European Chamber Launches the First Survey on the Social and Economic Impact of PE in China Go back »
2009-12-10 | Beijing, Shanghai
European Chamber, in Partnership with Bain & Company, Launches the First Survey on the Social and Economic Impact of Private Equity in China
Study Shows PE Funds Fueling Expansion of China’s Domestic Consumer Economy; Boosts spending in R&D; Creates more and better quality jobs; Survey Finds 42% of PE Funds Directed at Companies Headquartered in Inland Provinces, Supporting China's 'Go West' Policies
Beijing, 10th December 2009. Private equity (PE)-backed companies in China are a strong source of economic performance and contribute to social development; this according to "The Social and Economic Impact of Private Equity in China" 2009 Survey conducted by Bain & Company and the PE and Strategic Mergers & Acquisitions Working Group of the European Union Chamber of Commerce.
The survey illustrates that PE firms support the development of an efficient private sector, inland development, contribute to foster domestic consumption, transfer management know-how to businesses in their portfolios and improve corporate governance. The study further shows that PE-backed companies in China had a job creation rate 100% higher and a profit growth rate nearly 60% higher than their publicly-listed peers during the study period of 2002-2008.
Andre Loesekrug-Pietri, Chairman of the European Chamber’s PE and Strategic M&A Working Group commented, "China has emerged as one of the leading destinations for PE capital. This trend is continuing through the current turbulence. The goal of this Survey is to assess with rigorous data what Private Equity is bringing to China and Chinese society as a whole, in terms of better performing companies, additional jobs, R&D, contribution to ‘Go West’ strategy and corporate governance. This is the contribution of the European Chamber to the Chinese PE industry and we hope all industry stakeholders – entrepreneurs, fund managers, fund of funds, government bodies, associations and think-tanks, – will find the data useful. We look forward to work closely with them in the future."
In addition to fueling job growth and contributing to the government’s ‘push to invest inland, the study finds a third social impact in research and development (R&D), where PE-backed companies spent more than two-and-a-half times that of their publicly-listed counterparts. The authors point out that by helping Chinese companies climb the economic value chain, PE firms further the public policy goal of establishing China as an innovative society.
Reflecting on their relatively stronger financial performance, PE-backed companies yielded tax payments that grew at a 28 percent rate compounded annually, 10 percentage points higher than their benchmark peers in the study. “Although private equity is a relatively new phenomenon in China, it is developing rapidly and becoming an increasingly important part of China’s economy. PE-backed companies outperform their publicly listed peers.” said Michael Thorneman, Managing Partner of Bain & Company Greater China. “Our study finds that private equity can be a positive source of both economic and social progress.”
To download the study, please click English version.
About "The Social and Economic Impact of Private Equity in China" Study
The survey compared the 100 companies that received private equity investments from 2002-2008 with 2,424 publicly listed companies having major operations in China, of these, 1,523 companies listed on the Shanghai and Shenzhen stock exchanges. The study also included 901 Chinese-affiliated enterprises listed on other major exchanges around the world, including exchanges in Hong Kong, Korea, Singapore, Europe and the United States. To qualify for inclusion, a company had to be headquartered in China, have China as its primary geographic location or have the words “China” or "Chinese" as part of its name or in its business description.
中国欧盟商会与贝恩公司联合发布首次《私募股权基金对中国经济和社会的影响2009年调研》
研究表明私募股权基金帮助拉动中国国内内需、支持研发投入、创造更多更好的就业机会；调研还显示42%的私募股权基金投资于总部位于内陆省份的公司，支持政府“西部开发”政策。
北京，2009年12月10日。根据中国欧盟商会私募股权基金与战略并购工作组与贝恩公司共同开展的《私募股权基金对中国经济和社会的影响2009年调研》显示，私募股权基金投资的公司为中国经济增长和社会发展提供强大动力。
该项研究显示，私募股权基金不仅促进了中国内陆的发展，并有助于国内消费的增长，而且还将先进的管理方法引介到其投资公司并强化公司管理。研究进一步表明，2002年至2008年期间，私募股权投资的公司创造就业机会的速度是其同行业上市公司的一倍，同时，实现了高于其同行业上市公司56%的利润增长率。
中国欧盟商会私募股权基金与战略并购工作组主席龙博望先生评论说：“中国已成长为私募股权基金资本的重要投资市场之一。这种成长趋势并未受到当前经济危机的影响。此次调研的目的在于以严谨的数据为基础，评估私募股权基金对于中国及整个中国社会的价值贡献，体现于提升公司业绩、创造更多就业机会、促进研发、推动“西部开发”及公司管理。这是中国欧盟商会对中国私募股权基金行业的一份绵薄之力。我们希望这一成果能对所有相关人士，诸如企业家、基金管理人、组合基金、政府机关、行业协会以及各智囊团有所裨益。我们希望在不久的将来能与他们合作。”
除了对创造就业机会和实现政府“向西部发展”的政策起到重要作用，研究还揭示了私募股权基金对社会的第三大影响，即私募股权基金投资的公司在研发方面的投入超过同行业上市公司的2.5倍。研究者指出，通过帮助中国公司提升在经济价值链中的地位，私募股权基金公司进一步推动了实现创新型社会的公共政策目标。
研究同时反映出私募股权基金投资公司的突出业绩，其上缴的税收以28%的复合年增长率快速增加，与同行业上市公司相比高出10个百分点。“尽管相对而言私募基金在中国是一个新生事物，但其发展迅猛，日益成为中国经济重要的组成部分。获得私募股权基金投资的公司其业绩高于同类上市公司。”贝恩公司大中华区董事总经理唐麦先生说，“我们的研究表明，私募股权基金可谓是中国经济和社会进步的积极推动力。”
下载该研究报告，请点击中文版。
关于《私募股权基金对中国经济和社会的影响2009年》调研报告
调研对2002年到2006年之间获得至少2000万美元私募股权基金投资的100家企业与同时期内在中国经营主要业务的2,424家上市公司进行了比较。这些上市公司包括1,532家在上海和深圳证券交易所挂牌上市的公司，以及901家在香港、韩国、新加坡、欧洲和美国等主要证券交易所上市的中国企业。入选的企业其总部必须位于中国、以中国为其主要业务所在地，或在企业名称或业务描述中含有“中国”或“中国的”字样。