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MBA毕业论文_育企业私募股权融资对财务绩效的影响研究PDF

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近年来,私募股权投资(PrivateEquity简称PE)在我国资本市场悄然兴起并迅 速发展。它看重企业的发展潜力,勇于为风险大收益高的企业提供资金支持和决策指 导,成为教育企业争相选择的融资渠道。但值得注意的是,并不是所有私募股权融资 都能促进企业发展,由于我国私募市场发展不完善,企业进行私募股权融资后还存在 股权稀释、盲目扩张、短期行为等潜在的风险。新三板挂牌教育企业具有新兴性、成 长性、潜力性,本文认为私募股权融资对于这类企业财务绩效的影响更加重大深远。 本文首先对私募股权融资对企业财务绩效影响进行理论分析,依据委托代理理论、 认证和监督假说和逐名效应理论,从私募股权融资提升企业财务绩效和给企业绩效带 来风险两个方面进行了理论分析。一方面,引入私募股权融资可以获得稳定资金,改 善企业股权结构、获得丰富的增值服务,提高企业知名度,对企业的财务绩效产生积 极影响。另一方面,私募机构的介入可能导致企业股权被稀释、忽视长远发展,过早 上市等风险的发生,对企业绩效产生消极影响。因此本文认为私募股权融资对企业绩 效影响是有两面性的,要结合企业自身条件、私募机构目的、行业监管力度等具体情 况分析。 然后对2014年至2018年新三板挂牌的教育企业私募股权融资对财务绩效的影响 进行实证研究。本文选取2016年、2017年、2018年三年的财务指标数据通过描述性 统计分析、非参数检验、相关分析和回归分析的方法,验证了私募股权融资对新三板 样本教育企业的盈利能力和发展能力有提升作用,且差异显著。进而得出结论:私募 股权融资能显著影响新三板教育企业的盈利能力和发展能力。 最后从教育企业自身和完善私募机构两个方面提出研究建议,为教育企业如何吸 引私募股权融资、私募股权融资后如何提升财务绩效、如何控制相关风险提出合理化 建议。以期为教育企业的经营者更好地利用私募股权融资提供参考意见,促进教育企 业转型升级。 关键词:教育企业,私募股权融资,财务绩效 山东建筑大学硕士学位论文 II ABSTRACT Inrecentyears,PrivateEquity(PE)hasemergedquietlyanddevelopedrapidlyin China'scapitalmarket.Itvaluesthedevelopmentpotentialofenterprises,andisbrave enoughtoprovidefinancialsupportanddecision-makingguidanceforenterpriseswithhigh risksandprofits.Ithasbecomethefinancingchannelthateducationalenterprisesscramble tochoose.However,itisworthnotingthatnotallprivateequityfinancingcanpromotethe developmentofenterprises.DuetotheimperfectdevelopmentofChina'sprivateequity market,enterprisesstillhavepotentialriskssuchasequitydilution,blindexpansionand short-termbehaviorafterprivateequityfinancing.Listededucationenterprisesonthenew threeboardareemerging,growingandpotential.Thispaperbelievesthatprivateequity financinghasamoresignificantandfar-reachingimpactonthefinancialperformanceof suchenterprises. Firstly,thispapermakesatheoreticalanalysisontheimpactofprivateequityfinancing oncorporatefinancialperformance.Basedonprincipal-agenttheory,certificationand supervisionhypothesisandname-by-nameeffecttheory,itmakesatheoreticalanalysison theimprovementofcorporatefinancialperformanceandtheriskbroughttocorporate performancebyprivateequityfinancing.Ontheonehand,theintroductionofprivate placementcanobtainstablecapital,improvetheownershipstructureofenterprises,obtain richvalue-addedservices,improvethevisibilityofenterprisesandotherpositiveeffectson thefinancialperformanceofenterprises.Ontheotherhand,theintroductionofprivate placementmayleadtotheoccurrenceofriskssuchasdilutionofcorporateequity,neglectof long-termdevelopmentandprematurelisting,whichwillhaveanegativeimpacton corporateperformance.Therefore,thispaperholdsthattheimpactofprivateequity financingonenterpriseperformanceistwo-sided,anditshouldbeanalyzedincombination withthespecificconditionsoftheenterprise,thepurposeofprivateequityinstitutions,and theintensityofindustrysupervision. Thenfrom2014to2018,thenewthreeboardlistedtheeducationenterpriseofprivate equityfinancingandfinancialperformanceofempiricalresearch,2016,2017,2018,three 山东建筑大学硕士学位论文 III yearsoffinancialindicatorsdatabydescriptivestatisticsanalysis,nonparametrictest, correlationanalysisandregressionanalysismethod,verifiedtheprivateequityfinancingfor anewthreeboardsampleeducationenterprise'sprofitabilityanddevelopmentability improved,andasignificantdifference.Conclusion:privateequityfinancingcansignificantly affecttheprofitabilityanddevelopmentabilityofneeqeducationenterprises. Finally,thispaperputsforwardresearchSuggestionsfromthetwoaspectsofeducation enterprisesthemselvesandprivateequityinstitutions,andputsforwardreasonable Suggestionsonhowtoattractprivateequityfinancing,howtoimprovefinancial performanceafterprivateequityfinancing,andhowtocontrolrelatedrisks.Itisexpectedto providereferenceforoperatorsofeducationalenterprisestomakebetteruseofprivate equityfinancingandpromotethetransformationandupgradingofeducationalenterprises. KeyWords:Educationenterprise,Privateequity,Financialperformance 山东建筑大学硕士学位论文 IV 目录 摘要·········································································································I ABSTRACT............................................................................................................II 第1章绪论 1.1选题背景及研究意义.....................................................................................................1 1.1.1选题背景.................................................................................................................1 1.1.2研究意义.................................................................................................................1 1.2研究内容及研究方法.....................................................................................................2 1.2.1研究内容.................................................................................................................2 1.2.2研究方法.................................................................................................................2 1.3国内外文献综述..............................................................................................................3 1.3.1私募股权融资对企业的财务绩效有积极影响.....................................................3 1.3.2私募股权融资对企业的财务绩效无显著影响或消极影响.................................4 1.3.3文献评述.................................................................................................................4 1.4本文的创新与不足..........................................................................................................5 第2章教育企业及融资现状研究 2.1教育企业的概念界定及分类..........................................................................................7 2.1.1教育企业的概念界定.............................................................................................7 2.1.2教育企业的分类.....................................................................................................7 2.2教育企业的特征..............................................................................................................7 2.3教育企业的融资现状......................................................................................................9 第3章私募股权融资影响企业财务绩效的理论分析 3.1私募股权融资理论研究................................................................................................10 3.1.1私募股权融资的概念...........................................................................................10 3.1.2私募股权融资的特点...........................................................................................10 3.1.3私募股权融资运作流程.......................................................................................12 3.2企业财务绩效理论研究................................................................................................13 山东建筑大学硕士学位论文 V 3.3私募股权融资影响企业财务绩效的理论分析............................................................14 3.3.1相关理论及假说...................................................................................................14 3.3.2私募股权融资提升企业财务绩效的分析...........................................................15 3.3.3私募股权融资对企业绩效造成风险的分析........................