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Private equity’s ECONOMIC impact on China stands out in three categories在三类突出的私募股权投资对中国的经济影响
First, PE-backed companies in China booked higher revenues and profitsthan their publicly listed counterparts.
首先，PE背景支持的公司在中国制定了更高的收入和利润比来进行上市。
PE-backed companies achieved a 3 percent higher revenue growth. They also posted anoteworthy 39 percent average increase in profits compounded annually, 14 percentagepoints higher compared with a 25 percent average increase reported by their publicly listedcompetitors. These results underscore the efficiency gains achieved within those compa-nies thanks to the involvement of the private equity fund managers. Indeed, beyond thecapital they invest, PE fund managers often engage actively with the managers of theirportfolio companies, introducing them to new management practices, better financialcontrols, improved brand development and enhanced corporate governance, among otherdisciplines, to improve performance.
Second, PE-backed companies generate higher tax payments than theirpublicly listed peers.
其次，PE支持的企业比其上市的同行能够创造更高的税款。
Reflecting their stronger financial performance since 2002, PE-backed companies yielded taxpayments that grew at a 28 percent rate compounded annually, 10 percentage pointshigher than their benchmark peers. Due to their status as technology companies or asbusinesses with foreign investors, many PE-backed companies enjoy more favorable taxrates than their publicly listed counterparts. Thus, their higher tax payments suggest thatPE shareholders bring improved corporate governance with respect to the disclosure oftaxable income.因此，他们支付更高的税收，所披露应纳税所得额，建议股东用来改善公司治理方面的一些漏洞。
Finally, PE-financed firms support the expansion of China’s domesticconsumer goods and retail industry.
Since 2002, PE investments in consumer goods and retail companies have grown at a 77percent annual rate compounded, making this sector one of the largest magnets for PEfunds in China. http://www.ukassignment.org/fxgllw/ Retailers backed by PE investors booked sales growth of 47 percentcompared with just 16 percent for publicly listed retail companies.
We hope that the findings in this survey will be helpful to all stakeholders of the privateequity community as well as to a wider audience. 我们希望在本次调查的结果将有利于私募股权投资界的所有利益相关者，以及更广泛的受众面。The European Chamber plans to updatethe findings on an annual basis to foster a constructive dialogue among industry players,invested companies and regulatory authorities, and to spread awareness of how privateequity is helping to sustain China’s development objectives.
REPRESENTATIVE PANEL代表面板
To build a representative view, the survey tracked companiesaccounting for more than 50 percent of total private equityinvestment over the period under investigation.调查跟踪占50％以上的私募股权投资总额的公司，来建立一个有代表性的观点。
The survey examined mainland Chinese companies that received at least US$20 million infinancing from foreign or Chinese private equity funds between 2002 and 2006, and trackedtheir performance during the period from 2002 to 2008. It excluded deals completed after2006 to permit tracking of post-investment performance for a period of at least two years.The analysis is based on data obtained on 100 PE-backed companies, accounting for morethan 50 percent of the total value of private equity deals completed during the five-yearperiod (see chart 1). These companies represent a broad range of industries, company sizesand geographies (see chart 2). PE investments in real estate companies and in China’sbiggest financial institutions were not included in the sample: a small number of very largedeals in those two sectors completed during the survey period risked biasing the results.
Comparisons with publicly listed companiesrChebamThe survey compares the performance of the private equity-backed companies to that of2,424 public Chinese companies listed on domestic and foreign exchanges such as Shanghai,Shenzhen, Hong Kong, European and American stock exchanges. The analysis covers a rangeof social and economic indicators, including job creation, wages and salaries, tax payments,employees’ educational attainment, revenue, profits and other metrics.
分析涵盖了一系列社会和经济指标，包括创造就业机会，工资和薪金，纳税，员工的受教育程度，收入，利润和其他指标。
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