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

陳冠志(Guan-Chih Chen) ； 曹淑琳(Shuling Tsao) ； 謝仁和(Ren-Her Hsieh) ； 吳情(Qing Wu)

《商略學報》 11卷4期 (2019/12) Pp. 293-306

https://doi.org/10.3966/207321472019121104003

摘要

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、被投資的國有企業與沿海地區的投資項目會帶來更多的退出回報，被投資企業上市的新股發行量及高科技產業屬性對三個不同市場的退出回報的影響不一，私募股權投資機構持股比例基本上對其退出回報並沒有顯著影響；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的成熟階段會降低其退出回報。

關鍵字

私募股權 ； 首次公開募股 ； 退出回報 ； 多元迴歸分析

並列摘要

The exit performance of private equity backed initial public offerings (IPO) was the object for this study. This paper explored the influencing factors of China private equity 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 investment. 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 of the invested firm, it will reduce its exit performance.

並列關鍵字

Private Equity ； Initial Public Offerings ； Exit Performance ； Multiple Regression Analysis

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