JOURNAL OF CORPORATE FINANCE, VOLUME 53，DECEMBER 2018

私募股权的分拆收购交易与资产出售市场

作者：Ulrich Hege (University of Toulouse-Capitole)

Stefano Lovo (HEC Paris)

Myron B. Slovin (Arizona State University)

Marie E. Sushka (ECGI, France)

摘要：我们研究私募股权（PE）在企业资产销售中的作用和表现。企业卖方在私募股权交易中获得了显著正的超额回报，财富收益显著高于公司间资产销售。基于98％的PE交易的退出估值，我们发现收购交易中的企业价值收益显著高于基准公司。企业卖方超额收益与资产企业价值的后续收益正相关。简约拍卖模型表明，只有PE的重组能力（不是低估资产的收购）才能解释这些PE交易的收益模式。

关键词：分拆收购；资产出售；私募股权；重组；拍卖

Divisional buyouts by private equity and the market for divested assets

Ulrich Hege (University of Toulouse-Capitole)，Stefano Lovo (HEC Paris)，Myron B. Slovin (Arizona State University)，Marie E. Sushka (ECGI, France)

ABSTRACT

We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in enterprise value in buyouts are significantly greater than for benchmark firms. Corporate seller excess returns are positively correlated with subsequent gains in asset enterprise value. A parsimonious auction model suggests that only restructuring capabilities of PE (not acquisition of undervalued assets) can explain the pattern of the gains generated in these PE deals.

Keywords: Divisional buyouts; Asset sales; Private equity; Restructuring; Auction

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917306739

翻译：陈然