金融学院知识库

  上交所正式成立科创板后，引起了市场的震动，中国相关的中小企业以及科技创新产业都进行了相关资本方案的部署，从而丰富了资金融通渠道，助力企业资金流动，解决实体经济融资困境，极大地促进了创新企业的发展，给小公司和科创企业提供了更大的平台，培育了新生力量，鼓励了企业的创造和提升；与此同时，私募股权投资机构运作的积极效应也逐渐进入公众视野，各行业争相规划资本融资渠道，获得股权投资，促进资本结构优化，从根本上解决融资难的窘境，提升经济发展水平。这种投资形式作为一种新的资本融资渠道，在投资相关企业的过程中，可以提供透明的产业信息，降低公司运营成本，缓解融资约束，促进创新绩效；市场的丰富性也为这种投资的发展提供了舞台。

  本文以相关科创板上市公司为研究样本，主要目的在于探究私募股权投资机构对于科创板上市公司的创新效率是否产生影响。首先介绍了私募股权投资与科创板的相关定义，剖析了机构的投资活动与公司的创新活动及其影响的相关理论：从创新与团队管理视角剖析委托代理理论、技术创新理论和组织控制理论的角度进行介绍；再从私募股权投资发挥的审核认证的作用、挖掘监管的作用以及市场助力的作用三方面对私募股权投资相关的机理进行阐述；最后再通过私募股权投资企业的组织结构对企业创新活动的影响展开理论论述，为接下来展开实证分析做好了理论知识铺垫。

  实证研究部分，通过选择截至研究日科创板已挂牌的215家公司为研究样本，并采用了描述性数据和OLS回归法等方式，探究了私募股权融资对科创板公司创新业绩的影响。结果显示，私募股权投资的加入有助于提高被投资企业的创新发展业绩；私募股权持股比例越高，促进作用越好；有外资参与的投资机构更能推动创新效率提升。

After the official launch of the Science and Technology Innovation Board by the SSE, it has caused a market shock and the deployment of relevant capital proposals by China's relevant SMEs as well as science and technology innovation industries. With the implementation of China's Science and Innovation Board market as well as the registration system, it progressively diversified the capital financing opportunities, helped enterprises' capital flow, solved the financing woes of the real economy and upgraded the level of economic exploitation. The wholesome growth of the science and innovation board has highly promoted the development of innovative enterprises, provided a larger platform for small companies and science and innovation enterprises, incubated new forces, and fostered the invention and enhancement of enterprises; at the same time, the positive effects of the operation of private equity institutions have gradually come into public view, and various industries are vying to plan capital financing routes, obtain equity investment, promote capital structure optimization, and fundamentally solve the financing difficulties the distressing situation of financing. This profound form of investment, as a new capital financing channel, can provide transparent industrial information, reduce company operating costs, ease financing restrictions and promote innovation performance in the process of investing in relevant enterprises; the plentifulness of the market also provides a stage for the development of such investment.

The purpose of this article is to talk whether private equity investment have an impact on the companies listed on the STB, using relevant STB companies as the research sample. Firstly, it introduces the associated framework of PE and the STB, and analyzes the theories related to the investment activities of institutions and the innovation activities of companies and their influence: from the perspective of innovation and team management, it analyzes the principal-agent theory, technological innovation theory and organizational control theory; then, it introduces the three aspects of private equity investment, namely, the role of audit and certification, the role of excavation and supervision, and the role of market assistance. Finally, the theoretical discussion of the impact of the organizational structure of private equity firms on the innovation activities of firms is presented, which prepares the theoretical knowledge for the next empirical analysis.

In the empirical research section, the impact of private equity financing on the innovation performance of STB companies is investigated by selecting 215 companies listed on STB as of the study date and using descriptive data and OLS regression method. The conclusion is that PE can improve the innovation development performance of investee companies; PE have more equity, the company shows better;and the investment institutions with foreign participation are better able to promote innovation efficiency.