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The Impact of Industrial Buyout Funds of 'PE+ Listed Companies' on Industrial Structure Adjustment

机译：“PE +上市公司”工业买断基金对产业结构调整的影响

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摘要

As a new way of investment and financing, "PE + Listed Companies" industrial buyout fund can improve the efficiency of resource allocation and promote the restructuring of industrial structure by alleviating financing constraints. According to the direction of investment, this paper divides the industrial buyout funds which listed companies set up with private equity into "related" and "multiple" types. Based on the data of the industrial buyout funds established by Chinese listed companies from 2012 to 2016, this paper uses Probit model to test the impact of these two types of industrial buyout funds on industrial specialization and industrial diversification. Meanwhile, we analyze whether there are differences between state-owned enterprises and non-state-owned enterprises. The results show that the "related" buyout funds help to promote industrial specialization, and this effect is more significant in the sample of state-owned listed companies. However, neither "related" nor "multiple" buyout funds can significantly enhance industrial diversification.
机译：作为一种新的投资和融资方式，“PE +上市公司”工业收购基金可以通过减轻融资限制来提高资源配置的效率，促进产业结构的重组。根据投资方向，本文划分工业收购资金，上市公司与私募股权成立的公司进入“相关”和“多种”类型。根据2012年至2016年中国上市公司建立的工业收购资金的数据，本文采用概率模型来测试这两种工业收购资金对工业专业化和产业多样化的影响。同时，我们分析国有企业与非国有企业之间是否存在差异。结果表明，“相关”买断基金有助于促进工业专业化，这种效果在国有上市公司的样本中更为重要。但是，“相关”也不是“多个”买断基金可以显着提高产业多样化。

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