分期的光明与黑暗:投资业绩与私募股权公司的不同动机

Philipp Krohmer, Rainer Lauterbach, Victor Calanog
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引用次数: 57

摘要

将资金从私募股权基金逐步分配给投资组合公司的做法被称为分期。理论研究断言分期作为一种管理投资和影响其成功的机制的重要性,但实证论文在分期对投资绩效有积极还是消极影响方面存在分歧。我们通过合并Venture Economics和CEPRES*数据库创建了一个独特的数据集。这个独特的数据库使我们能够衡量融资轮和准确的分级对投资回报的影响。我们还能够指定基于现金流的IRR的准确度量,而不是以前的研究受到数据不足的阻碍。我们分析了712笔匹配的私募股权和风险资本投资,涵盖了1979年至2003年期间的1549轮融资和2329笔精确日期的现金注入。我们的研究结果表明,在初始投资阶段,投资者首先使用分期作为监控工具来缓解代理问题,并提供积极影响投资绩效的资源。在成熟期,分期对收益影响不大。然而,在退出前阶段,我们发现有证据表明,投资经理面临终止困境,并没有严格使用分期作为在适当时间终止不成功投资的选项。相反,他们把分期作为扭转局面的尝试,部分是为了粉饰门面。这种分期背后的动机相当于“把好钱砸在坏钱上”。分期对投资回报的影响主要取决于其使用背后的动机。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Bright and Dark Side of Staging: Investment Performance and the Varying Motivations of Private Equity Firms
The stepwise allocation of capital from a private equity fund to a portfolio company is known as staging. Theoretical studies assert the importance of staging as a mechanism to manage an investment and to influence its success, but empirical papers are divided as to whether staging has a positive or negative effect on investment performance. We create a unique dataset by merging the Venture Economics and CEPRES* databases. This unique database allows us to measure the influence of staging in financing rounds and exact tranches on investment returns. We are also able to specify an accurate measure of cash-flow based IRR, in contrast to previous studies that were hampered by insufficient data. We analyze 712 matched Private Equity and Venture Capital investments, spanning 1,549 financing rounds and 2,329 precisely dated cash injections during the period from 1979 to 2003. Our results show that during the initial investment phase, the investor uses staging foremost as monitoring instrument to mitigate agency problems and to provide resources that positively influence investment performance. Staging has little impact on return during the maturity phase. However, during the pre-exit phase we find evidence that investment managers face a termination dilemma and do not rigorously use staging as an option to terminate unsuccessful investments at the appropriate time. Rather, they use staging as a turnaround attempt, and partially for window dressing purposes. This kind of motivation behind staging is equivalent to "throwing good money after bad." The influence of staging on investment returns depends critically on the motivations behind its use.
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