中文摘要：

本文以“高盛投资美的电器”事件为案例，实证研究外资私募股权投资事件对中国目标行业可能产生的影响。研究发现：在外资私募股权投资首次宣告期内，目标方获得正的累计超额收益率，目标方竞争对手企业获得负的累计超额收益率；当宣告投资终止之时，目标企业获得负的累计超额收益率，目标方竞争对手企业的累计超额收益率不显著，从而支持竞争效应假说，而经营效率指标对竞争对手企业的市场反应具有显著正向解释力。

英文摘要：

Through the case of ＂The Investment of Goldman Sachs in Midea Group in 2006＂, this paper studies whether the PE activities has big impact on China＇s target industry. During the first foreign private equity investment announcement, the target firms＇ rivals realized significantly negative abnormal returns which supports the Competitive Hypothesis. The target competitor＇ s cumulative abnormal return is not significant at the declaration of investment termination. Multiple linear regressions show that operational efficiency index （total asset turnover ratio） has significantly positive explanatory power to the cumulative abnormal returns.