THE JOURNAL OF FINANCIAL ECONOMICS· VOL.123, ISSUE.2 · FEBRUARY 2017

私募股權業績的持續性研究——基于交易層面的數據

作者：Reiner Braun (Technical University Munich), Tim Jenkinson (University of Oxford), Ingo Stoff (Technical University Munich)

摘要：投資者在選擇私募股權基金經理時，基金業績的持續性至關重要。在這篇文章中，我們利用一套獨特的數據，采用新的方法分析并購基金的業績持續性，這套數據包含了865支并購基金所投資的公司的13523筆投資的現金流記錄。我們将關注點放在已經成交的交易上，發現基金經理的業績持續性随着私募股權基金的日趨成熟和競争加劇而大幅降低。因此，私募股權基金與其他大多數資産一樣，過去的業績并不能用來預測未來的業績。

關鍵字：私募股權，回報率，業績持續性，投資組合中的公司

How Persistent Is Private Equity Performance? Evidence From Deal-level Data

Reiner Braun (Technical University Munich), Tim Jenkinson (University of Oxford), Ingo Stoff (Technical University Munich)

ABSTRACT

The persistence of returns is a critical issue for investors in their choice of private equity managers. In this paper, we analyse buyout performance persistence in new ways, using a unique database containing cash flow data on 13,523 portfolio company investments by 865 buyout funds. We focus on unique realized deals and find that persistence of fund managers has substantially declined as the private equity sector has matured and become more competitive. Private equity has, therefore, largely conformed to the pattern found in most other asset classes in which past performance is a poor predictor of the future.

Keywords: Private equity, Returns, Performance persistence, Portfolio companies

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S0304405X16301775

翻譯：吳雨玲