近年来，随着我国产业结构升级加速，科技创新作为支持经济持续发展的核心动力，越来越获得资本市场的关注。科技创新型企业作为技术研发、孵化与应用的主要载体，在提升生产效率、促进经济良性发展方面起重要作用。然而由于科创企业专业壁垒高、培育周期长、研发不确定性强、权益流通难度大，较难通过传统融资渠道获得资金支持。私募股权投资因其具有更好的风险承受力、市场洞察力和投资灵活性，能够有效评估被投企业成长潜力和市场价值，成为科创企业获取直接融资的核心途径之一。研讨私募股权投资及其特征对科技创新型企业价值表现的影响，具有一定的理论和实践意义。 目前，学术界对私募股权投资与企业价值之间的影响机制已进行了大量分析，但由于研究国别、观测样本、取值区间等因素的不同，相关研究并未形成一致结论。而国内研究多以创业板上市公司数据为样本，对科创板企业的研究较为有限。本文以双创板块统一采用注册制为时间节点，以2020至2022年底科创板上市企业数据为观测样本，通过理论与实证相结合的方式研究了私募基金投资及其特征对科创企业价值表现的影响，结果显示：（1）私募基金的参与对科创企业价值表现起显著积极影响；(2) 私募基金联合投资数量、累计持股比例、基金市场声誉等特征对科创企业价值表现的影响不明显；私募基金的持股时长对企业价值表现有显著影响，但作用方向呈现一定波动性；（3）虽然实证结果表明，无国资背景基金参与的科创企业价值表现要显著优于有国资基金参与的企业，然通过进一步对比分析发现，在有国资私募基金参与的情况下，私募基金整体对科创企业价值影响的正向驱动性更强。表明国资基金虽然本身对科创企业价值提升作用有限，但其参与提振了市场投资信心，鼓励和放大了市场化私募基金对科创企业的赋能增值作用，有效发挥了国资私募在科创产业孵化方面的先行效应和引领功能。
With the upgrading of China‘s industrial structure, technical innovation has become the core driving force for economic development. Being the main carriers of scientific research and innovation, technological enterprises play an important role in improving production efficiency and promoting beneficial economic cycle. However, due to the high professional barriers, long cultivation cycles as well as strong R&D uncertainty, it is difficult for innovation-based tech-company to obtain financial support through traditional channels in the capital market. In terms of that, on account of its higher risk tolerance, professional insights and investment flexibility, private equity investment has become the priority direct financing choice for technological enterprise. Therefore, research and study the impact of private equity investment and its characteristics on the value performance of innovation-based technology enterprise has theoretical and practical significance.Recent years have seen remarkable progress in the study of the relationship between private equity investment and corporate value. Different conclusions have been made by using different observation samples among different capital markets, however no consensus has been reached on this topic yet. In addition, most China domestic researches have been conducted by using sample from ChiNext board，studies that focus on SSE STAR Market are quite limited. This paper takes the unified adoption of the registration and issuance system in both ChiNext board and SSE STAR Market as the time node, uses data from SSE STAR Market from 2020 to the end of 2022 as observation samples, and conducts an empirical study on the impact of private equity funds and related investment characteristics on the value performance of sci-tech enterprises. The major conclusions can be summarized as follows: (1) the participation of private equity funds has a significant positive impact on the value performance of innovation-based sci-tech enterprises; (2) Private equity funds’ characteristics, such as the funds’ number of joint investments , cumulative shareholding ratio, as well as funds reputation, have no significant influence on the value performance of innovation-based sci-tech enterprises; The private equity funds’ investment holding period has a significant impact on the sci-tech companies’ value, but the direction of the effect shows certain volatility; (3) Although state-owned funds have a significant inhibitory effect on the value performance of science and technology innovation enterprises, further analysis has found that with the participation of state-owned private equity funds , the overall positive driving force of private equity on the performance of innovation-based sci-tech enterprises has significantly increased. This indicates that although state-owned funds themselves have limited role in enhancing the value of sci-tech enterprises, they have effectively performed market leading and industry incubating function, and thus plays an important role in supporting the sustainable development of innovation-based technical enterprises.
