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

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. “PE+上市公司”产业并购基金对产业结构调整的影响 黄菁菁1, a 1北京交通大学经济管理学院,北京,中国 a17120494@bjtu.edu.cn 黄菁菁 关键词: 产业并购基金;私募;产业专业化;产业多元化 中文摘要. 作为一种新的投融资方式,“PE+上市公司”产业并购基金通过缓解融资约束,提 高资源配置效率,推动产业结构调整转型。本文按照投资方向,将“PE+上市公司”产业并购 基金分为“相关并购型”和“多元并购型”,基于2012-2016年中国上市公司设立产业并购基 金的数据,利用Probit模型进行实证检验,分别研究这两类产业并购基金对产业专业化和产业 多元化发展的影响。同时,分析这一作用或影响在国企和非国企间是否存在差异。结果显示, 相关并购型产业并购基金有助于提升产业专业化,且这一影响在国有上市公司样本中更为显 著。但,不论是相关并购型还是多元并购型产业并购基金都不能显著地提升产业多元化。