私募股权公司能为收购支付公允价值吗？

Q4 Economics, Econometrics and Finance

Journal of Private Equity Pub Date : 2018-08-31 DOI:10.3905/jpe.2018.21.4.069

Bradford Cornell, Richard Gerger

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引用次数: 1

摘要

私募股权公司在向有限合伙人推销时，声称能够为投资者赚取18%左右的股本回报率。由于这一回报率通常高于目标公司的股权资本成本，因此出现了一个问题，即私募股权公司如何为收购支付有竞争力的价格。作者从多个角度考察了这个问题，并确定了私募股权公司可能支付公平市场价值的条件，以及潜在目标应该拒绝的条件。

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Can Private Equity Firms Pay Fair Value for Acquisitions?

Private equity firms market to limited partners by claiming to be able to earn returns on equity of the order of 18% for their investors. Because this rate of return is typically higher than the cost of equity capital for target firms, a question arises as to how private equity firms can pay competitive prices for acquisitions. The author examines that question from a variety of perspectives, and identifies the conditions under which private equity firms are likely to be able to pay fair market value as well as the conditions under which potential targets should say no.

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来源期刊

Journal of Private Equity BUSINESS, FINANCE-

CiteScore

0.40

自引率

0.00%

发文量

期刊介绍： The Journal of Private Equity (JPE) gives you in-depth analysis of today"s most innovative strategies and techniques in private equity and venture capital. It shows you the what, how and why of successful deals with detailed explanations, probing analysis, and real-life case studies—and shows you how to immediately apply them to your own deals.