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 本文旨在从融资政策、运营政策与财务绩效三个维度，分析私募股权与风险投资基金（Private Equity and Venture Capital，以下简称PE/VC）所投资企业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：这类企业因资本约束仅能实现算术级增长，而PE/VC可为其提供充足必要的资本支持与运营经验，助力其实现指数级增长。本研究选取四项与企业财务政策及其长期持续性相关的衡量指标，分别为：一、现金及现金等价物；二、杠杆率；三、资产收益率（Return on Assets，以下简称ROA）；四、销售增长率。研究结果显示，在首次公开募股（Initial Public Offering，以下简称IPO）后的前5年内，PE/VC投资企业的现金及现金等价物规模更高，且杠杆率更低。此外，在短期维度即IPO后的前3年内，获PE/VC基金投资的企业相较于未获投资企业，具备更高的盈利能力与销售增长率。