二级收购中的财务困境风险

Tjark Eschenröder, Thomas Hartmann-Wendels
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摘要

二级收购(sbo)占2018年所有收购的50%以上。尽管普通合伙人认为sbo是不那么有吸引力的收购投资目标,并且存在一些反对sbo表现优异的实证迹象,但sbo的份额仍在不断增加。然而,就其投资风险而言,sbo可能是一个有利的目标。利用英国295家pbo及其连续sbo的独特数据集,我们分析了考虑Altman Z-Score的收购轮次的财务困境风险水平。我们发现,在持股期间,sbo比pbo更能降低投资组合公司的这种风险。因此,一般来说,sbo不能被视为风险较高的投资。然而,财务困境风险在pbo和sbo之间的驱动是不同的。不良企业的风险发展在pbo和sbo中没有差异。然而,如果被投资公司没有陷入困境,sbo在风险管理方面的表现会更好。这种风险调整后的观点将sbo视为有吸引力的投资目标。它还有助于将对sbo的投资纠正为理性和有希望的决策。
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Risk of Financial Distress in Secondary Buyouts
Secondary buyouts (SBOs) represent more than 50 percent of all buyouts in 2018. Even though general partners argue that SBOs are less attractive investment targets for buyouts and some empirical indication against an outperformance of SBOs exists, the share of SBOs continuously increases. However, SBOs might be a favourable target with regard to its investment risk. Using a unique dataset of 295 PBOs and their consecutive SBOs in the UK, we analyse the risk level of financial distress of the buyout rounds considering the Altman Z-Score. We find that SBOs reduce this risk of portfolio companies more than PBOs during the holding period. Therefore, SBOs, in general, cannot be seen as riskier investments. However, risk of financial distress is driven differently between PBOs and SBOs. The risk development in distressed companies is not different in PBOs and SBOs. However, SBOs perform better at risk management if the portfolio company is not distressed. This risk-adjusted view identifies SBOs as attractive investment targets. It also contributes to rectify investments in SBOs as rational and promising decisions.
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