以私募股权为中介的兼并与收购

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-06-26 DOI:10.1016/j.jcorpfin.2024.102611

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引用次数: 0

摘要

我们建立了一个并购（M&A）搜索模型，由可能面临出售压力的私募股权（PE）基金进行中介。出售压力导致二级收购（SBO）市场的发展，使私募股权基金能够互相救助。有趣的是，私募股权基金数量的增加可以提高每只基金的价值，因为 SBO 带来的更多好处可以压倒因竞争更激烈而导致的买卖价差缩小所带来的价值降低。我们利用美国中型市场的数据对模型进行了校准，发现如果没有 SBO，私募股权投资基金的估值可能会损失 64%。此外，由于基金之间的互补性，从 2000 年到 2017 年基金数量的增加导致基金估值增加了 48%。然而，我们的模型预测，这一机制可能在 2021 年达到顶峰，更多的 PE 基金可能会降低其价值。

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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Mergers and acquisitions with private equity intermediation

We develop a search model of mergers and acquisitions (M&A), intermediated by private equity (PE) funds which may face pressure to sell. The selling pressure leads to the development of a secondary buyout (SBO) market, enabling PE funds to bail each other out. Interestingly, an increase in the number of PE funds can improve each fund’s value, because the enhanced benefits of SBOs can prevail over the reduction in value from narrower buy-sell spreads due to more intense competition. We calibrate the model using data for the US middle market and find that PE funds could lose 64% of their valuation without SBOs. Moreover, the increase in the number of funds from 2000 to 2017 contributes to a 48% increase in fund valuation due to the complementarity among funds. Nevertheless, our model predicts that this mechanism might have peaked in 2021, and more PE funds could decrease their value.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.