Financial Management, Volume 44, Issue 4, pages 811–849, Winter 2015.

完美狀态？并購基金退出策略分析

作者：Sven Fürth and Christian Rauch

摘要：本文分析了并購基金在其所投資的公司首次公開發行（IPO）之後的退出策略。我們利用美國1999-2008年期間222個有并購基金背景的IPO數據以及人工收集的每個IPO退出過程數據，大緻刻畫出了并購投資者的退出過程。我們利用這些數據描述了退出策略的時機選擇和主動程度，并分析了多種可能的決定因素對于退出策略選擇的影響程度。我們的結果表明并購基金在其所投資的公司首次公開發行之後的很長一段時間内仍然保持投資；從并購投資者角度來看，對于退出策略的選擇不僅依賴于所投資公司各自的特點，而且依賴于投資本身所帶來的财務收益（例如：IPO之前得到的股息支付）。

關鍵詞：并購基金，退出策略，财務收益

Fare Thee Well ? An Analysis of Buyout Funds’ Exit Strategies

Sven Fürth and Christian Rauch

Abstract

This paper analyzes exit strategies of buyout funds in portfolio companies following initial public offerings (IPOs). We use a data set of 222 buyout-backed IPOs in the United States from 1999 to 2008, including hand-collected data about each exit process, to draw a detailed roadmap of buyout investors’ divestment processes. Using this data, we document the timing and aggressiveness of the exit strategies, and analyze to which degree a multitude of possible determinants influence the choice of a given exit strategy. Our results indicate that buyout funds remain invested in their portfolio companies for a substantial period of time after the IPO, and that the choice of a given exit strategy depends not only upon the characteristics of each respective portfolio company, but also on the financial success of the deal from the perspective of the buyout investor.

Keywords: Buyout Funds, Exit Strategies, Financial Success

原文鍊接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12070/pdf

翻譯：成祺炯