最近幾年以來，中國私募股權投資的發展一直受到關注。私募股權投資屬於直接融資，是一項重要的金融創新。私募股權投資能夠優化企業法人治理結構，改善企業經營管理，提高企業經營業績。中國國內有關私募股權投資的研究成果有很多，但大多都停留在理論研究階段，實證分析研究成果相對較少。本論文主要應用縱橫平滑移轉模型研究中國私募股權投資對創業板中小企業績效的影響。研究結果顯示私募股權投資比例對企業績效有顯著的平滑移轉效果。在私募股權投資比例的各個門檻下。私募股權投資比例與企業績效顯著正相關，資產負債率與企業績效顯著負相關，企業規模與企業績效顯著正相關。 In recent years, the development of China''s private equity investment has been concerned about. Private equity investment is a direct financing and is an important financial innovation. Private equity investment can optimize corporate governance structure, improve business management, improve business performance. There are many researches on private equity investment in China, but most of them stay in the theoretical research stage, and the empirical research results are relatively few. This paper study the impact of private equity investment on small and medium-sized enterprises performance by PSTR. The results show that the proportion of private equity investment has a significant smooth effect on enterprises performance. The proportion of private equity investment is significantly positively correlated with the performance of the firm, and the asset-liability ratio is significantly negatively correlated with the firm''s performance. The firm''s scale is significantly positively correlated with the firm''s performance.
