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1、Thenewdemographyofprivateequity*PerStrömbergSwedishInstituteforFinancialResearch,StockholmSchoolofEconomics,CEPR,andNBERDecember18,2007AbstractThispaperanalyzesgloballeveragedbuyout(LBO)activity,exitbehaviour,andholdingperiodsusingadatasetofmorethan21,000LBO
2、transactions1970-2007.Weestimatethetotalvalueofthefirmsacquiredinthesetransactionsto$3.6trillion,outofwhich$2.7trillionrepresentsLBOsundertakenafter2000.WedocumentalargeincreaseinthegeographicalandindustryscopeofLBOtransactionsovertime.MostLBOactivityconsist
3、sofacquisitionsofprivateratherthanpublicfirmsandLBOsprovideanetpositiveflowoffirmstopublicmarketsoverthelong-run.LBOholdingperiodsarelongerthanwhathasbeendocumentedinpreviousresearch.Only8%offirmsstayinLBOownershipforlessthantwoyearsandthemedianfirmstaysinLB
4、Oownershipforabout9years.LBOtransactionssponsoredbymoreexperiencedprivateequitypartnershipstendtostayinLBOownershipforashorterperiodoftime,aremorelikelytogopublic,andarelesslikelytoendinbankruptcyorfinancialrestructuring.IamgratefultoUlfAxelson,FrancescaCorn
5、elli,StevenKaplan,JoshLerner,andtheWEFPrivateEquityResearchTeamandAdvisoryBoardforvaluablecomments.ChrisAllen,JoakimBång,ReimoJuks,GeraldineKim,JakobNylin,andSarahWoolvertonprovidedexcellentresearchassistance.Inhisseminalpaper“Theeclipseofthepubliccorporatio
6、n”,Jensen(1989)predictedthattheLBOwouldeventuallybecomethedominantcorporateorganizationform.Withemphasisoncorporategovernance,concentratedownershipbyactiveowners,strongmanagerialincentives,andefficientcapitalstructure,JensenarguedthattheLBO-formwassuperiorto
7、thepubliccorporation,withdisperseshareholdersandweakgovernance.Afewyearslater,thispredictionseemedpremature.First,Kaplan(1991)studiedthestayingpowerof1980’spublic-to-privateLBOsandconcludedthatthemedianLBO-targetremainedinprivateownershipfor6.82years.Inaddit
8、ion,theactivityoftheLBOmarketsloweddownsignificantlyintheearly1990’s.Onereasonforthis,broughtforwardbyKaplan(1997),wasthatpubliccorporationsseemedtoembraceandadoptmanyofthegovernancefeaturesofth
