Proceedings of the 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)

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

Authors
Jingjing HUANG
Corresponding Author
Jingjing HUANG
Available Online February 2019.
DOI
https://doi.org/10.2991/icfied-19.2019.56How to use a DOI?
Keywords
Industrial Buyout Fund; Private Equity; Industrial Specialization; Industrial Diversification
Abstract
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.
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Proceedings
2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)
Part of series
Advances in Economics, Business and Management Research
Publication Date
February 2019
ISBN
978-94-6252-678-5
ISSN
2352-5428
DOI
https://doi.org/10.2991/icfied-19.2019.56How to use a DOI?
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  -