私募股权、公开上市和生产效率

本文以公司在资本市场上公开上市为背景，以是否具有私募股权融资背景为标准，选取了384家上市公司为研究样本，使用索洛余值法、随机前沿分析模型等方法，实证分析私募股权投资对改善企业生产效率的作用。研究结果发现，无论是否有私募股权投资，企业上市后的全要素生产率均高于上市前；有私募股权投资的企业全要素生产率在上市前要低于无私募股权投资的企业，但是上市后则超过了无私募股权投资的企业。

Private Equity,Public Offering and Productivity

The purpose of this paper is to analyze the effect of Private equity investment and Initial Public Offer on the efficiency of target companies. Using Solow residual approach and stochastic frontier analysis, the paper tries to compare the performance of 157 PE-backed Chinese enterprises and 227 non-PE-backed Chinese enterprises. The financial analysis shows that before the IPO, total factor productivity in PE-backed Chinese enterprises is lower than that in non-PE- backed Chinese enterprises. After IPO, total factor productivity is increased in both PE-backed and non-PE-backed companies. And the effect of IPO is more large for total factor productivity in PE-backed companies become higher than non-PE-backed companies.