Factors Influencing Performance of Private Equity Investment Funds Exit Through Mergers and Acquisitions
international conference on management science and engineering(2021)
摘要
Using data from 2009 to 2019, this article examines exits through mergers and acquisitions (M&A) of Chinese private equity to explore factors affecting the return of M&A exit. The result suggests a U-shaped relationship between investment duration and M&A exit performance. Additionally, M&A exit performance is significantly higher in high-tech industry, with PE showing higher performance than VC. Regionally, investing in economically developed areas significantly improves M&A performance. To analyze factors affecting M&A exit performance, such as duration, region, and industry, we develop an empirical research and provides suggestions on improving exit efficiency and supporting M&A exit.
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