The Impact of Private Equity and Venture Capital Funds on post-IPO Operational and Financial Performance in Brazilian invested companies

ABSTRACT The present article seeks to analyze the legacy and its persistence over time in terms of financing and operational policies and financial performance, of companies invested by Private Equity and Venture Capital funds (PE/VC). The PE/VC industry is characterized by the function of identifying companies with large return potentials and that grow arithmetically - due to capital constraints - to provide adequate and necessary sources of capital and experience for exponential growth. In this study, we used four measures that relate to companies' financial policies and their persistence over time: i) cash & equivalents; ii) leverage; iii) Return on Assets (ROA); and iv) sales growth. The results suggest that PE / VC invested companies imply higher levels of cash & equivalents and are associated with a lower level of leverage during the first 5 years after the IPO. In addition, companies financed by PE/VC funds show higher profitability and higher sales growth compared to non-invested companies in the short term, i.e., in the first 3 years after the IPO.

摘要 本文旨在分析私募股权与风险投资（Private Equity and Venture Capital，PE/VC）基金所投企业在融资、运营政策及财务表现层面的遗留特征及其随时间的持续性。PE/VC行业的核心职能在于识别具备高回报潜力的企业——这类企业受资本约束时仅能实现算术级增长，并为其提供实现指数级增长所需的充足资本与实操经验。本研究采用四项与企业财务政策及其时间持续性相关的衡量指标：其一为现金及现金等价物；其二为杠杆率；其三为资产收益率（Return on Assets，ROA）；其四为销售增长率。研究结果显示，在首次公开发行（Initial Public Offering，IPO）后的前5年内，PE/VC投资企业的现金及现金等价物水平更高，且杠杆率更低。此外，在短期内（即IPO后的前3年），获PE/VC基金注资的企业相较于未获投资的企业，展现出更高的盈利能力与销售增长率。