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The Impact of Private Equity Investment on Enterprises’ R&D Investment ——Based on Empirical Study on Start Up Board

Abstract

近年来,私募股权投资得到迅速发展,已成为资本市场的热点问题。尤其在大众创业万众创新的背景下,国家也大力鼓励其发展,以支持创业型企业。而有关私募股权投资对公司的影响,现有文献存在不同的观点,国内外许多学者研究认为其能完善金融体系为中小企业提供新的融资渠道,解决中小企业的融资约束难题;同时其能利用所拥有的行业经验、人力资本等资源,通过派遣董监高参与日常管理的方式为被投企业提供增值服务。也有学者认为因双方存在逆向选择的问题,私募股权投资并不能对企业产生积极影响。所以关于其能否提供增值服务,是不是积极的长期投资者还有待考究。根据生产函数和内生增长理论,技术创新是企业可持续发展的重要因素且能带来可观的长...Recently, with the great development of Private equity(PE),PE have been a hot topic on capital market. Especially, Under the background of “Mass entrepreneurship and innovation”, our government have encouraged the development of PE investment to support the entrepreneurial enterprises.The studies about the impact of PE on firms have different opinions.Most of the studies think it have positive eff...学位:审计硕士院系专业:管理学院_审计硕士学号:1752013115113

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