Insight Private Equity

A. Gill, Nikolai Visnjic
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Abstract

We are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves operating efficiency and which of the typical restructuring tools are the main performance drivers. Using a set of over 300 international leveraged buyout transactions of the last thirty years, we find that while there is vast improvement in operational efficiency, these gains vary considerably. Our top performing transactions are subject to strong equity incentives, frequent asset restructuring and tight control by the investor. Furthermore, investors' experience has a positive influence while financial leverage has no influence on operational performance.
Insight私募股权
我们能够揭示私人股本投资者用来改善其投资组合公司运营业绩的重组工具的黑箱。在前人研究的基础上,我们分析了私募股权是否提高了运营效率,以及哪些典型的重组工具是主要的绩效驱动因素。通过对过去30年的300多笔国际杠杆收购交易的分析,我们发现,虽然运营效率有很大提高,但这些收益差异很大。我们表现最好的交易受到强有力的股权激励、频繁的资产重组和投资者的严格控制。此外,投资者经验对经营绩效有正向影响,而财务杠杆对经营绩效没有影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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