中國私募股權投資首次公開募股退出回報之影響因素分析

An Analysis of the Factors Influencing the Exit Performance of Private Equity Backed Initial Public Offerings in China

本文探討中國私募股權投資首次公開募股退出回報的影響因素。本文的特色在於從被投資企業特徵、私募股權投資機構特徵、投資模式和外部市場環境等四個層面，結合中國證券市場的主板、中小板、創業板等三個不同特點 市場 來調查影響首次公開募股退出回報的因素 。相較於過去文獻，本文 增加被投資企業的公司型態是否是國有企業、 投資項目 位置是否位於中國沿海地區、首次上市新股發行量等過去文獻沒有探討的因素。本文首先國沿海地區、首次上市新股發行量等過去文獻沒有探討的因素。本文首先發現投資期間在三個市場中均對發現投資期間在三個市場中均對退出內部收益率有負向影響；第二、退出內部收益率有負向影響；第二、被投被投資的國有企業與資的國有企業與沿海地區沿海地區的投資項目會帶來更多的退出回報，的投資項目會帶來更多的退出回報，被投資企業被投資企業上市上市的新股發行量的新股發行量及及高高科技產業科技產業屬性屬性對三個不同市場的退出回報的影響不對三個不同市場的退出回報的影響不一一，，私募股權投資機構持股比例私募股權投資機構持股比例基本上基本上對其退出回報並沒有顯著影響對其退出回報並沒有顯著影響；；第第三、投資規模越大則上市退出回報越少，投資案時間點若是在被投資企業三、投資規模越大則上市退出回報越少，投資案時間點若是在被投資企業的成熟階段會降低其退出回報。的成熟階段會降低其退出回報。

 

The exit performance of private equity backed initial public of ferings was the object for th is study. This paper explored the influencing factor s of China private e quity IPO exit performance from the traits of invested firm, characteristics of private equity investment institutions, investment patterns and the external market environment. We also combined with characteristics of Main-Board, SME Board, Growth Enterprises Board in China and then applied multiple regression analysis to find out the factors affecting on the exit performance of the private equity inve stment. Compared with the literatures, the type and area of investment firms, such as state owned enterprises (SOEs) and coastal areas, and amount of share of IPO which were not discussed in related literatures are added in this paper. We found that, the investment period negatively affected the internal rate of return in the three markets the invested firms which were SOEs and located in coastal areas brought more exit performance, but the amount of share of IPO and the invested firms with high technology trait had different affections to the exit performance in the three markets however, the private equity investment institutions shareholding ratio basically did not have significant effects on exit performance; the scale of investment had a negative impact on exit performance in these three markets and when the investment case is at the mature stage o f the invested firm, it will reduce its exit performance.