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Jacksonic · 2023年07月08日

提问

NO.PZ2018111302000070

问题如下:

An investor asks the analyst to explain how a buyout fund can create value. The analyst responds:

“Private equity funds primarily finance their acquisition of portfolio companies with equity. When they do access credit markets, they do so on less favorable terms than comparable public companies, but they can usually offset their relatively higher borrowing costs by re-engineering the underlying portfolio companies to improve their overall profitability.”

Which of the analyst’s statements regarding value creation by private equity funds is most accurate?

选项:

A.

The statement regarding corporate re-engineering

B.

The statement regarding credit market terms

C.

The statement regarding method of financing

解释:

A is correct. Private equity funds increase value by taking on high levels of debt on favorable terms. They are able to offset their borrowing costs by superior reorganization and re-engineering capabilities.

B is incorrect. Private equity funds obtain favorable terms from credit markets based on their reorganization skills which lead to value enhancement.

C is incorrect. Private equity funds increase value by taking on high levels of debt on favorable terms, rather than equity.

请问“ Private equity funds increase value by taking on high levels of debt on favorable terms. They are able to offset their borrowing costs by superior reorganization and re-engineering capabilities.”这句话应该怎样理解?PE基金通过承担债务来增加价值吗?然后通过对所投资公司的业务重组来抵消借款成本?是这样吗?

1 个答案

Lucky_品职助教 · 2023年07月11日

嗨,从没放弃的小努力你好:


这个是PE公司(是站在PE公司的角度,而不是看被投资公司)三个创造Value的知识点:1) the ability to re-engineer the private firm to generate superior returns, 2) the ability to access credit markets on favorable terms, and 3) a better alignment of interests between private equity firm owners and the managers of the firms they control.

第一点和第三点都比较好理解,主要是第二点理解有点难。

第一点是说一些好的PE公司可以帮助公司一起成长,从而使得PE公司也能从中获得巨大的return。

第二点主要针对于buyout, 因为buyout一般都是借债收购,所以如果PE公司能拿到比较优惠的债务条件的话,那么会增加PE公司的收益。Buyout PE公司既可以做股权融资,也可以做债权融资,如果债权融资的成本更低的话,那么对于PE公司来讲,对于投资项目在相同最低要求收益率的情况下,PE公司的收益的空间会更大,简单看的话PE的利润 = portfolio company return - funding cost, 如果债权的funding cost很优惠,那么PE的利润也就越高。所以PE公司会在比较债权融资成本和股权融资成本之后,当债权融资成本更低的时候来进行外部融资。一般portfolio company return通过re-engineer/reorganization也就是经营都会比较高,所以是完全可以覆盖债务成本的。

第三点是说,PE公司和公司管理层之间设置好控制机制,这样可以保证PE公司的权利和收益。

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