我国创业板企业上市后业绩“变脸”现象及私募股权资本的影响分析

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1、我国创业板企业上市后业绩“变脸”现象及私募股权资本的影响分析摘要自我国创业板市场开启以来，创业板企业上市后业绩“变脸”的现象一直引人注目。在创业板市场中，私募股权资本扮演着企业提供便捷和开阔的融资渠道、帮助其完善治理结构和提高经营绩效的重要角色。本文通过对比分析创业板企业上市前一年、上市当年、上市后一年的财务业绩，以及有无私募股权资本持股的企业上市后业绩变化的不同，来探究创业板企业上市后业绩“变脸”的现象以及其中私募股权资本的影响作用。本文立足于私募股权资本对于创业板企业上市前后业绩变化的影响的视角，发现目前我国创业板企业在上市后并没有显示出应有的高成长性，盈利能力和成长能力反而大幅下滑

2、。而私募股权资本在企业上市前未能帮助企业实现价值增值，反而对企业的成长性起到了负面影响，也没有在企业上市后帮助其维持盈利能力和高成长性，没有发挥应有的功能。本文基于以上发现，为正处于变革时刻的我国创业板市场和私募股权资本市场提出发展建议。关键词：创业板企业，业绩“变脸”，私募股权TheperformancechangeofChiNextboardfirmsafterIPOandtheimpactofPrivateEquityAbstractSincetheopeningofChiNextboard,thesurprisingchangeofperformanceChiNextboardf

3、irmshasbeennoticeable,whileprivateequitycapitalhasbeenplayinganimportantrolebyprovidingconvenientfinancingchannelstoinvestedfirmsandhelpingthemimprovegovernancestructureandoperatingperformance.BycomparingthefinancialperformanceofChiNextboardfirmstheyearpriortolisting,thelistingyear,theyearafterth

4、elisting,andthedifferenceofPEfirmsandNon-PEfirms,findoutthereasonofperformancechangeandtheimpactofprivateequity.Basedonthisuniqueperspective,thispaperfoundChiNextboardfirmsdidnotshowhighgrowthorprofitabilitybutdeclineinperformance.Privateequitycapitalalsodidnothelpfirmsaddvaluenormaintainprofitab

5、ilityandhighgrowthafterthelisting,butplayedanegativeeffectforthedevelopmentoffirms.Besides,basedontheabovefindings,thepaperproposesomerecommendationsfortheChiNextboardandprivateequitycapitalmarketduringthereformperiod.Keywords:ChiNextboardfirms,performancechange,privateequity目录一、引言···············

6、···································1二、文献综述··············································1三、研究设计及样本········································2（一）数据来源············································2（二）样本统计口径说明····································2（三）数据描述统计········································3（四）显著性检验

7、··········································15四、实证检验··············································17五、结论与局限性··········································19参考文献··················································21一、引言创业板自2009