管理层收购困境中的债权人回收率[文献翻译]

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1、原文：SecuredCreditorRecoveryRatesfromManagementBuy-outsinDistress1.IntroductionConsiderableattentionhasbeendevotedtotheroleofdebtinmanagement(MBOs)andleveragedbuy-outs(LBOs).Highleveragehasbeenarguedtoplayanimportantroleincommittingmanagementtoimproveefficiency(Jensen,1986).MBOloan

2、agreementstendtocontainmorecovenantsthangeneralcorporatelendingagreementswithspecialistsecuredcreditorsalsoengaginginclosemonitoring(Citron,RobbieandWright,1997).Buy-outspecialistsmayincreasemonitoringthatsubstitutesfortighterdebtterms(CotterandPeck,2001).HighleverageinMBO/LBOtra

3、nsactionshasbeenarguedtotriggerbankruptcyatapointthatpreservesgreatergoingconcernvaluethaninfirmsthatarepredominantlyequityfinanced(Jensen,1991).AndradeandKaplan(1998)showforasampleof31highlyleveragedtransactions(HLTs)thatbecamedistressed,thatthevalueofthedistressedHLTsdidnotdecl

4、ineandthatthecostsoffinancialdistressamountedto10-20percentoffirmvalue.Thisliteraturesuggeststhatsecuredcreditorswillrecoupsubstantialproportionsofthefundstheyextendtofinancetheinitialbuy-out.However,asyetthereisnoevidenceeitherontheextentofcreditrecoverybysecuredlendersinMBOsnor

5、onthefactorsthatinfluencetheextentofthisrecovery.InordertogainadeeperunderstandingoftheprocessbywhichsecuredcreditorsrecoverfundstheyhaveextendedtoMBOs,thispaperutilizesevidencefromauniquedatasetof42failedbuy-outscompiledbytheauthors.Compilationofthedatasetinvolvedthemonitoringof

6、acohortofMBOsfromdealcompletiontoreceivershipanddetailedarchivalanalysisofthereportsofthereceivers.Wefindthatonaverage,62percentofsecuredcreditisrecoveredwhenbuy-outsenterthereceivershipprocess.Thisiscomparablewiththe70percentfoundtoberecoveredbybanksinFranksandSussman’s(2000)stu

7、dyofprivatelyheldsmallandmediumsizedcompanies.However,ourstudyfindsalowersecuredcreditorrecoveryrateforMBOsthanthosefoundfornon-MBOsintheUSthatrangefrom80.1percentto100percent(Weiss,1990;FranksandTorous,1994;Tashjian,etal.,1996).Usinguniversityanalysis,wefindsomeevidencethatsecur

8、edcreditorsrecoverahigherpercentageofthe