摘 要
2009 年中国创业板的推出，对于本土风险投资机构来说，终于
有了水到渠成的退出机制，但同时，创业板的推出，也将 PE 机构推
向前台，不难发现，首批创业板上市的公司中近 67%的企业被 PE 机
构持股。本文围绕私募股权投资与创业板公司 IPO 首日的表现问题展
开了讨论。首先介绍了私募股权基金的概念与运作流程；其次，从理
论的角度阐述了私募股权投资对于公司价值的影响；然后，运用
2009-10-30 至 2010-10-30 之间在创业板首发上市的公司的数据，通
过逐步回归法和线性回归模型的分析，得出私募股权投资目前在中国
与公司 IPO 首日表现相关性并不显著，归其原因主要是中国资本市场
自身不成熟以及私募股权投资市场本身的不成熟。最后，在理论分析
和实证分析的总体评价的基础上，文章提出三点建议：第一，进一步
改进投资方式，加强早期投资；第二，增强投后管理；第三，适当宣
传 PE 投资的真正价值，更好的指导市场投资者。

关键词：私募股权基金，创业板，IPO，线性回归，相关性
ABSTRACT
ChiNext (also known as the Growth Enterprise Market) launched in
late October, 2009 in Shenzhen Stock Exchange of China. It is good news
for local private equity firms as it provides an additional exit strategy for
their investments. Meanwhile, private equity firms started to get more
public attention due to the fact that more and more companies listed in
ChiNext were invested by private equity firms. This thesis is aiming at
analyzing the correlation between private equity investment and ChiNext
IPO first day performance and examining whether value of private equity
involvement is recognized by investors in ChiNext. First, the basic
concepts and internal operation process of private equity fund are
introduced; Second, the potential benefits of private equity investment to
the companies are presented; Third, regression analysis is performed for
companies listed in ChiNext between 2009-10-30 and 2010-10-30, I
found that private equity investment involvement and IPO performance
are not correlated. There are two possibnle explanations, one is that
Chinese Capital market is immature, the other one is private equity
investment is still young in China. Finally, three recommendations are
provided: 1. To improve the investment style, trying to focus on early
stage investment; 2. To strengthen the post-investment management,
helping the company grow; 3. To educate the market about the value of
private equity for the company.
KEY WORDS: Private Equity, ChiNext, IPO, Regression, Correlation