私募基金用于研究的社会反响分析

SOCIAL IMPACT 社会反映

1Developing people: More jobs, better pay and higher edu-cational attainment

开发人会有更多的就业机会，更好的待遇和较高的教育程度。

PE-backed companies have a disproportionately large impact by creating more full-timejobs, increasing gross compensation and hiring better-educated workforces (see chart 3).Superior performance in these three areas is one characteristic of a high-performingcompany on a fast growth track. Based on in-depth interviews, we observed that this focuson quality is especially prevalent at the executive level.

基于深入的采访中，我们观察到聚焦子的质量，这是特别在执行层面普遍存在的一种情况。

SOCIAL IMPACT 2 社会反映2

Increasing innovation: More R&D spending不断创新：更多的研究科研费用的支出

Private equity funds provided more resources for research and development and helped toensure their portfolio companies directed the R&D spending to clearly identified goals.私募基金为研究和开发提供了更多的资源和帮助，以确保他们的投资组合公司所投资的R＆D支出，能够明确的为最终目标服务。

 Thesurvey analysis revealed that PE-backed companies spend 1.8 percent of revenues on R&D,more than two-and-a-half times the R&D investments made by publicly listed companiesin the survey (http://www.ukassignment.org/fxgllw/ see chart 4). PE investors strengthen innovation in two ways: first, by settingclear innovation priorities for their portfolio companies; second, by introducing best practicesto increase the productivity of their R&D investments.

SOCIAL IMPACT 3 社会反映3

Contributing to China’s “Go West” policies: Private equitymoves inland促进中国的“西部大开发”的政策：私人股权向内陆移动

Although they make sizable investments along the coast, private equity funds are alsoleaving their imprint on China’s inland provinces (see chart 5). 虽然他们做出相当大的投资，私人沿岸股权基金在中国的内陆各省（见图表5）也留下了他们的印记。

Since 2002, PE investmentshave flowed in nearly equal proportion to companies headquartered in inland provincesand those based in more affluent coastal provinces.

The trend toward inland investments accelerated sharply in recent years, slowing somewhatin 2008, when inland companies attracted 42 percent of the US$5.6 billion that PE investorsdeployed in deals over US$20 million (see chart 6).

ECONOMIC IMPACT 1

Boosting growth and profitability: PE creates better-runcompanies

Companies with PE shareholders turned in annual revenue growth that was three percentagepoints higher than their publicly listed peers. In the year they first received PE investments,the surveyed companies posted total revenue of RMB 535 billion. Two years later, the samegroup generated RMB 867 billion in revenue.Despite increasing spending for employee compensation, R&D and taxes, PE-backed firmsbooked substantially more robust profit growth than the benchmark companies (see chart7). They posted an average earnings growth rate of 39 percent versus 25 percent for thepublicly listed companies in the survey. In the year that funding was received, the surveyedcompanies had net profits of RMB 36 billion. Two years post-funding, profits of the samegroup of companies reached RMB 71 billion.One factor in the steeper rate of profit growth is that PE-backed companies benefit fromthe transfer of management know-how. This higher profit growth is generally not achievedthrough reduced employment or lower salaries but through efficient management of costs,information technology and inventories, creating a virtuous circle.这种较高的利润增长点，一般并不是通过减少就业或较低的工资，而是通过有效的管理成本，信息技术及存货，进而创造了良性循环。

ECONOMIC IMPACT 2 经济影响

Strengthening corporate governance and increasing taxpayments

Interviews with executives at companies that accepted private equity investments revealedthat they valued the role their PE partners played in improving corporate governance.Major impacts of corporate governance are improvement of account transparency andtax disclosure. The data show that PE-backed companies yield higher tax payments to thegovernment, and that these have increased at a rate faster than taxes paid of publicly listedbusinesses since 2002.During the period covered by the study, total tax payments of PE-backed companies increasedat a 28 percent compound annual rate, 10 percentage points higher than those of their publiclylisted peers (see chart 8). Due to their status as technology companies or as businesses withforeign investors, many PE-backed companies often enjoy more favorable tax rates than theirpublicly listed counterparts. Thus, their higher tax payments suggest that PE shareholdersbring improved corporate governance with respect to disclosure of taxable income. Finally, it is important to note that the tax payments made by listed companies come under particularlyclose scrutiny, making the results of this benchmark comparison noteworthy.

最后，重要的是要注意的是上市公司支付的税收款项是否值得推敲，以便确定该基准的结果能否引起注意。