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

完美状态？并购基金退出策略分析

作者：Sven Fürth and Christian Rauch

摘要：本文分析了并购基金在其所投资的公司首次公开发行（IPO）之后的退出策略。我们利用美国1999-2008年期间222个有并购基金背景的IPO数据以及人工收集的每个IPO退出过程数据，大致刻画出了并购投资者的退出过程。我们利用这些数据描述了退出策略的时机选择和主动程度，并分析了多种可能的决定因素对于退出策略选择的影响程度。我们的结果表明并购基金在其所投资的公司首次公开发行之后的很长一段时间内仍然保持投资；从并购投资者角度来看，对于退出策略的选择不仅依赖于所投资公司各自的特点，而且依赖于投资本身所带来的财务收益（例如：IPO之前得到的股息支付）。

关键词：并购基金，退出策略，财务收益

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

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12070/pdf

翻译：成祺炯