私募股权投资组合公司在 COVID-19 大流行期间的表现

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE
Paul Lavery , Nick Wilson
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引用次数: 0

摘要

我们研究了由私募股权投资支持的公司在 COVID-19 大流行期间的表现。我们的研究结果表明,平均而言,在大流行病期间,PE 支持的公司与匹配度较高的同行相比更具抗风险能力。然而,与大流行前的非危机时期相比,这种超额收益的幅度较小,这表明超额收益的驱动因素是投资者对目标公司的事前选择,而不是积极的支持机制。大流行期间的超额收益在大流行开始时最脆弱的公司和风险最大行业的公司中并不显著。这些较为脆弱的企业在大流行病期间获得额外融资的积极性似乎较低,因此陷入困境的比例明显较高。然而,非私募股权投资支持的受困企业的清算率较高,而私募股权投资企业则更多地与债权人进行正式谈判以继续交易。我们的分析揭示了私募股权投资者在大规模外生冲击中的作用,并表明,在大流行病的情况下,他们对目标的精明选择可能比他们在危机中保护弱势企业的行动更有助于解释业绩优异的原因。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The performance of private equity portfolio companies during the COVID-19 pandemic

We study the performance of PE-backed companies during the COVID-19 pandemic. Our findings suggest that, on average, PE-backed firms were more resilient compared to closely matched industry peers during the pandemic. However, this outperformance is of a smaller magnitude than during the pre-pandemic non-crisis period, suggesting that the outperformance is driven by investor selection of target firms ex ante, rather than active support mechanisms. The outperformance during the pandemic is found to be insignificant among firms which were the most vulnerable at the onset of the pandemic, and firms in the most exposed industries. These more vulnerable firms appear to have been less active in obtaining additional financing during the pandemic, and consequently, suffered a significantly higher incidence of distress. However, non-PE-backed firms in distress had a higher incidence of liquidation, while PE-owned firms more often negotiated formally with creditors to continue trading. Our analysis shines light on the role of PE investors during a large, exogenous shock, and suggests that, in the case of the pandemic, their adept target selection may help to explain the outperformance more so than their actions to protect vulnerable firms in a crisis.

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来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
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.
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