私募股权投资的存在性对上市公司的影响一直是学术界的重点研究课题，当前的研究多认为私募股权机构能够通过发挥认证功能及其筛选监督功能，解决信息不对称问题，同时为企业实现价值增值，从而降低上市首日IPO抑价率。然而，专注于私募股权的一些特征（如声誉度、资方背景等）的研究，以及对私募股权与上市企业长远期价值之间的相关关系及作用机制的探讨，目前还相对不够充分。因而，本文在前人研究的基础上更进一步，深入研究私募股权的美誉度和资方背景对于上市公司长期价值的影响。首先基于现实背景、结合文献整理与理论分析，初步建立研究假设，即高声誉私募股权投资机构的存在性及其资方背景均会对IPO企业的长、短期价值产生正面的影响。随后，本文基于2009年至2016年间数百家得到私募股权投资的创业板上市公司的面板数据，分成上市当年、上市后第一年和上市后第二年这三个周期对相关变量进行了独立样本检验和计量回归分析。研究发现，得到高声誉私募股权机构的支持，在短期内能够对被投公司的价值有较为明显的提升作用；但是在长期中，这些被投公司的价值（无论以价值指标还是财务指标度量）与未得到高声誉私募支持的公司的价值并无显著差异；这可能是由于私募机构的声誉度主要在短期中发挥背书和信号作用。同时发现，在此基础上，得到外资背景的高声誉私募股权机构的投资支持，对被投公司的价值亦有着显著的提振作用，且这一作用在长期中尤为明显，同时这些被投公司的盈利能力会显著优于中资背景的高声誉私募所投的公司；这可能是由于高声誉私募的外资背景是切实优化企业运营管理、实现长期增值的保证。此外，事实上，无论是何种声誉或背景的私募机构，都可以通过提升企业盈利能力和避免资产规模的过度扩张，来提高公司的长期价值。基于现有研究结论，本文亦为我国私募行业提出了一些可供参考的发展建议。
The impact of private equity on the performance of listed company has always been under heated discussions among scholars and researchers. Most relevant articles nowadays tend to agree that private equity can serve as a good signal as well as help create value for companies that have been invested through professional selection and close supervision, and can alleviate the pain of IPO underpricing. Nonetheless, there is still not much research into the detailed FEATURES, such as reputation and background, of private equity, and there should be more insight into the relationship between private equity and LONG-TERM value of IPO-listed company.Therefore this article, based upon the previous researches, tries to explore the different impact of private equity, with differing reputation and capital background, on the long-term value of listed company. First and foremost, this article understands some theories and papers, and sets up the hypothesis that high reputation and foreign background of private equity will give some positive colors to the company. After that, based on the panel data of China’s GEM companies (2009-2016) that have been invested by private equities, this article separates the sample into three groups (T=0, T=1, and T=2) and conducts independent-sample tests and regression analyses.This articles ultimately finds that the positive impact of higher reputation of private equity only exists in the short run, yet not in the long run, possibly because the reputation proves to be a short-term signal. In the meantime, it is found that the positive effect of foreign background (rather than domestic background) of private equity does exist, not only in the short run but in the long run as well, possibly because foreign background is a guarantee of better professional service for the invested company, including profitability improvement. Beyond all these, this article also gives some relevant suggestions for China private equity industry.
