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1、AbstractInthedayofrapiddevelopmentofeconomicandfinancialinnovation,anewcapitalpower——privateequityinvestmentoccursinthecapitalmarket,whichisdifferentfromthetraditionalfinancinganewinvestmentmodel,andeffectivelyopensupanewchannelofcorporatefinance,andacti
2、velyparticipatesinbusinessmanagement,whilealsoprovidingahigh-yieldinvestmentchannelsandoccupiesapivotalplaceintoday'scapitalmarkets.Inchina,fromthebeginningtonowPEhasjustanshorthistoryof20years,andthepaceofreleventsystemregulationisalsoveryslow。Butthissi
3、tuaitonhasbeenimproveduntiltenministriesjointlyissuedthe"InterimMeasuresfortheadministrationofventureinvestmententerprises"in2005,whichgavePEansystemsecurity。Alongwiththedevelopmentofprivateequityinvestmentrelatedpoliciesintroducedgradually，PEinChinahass
4、hownagoodmomentumofdevelopment。Accordingtoreleventstatistics，attheendof2013year,thenumberofnationalrecordofventurecapitalenterprisesreached1225,whichhas32830millionofassetandinvestedabout13615companies。PEhasplayedaveryimportantroleinmanyaspects,including
5、increasingemployment,improvingtheenterpriseresearchanddevelopmentability,optimizingtheallocationofresources,promotingthetaxrevenuegrowthandtheadjustmentofeconomicstructureandsoon。Howdoesprivateequityeffecttherunningofeconomic?Howdoesiteffecttheinvestment
6、edcompany?WhatthedomesticscholarknowaboutthesequestionmainlycomesfromWesternEuropeanandAmericanwherePEstratedearlier。thetimeofDomesticPEmarktetisveryshort,whichisonlyabout20years，andallthechinaeconomicisonthewayoftransfering,somanyreleventsystemarenotest
7、ablishedyet,thecorporategovernancemechanismsisalsonotperfect。Copaeredtoforegin,domesticPEmarketisnotverymature,whichmayaccountforthediffirencebeteewnthedomesticandforeginresearch.Basedontheprincipal-agenttheory,asymmetricinformationtheory,incentivetheory
8、ofconstraintsandsignaltheory,thispaperexplainsIItheoreticallyhowPEeffectscompanyoperatingmanagementlevel,andthenselectthecompanies,whichlistonthegemboard,assampledataforempiricalresearch.Finally,thispaperconcludes:thecorre
