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2010-11-07 0人阅读 举报 0 0 暂无简介

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策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacomEUINTERPRETATIONTRAINING欧盟口译训练人间有情策马有译wwwcemachinacomCopyright©CEMACHINACOM,AllRightsReserved策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacom私人股本这个“野蛮人”BARBARIANSATTHEGATESThebarbariansareagainatthegatesTheannouncementofthelargesteverprivateequitybuyoutofapubliccompany–the$bntakeoverofTXU,oneofthelargestutilitiesintheUS,byKohlbergKravisRobertsandTexasPacific–confirmsthetrendToitsdefenders,privateequitymakescompaniesmoreefficientToitsattackers,itspractitionersarefinancialmanipulatorsandassetstrippers“野蛮人”又来了。KohlbergKravisRoberts(KKR)和德州太平洋(TexasPacific)宣布以亿美元收购美国最大的公用事业公司TXU创下私人股本收购上市公司的交易之最便证实了这一趋势。支持者认为私人股本使企业更有效率而反对者认为私人股本是金融操纵者和资产剥离者。SowhoisrightAnobviousansweristhatprivateequityisagrowingactivityinwhichwillingsellersmeetwillingbuyersIfitprospers,itmustbeprofitableIfitisprofitable,itshouldalsobeaddingvalue哪一方是正确的呢?一个明显的答案是私人股本的活动正不断增多有意出售者与有意收购者在这里相遇。如果它繁荣发展肯定是有利可图。如果它有利可图也应会提升价值。Whereprivateequityfinances,startupsorsmallandmediumsizedcompanies,fewwouldquestionthisargumentThetakingprivateofwellknownpubliccompanieswithhugenumbersofemployeesisadifferentmatterWhy,though,shouldthebenefitsofsuchdealsbedoubtedDotheynotalsofallunderthebroadcategoryofbeneficialtransactions如果私人股本为初创企业或中小型企业提供资金几乎无人会对上述论断提出质疑。而将拥有大量员工的知名上市企业私有化情况则有所不同。然而这些交易的好处为什么会遭到质疑呢?这些交易不也属于有益交易吗?TothistherearethreeanswersFirst,theinvestorsaresimplystupidAsMichaelGordon针对这一问题有个答案。首先投资者相当愚蠢。就像富达(Fidelity)的迈克尔•戈策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacomofFidelityhasargued:“Institutionsarechoosingtomoveintoaformofinvestmentthatprovideslittlerealdiversificationfromequitiesovertimecomeswithhigherrisksbecauseofleveragehasfarlesstransparencythanaportfoliooflistedstocks–andforwhichtheinstitutionhastopaypremiumfees”登(MichaelGordon)所言:“机构投资者正选择进入一种投资形式这种形式的投资不会在远期真正提供相对于股票的分散化由于杠杆效应这些投资具有更高风险其透明度远远低于上市公司股票的投资组合而且机构投资者必须为此支付溢价。”Second,governmentsaresubsidisingthismanipulation,bygivingdebttaxfavouredtreatmentoverequityThird,conflictsofinterestallowprivateacquirerstobribemanagerstoacceptdealsthatareagainstthetrueinterestsofshareholdersAgainstthesecharges,thedefendersofprivateequityhaveapowerfulanswer,givenbyDavidHaarmeyer:“GoingprivateconcentratesownershipinmanagementandtheprivateequityfirmThisaddressestheinevitableconflictofinterestthatexistsinpubliccompanieswithdispersedshareholdersandmanagerswithlittleownershipinterest”其次相对于股票而言政府对债务的税收较为优惠变相补贴了私人股本的操纵行为。第三利益冲突使得私人股本收购者能够向管理者行贿让他们接受那些违背股东实质利益的交易。与这些说法相对私人股本支持者有一个强有力的答案。大卫•哈尔迈尔(DavidHaarmeyer)称:“私有化将所有权集中于管理层和私人股本公司。这消除了上市公司不可避免存在的利益冲突在上市公司股东分散而管理者则几乎不拥有所有者权益。”Inaddition,goingprivateallowscompaniestoescapefromexcessiveregulation,costlyshareholdersuitsandthetyrannyofquarterlyreportingFurthermore,thefiscalincentiveforexcessiveborrowingisindependentofwhethercompaniesareprivatelyownedFinally,highindebtednessfocusesmanagersonrunningthebusinessefficiently此外私有化让企业摆脱了过度监管的束缚、费用高昂的股东诉讼和季度财报的沉重负担。另外过度借贷的财政激励与企业是否私有没有关系。最后高负债令管理者专注于高效率经营。Yetitisalsoevidentthatprivateequityremovesoneconflictofinterestattheexpenseofcreatinganewone–betweenthe“generalpartners”,whorunthefunds,andthe“limitedpartners”whoinvestinthemThegeneralpartnershaveenjoyedanannualmanagementfeeoftopercent,withaprofitinterestofpercentThus,theysharefarmoreintheupsidethanthedownsidewiththeiroutsideinvestorsThisgivesthema然而还有一点也很清楚私人股本在消除一个利益冲突的同时又引发了新的利益冲突经营基金的“一般合伙人”与投资基金的“有限合伙人”之间的冲突。一般合伙人每年可获得至的管理费和的利润分成。因此他们能分得更多“好处”而无须顾虑“坏处”。这让他们有强大的动机在基金运转不佳的任何时候“孤注一掷”。策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacompowerfulincentiveto“goforbroke”whenevertheirfundisdoingbadlyThesedisputescannotberesolvedtheoreticallyGiventheconflictsofinterestinherentinthecorporateformoforganisation,itisanempiricalquestionwhetherprivateownershipismoreefficientthanpublicownership这些分歧在理论上无法解决。鉴于利益冲突是公司组织形式与生俱来的问题因此私人所有是否比公众所有更为高效率就成了一个经验范畴的问题。ApaperbyStevenKaplanoftheUniversityofChicagoandAntoinetteSchoaroftheMassachusettsInstituteofTechnologyconcludedthatbetweenand“averagefundreturnsnetoffeesapproximatelyequaltheStandardPoor's”*Inaddition,“onaverageLBO(leveragedbuyout)fundsreturnsnetoffeesarelowerthanthoseoftheSP”Theyalsoconcludedthatthereisconsiderable,butenduring,variabilityinperformanceamongmanagersYetanotherpaper,byAlexanderLjungqvistandMatthewRichardsonoftheSternSchoolatNewYorkUniversity,concludedthatthematurefundsintheirsomewhatdifferenttodatasetgeneratedaninternalrateofreturnofpercent,netoffees,wellabovethepercentgeneratedbytheSP**TheconclusionisthatithasbeenpossibletodowellinprivateequityThekeypointischoosingtherightmanager芝加哥大学(UniversityofChicago)的史蒂文•卡帕兰(StevenKaplan)和麻省理工学院(MIT)的安托瓦内特•舍布尔(AntoinetteSchoar)合作撰写的一篇论文总结称年至年“基金平均收益率(除去管理费)与标准普尔指数基本相当。”*另外“杠杆收购(LBO)基金的平均收益率(除去管理费)低于标准普尔指数。”他们还总结称管理者的表现存在巨大(且持久)的差异。然而纽约大学斯特恩学院(SternSchoolatNewYorkUniversity)的亚历山大•永奎斯特(AlexanderLjungqvist)和马修•理查森(MatthewRichardson)的一篇论文却总结称年至年的数据显示成熟基金(除去管理费)的内部收益率为远远高于标准普尔指数的**。结论是私人股本行业有可能做强。关键是选择合适的经理人。SomeinvestorsaremuchbetteratthisthanothersEndowments(ofnotforprofitinstitutions,suchasuniversities)havemanagedtoearnnearlypercentagepointsmorethanaverage,while“fundsselectedbyinvestmentadvisersandbankslagsharply”***Finally,onwhetherthereturnscomeattheexpenseofthelongertermhealthofcompaniescomesanotherstudy,byJerryCaoofBostonCollegeandJoshLernerofHarvardBusinessSchool,whichexaminedthe一些投资者的成绩远优于其他投资者。(大学等非盈利机构)捐赠基金的收益率比平均水平高出近个百分点而“投资顾问和银行选出的基金则远远落后”***。最后另外一项调查研究了收益是否以牺牲企业较长期健康发展为代价。波士顿学院(BostonCollege)的杰里•曹(JerryCao)与哈佛商学院(HarvardBusinessSchool)的乔希•勒内(JoshLerner)合作调查了年至年间私人股本发起上市的近家企业上市后的表现****。调查总结称这些股票的表现优于策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacompostflotationperformanceofnearlycompaniesfloatedbyprivateequitybetweenand****Itconcludedthatthesharesoutperformedtheoverallmarketandsharesissuesinotherinitialpublicofferings大盘以及其它形式IPO的股票。Whataretheconclusionstheobservershouldreach我们可以得出哪些结论呢?First,investinginprivateequityisriskyandshouldbeundertakenonlywithenormouscareevenbysophisticatedinvestorsWhilesomefundshavedoneverywellinbenignconditionsforleveragedinvestments,othersmostdefinitelyhavenot首先投资私人股本风险较高即便是资深投资者也应加倍谨慎。一些基金在良好的杠杆投资环境下表现卓越但绝大多数其它基金则并非如此。Second,whiletherearegoodargumentsforprivateownershipevenofverylargecompanies,therearealsodecentargumentsagainstitHowfarprivateequitybringsaboutanenduringandlargescaleimprovementintheperformanceofbigpubliccompaniesis,asyet,unknownButcapitalismisalongtermprocessoftrialanderrorWeshouldwelcomethetrialsItishowwelearn其次有充分的理由支持对规模非常大的企业进行私有化而反对私有化的理由也很充分。私人股本能在多大程度上改善大型上市公司的表现迄今仍不确定。然而私有化是一个长期的尝试过程。我们应欢迎试验。这是我们学到经验的途径。Third,policymakersshouldremovedistortionsintaxation,regulationandtheoperationofthelegalsystemthatmaycreateincentivesformistakendecisionsonleverageandownership第三决策者应解决税收、监管以及法律体系运行方面的不规范问题。这些问题可能会引发错误的借贷和所有权决定。Fourth,shareholdersandmanagementofpubliccompaniesshouldtrytoreplicatethebeneficialaspectsofprivateequity,bybetterclarifyingtheroleoftheboardand,ifappropriate,takingonadditionaldebt第四通过更好地明确董事会职责以及合理承担额外债务上市公司股东和管理层应努力发扬私人股本的有益层面。Finally,privateequitymanagersmustunderstandthattheyhavebecometoobigtohideTheymustmaketheircasebeforethebarofpublicopinionIftheyfailtodoso,theirwingswillbeclippedThatisthepriceofdemocracy最后私人股本经理必须明白它们已规模太大无处藏身。他们必须在公众意见面前做出解释。如果他们做不到这一点他们就会遭遇折戟沉沙的后果。这是民主的代价。策马翻译培训EUINTERPRETATIONTRAINING|GVWMwwwcemachinacom*PrivateEquityPerformance,NationalBureauofEconomicResearchWorkingPaper,June,wwwnberorg**TheCashFlow,ReturnandRiskCharacteristicsofPrivateEquity,NBERWorkingPaper,January,wwwnberorg***JoshLerner,AntoinetteSchoarandWanWong,SmartInstitutions,FoolishChoicesNBERWorkingPaper,February,wwwnberorg****TheSuccessofReverseLeveragedBuyOuts,http:hbswkhbsedu*《私人股本表现》(PrivateEquityPerformance)。国家经济研究局(NationalBureauofEconomicResearch)工作论文年月wwwnberorg**《私人股本的现金流、回报和风险特点》(TheCashFlow,ReturnandRiskCharacteristicsofPrivateEquity)国家经济研究局工作论文年月wwwnberorg***乔希•勒内、安托瓦内特•舍布尔和WanWong《明智机构愚蠢选择》(SmartInstitutions,FoolishChoices)国家经济研究局工作论文年月wwwnberorg****《反向杠杆收购的成功》(TheSuccessofReverseLeveragedBuyOuts)http:hbswkhbsedu私人股本这个“野蛮人”BARBARIANSATTHEGATES½¦ï­|ˆ„“p�h¦¾ƒñ¾ûΨÐeÿtu¼©œ>Ó½“

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