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

私募股权业绩的持续性研究——基于交易层面的数据

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

摘要：投资者在选择私募股权基金经理时，基金业绩的持续性至关重要。在这篇文章中，我们利用一套独特的数据，采用新的方法分析并购基金的业绩持续性，这套数据包含了865支并购基金所投资的公司的13523笔投资的现金流记录。我们将关注点放在已经成交的交易上，发现基金经理的业绩持续性随着私募股权基金的日趋成熟和竞争加剧而大幅降低。因此，私募股权基金与其他大多数资产一样，过去的业绩并不能用来预测未来的业绩。

关键字：私募股权，回报率，业绩持续性，投资组合中的公司

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

原文链接：

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

翻译：吴雨玲