Journal of Corporate Finance · Volume 40, October 2016, Pages 192–215

私有化能通過經營的改善增加價值嗎？

作者：Brian Ayash (California Polytechnic State University), Harm Schütt (Ludwig Maximilian University of Munich)

摘要：已往基于1980-1990年這個數據區間的研究證明了私人股權投資對經營改善的積極影響，但是對更近的收購浪潮的研究結論卻是不一緻的。我們重新審視了公司杠杆收購後的表現，并對文獻中多樣的、和時間不一緻性的結果提出了一個新的解釋：杠杆收購交易的會計記錄及其随時間變化的影響。通過采用手工收集的美國183家杠杆收購私有化上市公司的财務報表，我們闡釋了以前采用的經營表現的代理變量，如何受到杠杆交易引起的會計失真的影響，并重述了以前的研究結果。然而，一旦變量被稍微地調整以記錄杠杆收購過程，不論是哪個時間區間，收購後的經營改善在私有化中就不具有穩健性。

關鍵詞：杠杆收購；财務分析；私人股權投資

Does going private add value through operating improvements?

Brian Ayash (California Polytechnic State University), Harm Schütt (Ludwig Maximilian University of Munich)

ABSTRACT

Previous studies document a large positive effect of private equity ownership on operating performance between 1980 and 1990 while evidence on the more recent buyout wave is mixed. We revisit the evidence on post-LBO performance and offer an additional explanation for the varied and time-inconsistent results found in the literature: the effect of accounting for LBO transactions and its change over time. Using hand-collected financial statements for 183 U.S. public-to-private LBOs, we illustrate how previously used proxies for operating performance suffer from an accounting distortion induced by the buyout transaction. We reproduce the results of previous studies. However, once proxies are modified slightly to account for the LBO process, we find no robust evidence of post-buyout improvements in public-to-private LBOs, regardless of the time period of the study.

Keywords: Leveraged buyouts; Financial analysis; Private equity

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S0929119916300955

翻譯：熊進宗