period of the new three boards as a tool variable. When considering the entry rounds,the private equity fund's entry in round A has significantly promoted the growth of the company,and significantly promoted the quality of the company's earnings,but did not significantly promote the profitability of the company. The private equity investment fund has a significant positive impact on the total assets and income quality of the company in round B. When private equity investment funds enter the company in multiple rounds,it has a significant positive impact on the enterprise scale,profitability and quality of earnings. Therefore,we should pay attention to the role of private equity funds in alleviating the financing dilemma of SMEs and improving the management level of SMEs,improve the corresponding policy norms,and further guarantee the capital security in the process of private equity investment.
引文
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[2]LABOUL A,DEPUTY-DIRECTOR O.Opportunities and constraints of market-based financing for SMEs[R].Paris:OECD Report,2015.
[3]伍仲琴.中小企业融资难的成因及其对策[J].商业研究,2004(5):43-45.
[4]张斌,兰菊萍,庞红学.PE对中小板、创业板上市公司价值影响的实证研究---基于托宾Q值的考察[J].宏观经济研究,2013(3):15-23.
[5]李九斤,王福胜,徐畅.私募股权投资特征对被投资企业价值的影响---基于2008-2012年IPO企业经验数据的研究[J].南开管理评论,2015(5):151-160.
[6]王会娟,魏春燕,张然.私募股权投资对被投资企业债务契约的影响研究[J].山西财经大学学报,2014(10):24-34.
[7]徐新阳.私募股权投资对企业上市后经营绩效的影响---基于江浙两省中小企业板制造业上市公司的实证分析[J].财经论丛,2011(6):65-71.
[8]余劲松,罗雪祝.私募股权投资与企业成长性---基于中国2009-2013年创业板上市公司数据的实证研究[J].贵州财经大学学报,2016(1):79-88.
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[10]FIROOZMAND S,HAXEL P,JUNG E,et al.State of SME Finance in the United States in 2015[Z].Trade Up Capital Fund and Nextrade Group Working Paper,2015.
[11]DEMIRGUCKUNT A,AYYAGARI M,MAKSI-MOVIC V.How important are financing constraints?The role of finance in the business environment[J].Policy Research,2010,22(3):91-108.
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[13]吴敬琏.建立有效的公司治理结构[J].天津社会科学,1996(1):16-18.
[14]王会娟,张然.私募股权投资与被投资企业高管薪酬契约---基于公司治理视角的研究[J].管理世界,2012(9):156-167.
[15]SIMONS T,RENNEBOOG L.Public-to-Private transactions:Lbos,Mbos,Mbis and Ibos[M].Tilburg:Tilburg University,2005.
[16]WONGSUNWAI W,HEALY P,PALEPU K,et al.Does venture capitalist quality affect corporate governance?[M].Havard:Havard University,2007.
[17]贺玮.私募股权投资对创业板上市公司的公司治理行为影响研究[J].湖南社会科学,2015(4):118-122.
[18]朱鸿伟,陈诚.私募股权投资与公司治理:基于创业板上市公司的实证研究[J].广东财经大学学报,2014(1):62-72.
[19]HOLMSTRM B,KAPLAN S N.Corporate governance and merger activity in the United States:making sense of the 1980s and 1990s[J].Journal of Economic Perspectives,2001,15(5):121-144.
[20]OECD.Emerging trends in SME and entrepreneurship finance[J].Financing Smes&Entrepreneurs,2012,52(2):9-18.
[21]BOTTAZZI L,RIN M D,HELLMANN T.Who are the active investors?Evidence from venture capital[J].Journal of Financial Economics,2008,89(3):488-512.
(1)事情缘起于2018年9月12日金融人士吴小平发表的文章---《中国私营经济已完成协助公有经济发展的任务,应逐渐离场》,文章认为私营经济在“协助公有经济实现跨越式发展”阶段下的任务已经完成,未来不宜继续盲目扩大。该观点在网络、媒体和社会都引起了极大争议,《经济日报》《人民日报》和光明网等相继发文进行了驳斥。
(2)严格意义上来说,投资轮次与企业生命周期阶段的划分并不完全等同,本文做模糊化理解,私募基金在不同投资轮次进入时,默认为该企业处于不同的成长阶段。
(3)本文中,A轮进入、B轮进入指的是私募股权投资基金只在A轮或B轮进入企业的情形,多轮次进入指的是不限于单轮次进入企业的情形(自然也可以包括A或B轮进入)。
[2]LABOUL A,DEPUTY-DIRECTOR O.Opportunities and constraints of market-based financing for SMEs[R].Paris:OECD Report,2015.
[3]伍仲琴.中小企业融资难的成因及其对策[J].商业研究,2004(5):43-45.
[4]张斌,兰菊萍,庞红学.PE对中小板、创业板上市公司价值影响的实证研究---基于托宾Q值的考察[J].宏观经济研究,2013(3):15-23.
[5]李九斤,王福胜,徐畅.私募股权投资特征对被投资企业价值的影响---基于2008-2012年IPO企业经验数据的研究[J].南开管理评论,2015(5):151-160.
[6]王会娟,魏春燕,张然.私募股权投资对被投资企业债务契约的影响研究[J].山西财经大学学报,2014(10):24-34.
[7]徐新阳.私募股权投资对企业上市后经营绩效的影响---基于江浙两省中小企业板制造业上市公司的实证分析[J].财经论丛,2011(6):65-71.
[8]余劲松,罗雪祝.私募股权投资与企业成长性---基于中国2009-2013年创业板上市公司数据的实证研究[J].贵州财经大学学报,2016(1):79-88.
[9]UNCTAD.Survey of good practice in public private sector dialogue[R].Geneva:United Nations Conference on Trade and Development,2001.
[10]FIROOZMAND S,HAXEL P,JUNG E,et al.State of SME Finance in the United States in 2015[Z].Trade Up Capital Fund and Nextrade Group Working Paper,2015.
[11]DEMIRGUCKUNT A,AYYAGARI M,MAKSI-MOVIC V.How important are financing constraints?The role of finance in the business environment[J].Policy Research,2010,22(3):91-108.
[12]巴曙松.政策性金融机构商业化改革对债券市场的影响研究[M].北京:经济科学出版社,2010.
[13]吴敬琏.建立有效的公司治理结构[J].天津社会科学,1996(1):16-18.
[14]王会娟,张然.私募股权投资与被投资企业高管薪酬契约---基于公司治理视角的研究[J].管理世界,2012(9):156-167.
[15]SIMONS T,RENNEBOOG L.Public-to-Private transactions:Lbos,Mbos,Mbis and Ibos[M].Tilburg:Tilburg University,2005.
[16]WONGSUNWAI W,HEALY P,PALEPU K,et al.Does venture capitalist quality affect corporate governance?[M].Havard:Havard University,2007.
[17]贺玮.私募股权投资对创业板上市公司的公司治理行为影响研究[J].湖南社会科学,2015(4):118-122.
[18]朱鸿伟,陈诚.私募股权投资与公司治理:基于创业板上市公司的实证研究[J].广东财经大学学报,2014(1):62-72.
[19]HOLMSTRM B,KAPLAN S N.Corporate governance and merger activity in the United States:making sense of the 1980s and 1990s[J].Journal of Economic Perspectives,2001,15(5):121-144.
[20]OECD.Emerging trends in SME and entrepreneurship finance[J].Financing Smes&Entrepreneurs,2012,52(2):9-18.
[21]BOTTAZZI L,RIN M D,HELLMANN T.Who are the active investors?Evidence from venture capital[J].Journal of Financial Economics,2008,89(3):488-512.
(1)事情缘起于2018年9月12日金融人士吴小平发表的文章---《中国私营经济已完成协助公有经济发展的任务,应逐渐离场》,文章认为私营经济在“协助公有经济实现跨越式发展”阶段下的任务已经完成,未来不宜继续盲目扩大。该观点在网络、媒体和社会都引起了极大争议,《经济日报》《人民日报》和光明网等相继发文进行了驳斥。
(2)严格意义上来说,投资轮次与企业生命周期阶段的划分并不完全等同,本文做模糊化理解,私募基金在不同投资轮次进入时,默认为该企业处于不同的成长阶段。
(3)本文中,A轮进入、B轮进入指的是私募股权投资基金只在A轮或B轮进入企业的情形,多轮次进入指的是不限于单轮次进入企业的情形(自然也可以包括A或B轮进入)。