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

DOI

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.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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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  - Proceedings of the 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)
PB  - Atlantis Press
SP  - 291
EP  - 296
SN  - 2352-5428
UR  - https://doi.org/10.2991/icfied-19.2019.56
DO  - 10.2991/icfied-19.2019.56
ID  - HUANG2019/02
ER  -