The Impact of Industrial Buyout Funds of "PE+ Listed Companies" on Industrial Structure Adjustment
- Jingjing HUANG
- Corresponding Author
- Jingjing HUANG
Available Online February 2019.
- https://doi.org/10.2991/icfied-19.2019.56How to use a DOI?
- Industrial Buyout Fund; Private Equity; Industrial Specialization; Industrial Diversification
- 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.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Jingjing HUANG PY - 2019/02 DA - 2019/02 TI - The Impact of Industrial Buyout Funds of "PE+ Listed Companies" on Industrial Structure Adjustment BT - 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019) PB - Atlantis Press SN - 2352-5428 UR - https://doi.org/10.2991/icfied-19.2019.56 DO - https://doi.org/10.2991/icfied-19.2019.56 ID - HUANG2019/02 ER -