Journal of Corporate Finance · Volume 46, October 2017, Pages 342-360

收购回报的决定因素：交易策略是否重要？

作者：Brian Ayash (California Polytechnic State University), Robert P.Bartlett III (University of California), Annette B.Poulsen (University of Georgia)

摘要：使用从1990年至2006年完全货币化杠杆收购的原始数据，我们研究了相对于侧重经营效率的“经典”策略，一个以收入增长为重点的创业交易策略的兴起及其发生率。我们还揭示了在IPO或收购中重视对回报的衡量如何经常性地夸大保荐人的实际回报。使用这些收益数据，我们评估“经典”和“创业”策略如何与保荐人的权益回报相关联。在成功的杠杆收购中，提高运营效率的杠杆收购产生最高的“退出”回报；然而，由于与清算组合头寸相关的延迟，LBO的保荐人通常无法完全获得这些收益。相比之下，专注于收入增长的杠杆收购与更高的可实现的权益回报相关联，其为保荐人及其投资者提供更可持续的价值创造。

The determinants of buyout returns: Does transaction strategy matter?

BrianAyash (California Polytechnic State University), Robert P.Bartlett III (University of California), Annette B.Poulsen (University of Georgia)

ABSTRACT

Using an original dataset of fully monetized LBOs initiated from 1990 to 2006, we examine the emergence of an entrepreneurial transaction strategy focused on revenue growth and its incidence relative to more “classic” strategies focused on operating efficiencies. We additionally show how the conventional focus on returns measured at an IPO or acquisition frequently overstates actual realized returns to sponsors. Using this return data, we evaluate how “classic” and “entrepreneurial” strategies are associated with sponsors' equity returns. Among successful LBOs, LBOs that enhance operating efficiencies produce the highest “exit” returns; however, LBO sponsors commonly fail to monetize these returns due to delays associated with liquidating portfolio positions. In contrast, LBOs that focus on growing revenues are associated with higher fully realized equity returns, suggesting more sustainable value-creation for sponsors and their investors.

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917303577

翻译：熊进宗