私人股本投资组合公司的价值创造:对证据和拟议框架的结构化审查

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE
P. M. Krysta, D. Kanbach
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引用次数: 0

摘要

私募股权公司在投资组合公司中的价值创造一直是研究的热点。这项系统的文献研究旨在回顾、评估和组织过去四十年来在这一领域进行的实证研究。我们通过对110篇实证论文的深入分析发现,目前的认识是不完整、不一致和不平衡的。目前还没有关于涵盖该领域所有相关维度和结构的分类法或框架的共识。为了指导未来的研究,本研究提出了一个价值创造投入、结果和背景因素的框架。在代理理论和资源基础理论的基础上,我们定义了私募股权公司在投资组合公司中扮演的不同角色,并具体说明了所应用的价值创造杠杆的潜在类型。此外,我们讨论了目前关于私募股权价值创造成果的研究,并确定和构建了目前未被充分代表的影响价值创造的背景因素。最后,我们强调了未来研究的潜在途径,重点关注有影响力的背景因素和促进投资组合公司增长的杠杆。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Value creation in private equity portfolio companies: a structured review of evidence and proposed framework
ABSTRACT Value creation of private equity (PE) firms in portfolio companies has received much attention in research. This systematic literature study aims to review, evaluate, and organize the empirical studies conducted in this field during the last four decades. Our findings from an in-depth analysis of 110 empirical papers reveal that the current understanding is incomplete, inconsistent, and unbalanced. Currently no consensus exists regarding a taxonomy or framework that encompasses all relevant dimensions and structures in the field. To guide future research, the study proposes a framework for value creation inputs, outcomes, and context factors. Constructed on a theoretical basis of agency and resource-based theory, we define distinct roles PE firms take in portfolio companies and specify an underlying typology of value creation levers that are applied. Additionally, we discuss the current research on outcomes of PE value creation efforts, and we identify and structure currently underrepresented context factors that influence value creation. Finally, we highlight potential avenues for future research, focusing on influential context factors and levers that catalyze growth in portfolio companies.
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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
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