导　　师： 董雪梅

学科专业： 020201

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 全球经济危机过后，各国都在寻找下一轮经济增长的新动力。我国于2009年提出培育发展战略性新兴产业，选定节能环保、新一代信息技术、生物、高端装备制造、新能源、新材料和新能源汽车七大产业为重点培育发展产业，并期望凭此契机抢占科技发展的制高点，调整我国产业结构，实现经济社会的可持续发展。经过近几年的发展，我国战略性新兴产业发展势头迅猛，对产业融资的深入研究成为实践中的客观需要。私募股权融资作为一种新兴的融资方式近年来得到了迅速发展，并活跃在战略性新兴产业载体企业中。 本文主要研究战略性新兴产业选择私募股权融资是否对其经营和发展产生了促进作用。从战略性新兴产业的融资需求和私募股权投资基金的投资特点入手，依据资本结构理论、产业生命周期理论，以战略性新兴产业载体企业为视角，阐述载体企业选择私募股权为融资方式的合理性和风险性。实证方面，选取战略性新兴产业各行业在创业板上市的各公司为样本，分为有私募股权投资和无私募股权投资两组，运用两独立样本非参数检验方法比较两组样本在相同时间段内的经营业绩指标是否有显著差异，以此来推断有、无私募股权投资的战略性新兴产业总体的融资效果差异。检验结果显示，私募股权融资对战略性新兴产业载体企业经营业绩具有一定的提升作用，为战略性新兴产业企业科学选择融资方式提供了参考。 After the global economic crisis, countries are looking for new momentum for the nextround of economic growth.China has proposed developing strategic emerging industries in2009，selected energy-saving and environmental protection, new generation of informationtechnology, biotechnology, high-end equipment manufacturing, new energy, new materialsand new energy automotive industry as the focused industries to develop,expecting to seizethe opportunity to get the dominant position of technological development, readjust industrialstructure, achieve sustainable economic and social development.After several years ofdevelopment, the strategic emerging industries develop rapidly, the further study in financingfor the industry development has become an objective need.Private equity as a new way offinancing has developed rapidly in recent years,and is active in the emerging industries ofstrategic enterprises. The paper studies whether the private equity funds play roles in promoting the operationand development in the emerging industries of strategic or not. Start from the financing needsof emerging industries of strategic and investment characteristics of private equity funds, thepaper elaborated the reasonableness and the venture of emerging industries of strategicenterprise choosing private equity fund for financing, which is based on capital structuretheory, life cycle theory.In empirical aspects, the paper selected companies of strategicemerging industries in GEM as samples, which can be divided into private equity investedand non-private equity invested groups.Through2-independent nonparametric test the paperplans to find whether there is a significant difference or not between the two groups inoperating performance indicators of the same period, in order to infer the overall effect offinancing from private equity fund in emerging strategic industries.The test results showedthat private equity funds have demonstrated the role to enhance the business performance ofstrategic emerging industries carrier enterprise. The result of the empirical study provides areference for the strategic emerging industries in choosing financing scientifically.

关 键 词： 战略性新兴产业 私募股权投资基金 非参数检验

分 类 号： [F276.44 F832.4]

领　　域： [经济管理] [经济管理] [经济管理]