Journal of Corporate Finance · Volume 45, August 2017, Pages 31–63

无机增长策略和私募股权业务模式的演变

作者：Benjamin Hammer (HHL Leipzig Graduate School of Management), Alexander Knauer (HHL Leipzig Graduate School of Management), Magnus Pflücke (HHL Leipzig Graduate School of Management), Bernhard Schwetzler (HHL Leipzig Graduate School of Management)

摘要：本文研究了PE收购中的无机增长策略，这当中在初始收购中获得的投资组合作为后续附加收购的平台。我们分析了全球86个国家和地区跨越16年的9548次收购和4937次附加收购案例。我们发现，如果PE保荐人经验丰富、声誉资本高，当投资组合很大，进入并购经营具有中等程度分散的行业，并且在有利的融资条件时附加收购的可能性高。类似的因素也解释了更高的附加生产率和更快的附加执行力。平均而言，当投资组合公司已经拥有国际/跨工业并购的经验，或PE保荐人经常跨国界投资时，跨国界/行业多样化的无机增长战略更多地被采用。此外，我们的结果表明，附加收购增加了通过IPO退出和二次收购的可能性。二次收购的效果是由随后的PE所有者继续之前收购的无机增长策略所驱动的。

关键词：杠杆收购；并购；购买和建造；附加

Inorganic growth strategies and the evolution of the private equity business model

Benjamin Hammer (HHL Leipzig Graduate School of Management), Alexander Knauer (HHL Leipzig Graduate School of Management), Magnus Pflücke (HHL Leipzig Graduate School of Management), Bernhard Schwetzler (HHL Leipzig Graduate School of Management)

ABSTRACT

This paper investigates inorganic growth strategies in PE buyouts where the portfolio firm, which has been acquired in the initial buyout, serves as a platform for subsequent add-on acquisitions. We analyze a comprehensive sample of 9548 buyouts and 4937 add-on acquisitions spanning 16 years of buyout activity in 86 countries. We find that the probability for add-on acquisitions is high if the PE sponsor is experienced and has reputational capital, if the portfolio firm is large, has M&A experience at entry and operates in an industry with moderate degree of fragmentation, as well as in case of favorable financing conditions. Similar factors also explain higher add-on productivity and faster add-on execution. On average, cross-border/industry diversifying inorganic growth strategies are most likely if the portfolio company already draws upon international/inter-industrial M&A experience at entry and if the PE sponsor frequently invests across borders/industries. Furthermore, our results indicate that add-on acquisitions increase the probability for exiting through IPO and secondary buyout. The effect on secondary buyouts is driven by deals where the subsequent PE owner continues the inorganic growth strategy of the previous buyout.

Keywords: Leveraged buyout; Mergers and acquisitions; Buy and build; Add-on

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917302122

翻译：熊进宗