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

私有化能通过经营的改善增加价值吗？

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

摘要：已往基于1980-1990年这个数据区间的研究证明了私人股权投资对经营改善的积极影响，但是对更近的收购浪潮的研究结论却是不一致的。我们重新审视了公司杠杆收购后的表现，并对文献中多样的、和时间不一致性的结果提出了一个新的解释：杠杆收购交易的会计记录及其随时间变化的影响。通过采用手工收集的美国183家杠杆收购私有化上市公司的财务报表，我们阐释了以前采用的经营表现的代理变量，如何受到杠杆交易引起的会计失真的影响，并重述了以前的研究结果。然而，一旦变量被稍微地调整以记录杠杆收购过程，不论是哪个时间区间，收购后的经营改善在私有化中就不具有稳健性。

关键词：杠杆收购；财务分析；私人股权投资

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

原文链接：

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

翻译：熊进宗