华东经济管理
華東經濟管理
화동경제관리
EAST CHINA ECONOMIC MANAGEMENT
2014年
12期
151-156
,共6页
私募股权基金%公司价值%绩效评分%事件研究
私募股權基金%公司價值%績效評分%事件研究
사모고권기금%공사개치%적효평분%사건연구
private equity fund%corporate value%performance evaluation%event study
文章以美国新桥投资集团收购深发展作为私募股权并购基金投资的典型案例，采用银行绩效评分法和事件研究法考查新桥的收购和退出对深发展公司价值的影响。研究表明，深发展在新桥投资控股的5年时间和新桥退出的3年时间内，经营绩效的表现均好于对比银行的平均水平。新桥投资控股后，对深发展进行了并购后的全面整合，在挖掘其增值潜力方面的确有所作为。新桥将深发展股权转让给平安后，深发展的各方面继续得到良好发展，这与前期新桥对深发展公司治理架构的改善是密不可分的。
文章以美國新橋投資集糰收購深髮展作為私募股權併購基金投資的典型案例，採用銀行績效評分法和事件研究法攷查新橋的收購和退齣對深髮展公司價值的影響。研究錶明，深髮展在新橋投資控股的5年時間和新橋退齣的3年時間內，經營績效的錶現均好于對比銀行的平均水平。新橋投資控股後，對深髮展進行瞭併購後的全麵整閤，在挖掘其增值潛力方麵的確有所作為。新橋將深髮展股權轉讓給平安後，深髮展的各方麵繼續得到良好髮展，這與前期新橋對深髮展公司治理架構的改善是密不可分的。
문장이미국신교투자집단수구심발전작위사모고권병구기금투자적전형안례，채용은행적효평분법화사건연구법고사신교적수구화퇴출대심발전공사개치적영향。연구표명，심발전재신교투자공고적5년시간화신교퇴출적3년시간내，경영적효적표현균호우대비은행적평균수평。신교투자공고후，대심발전진행료병구후적전면정합，재알굴기증치잠력방면적학유소작위。신교장심발전고권전양급평안후，심발전적각방면계속득도량호발전，저여전기신교대심발전공사치리가구적개선시밀불가분적。
Based on Newbridge Capital (Newbridge) merging Shenzhen Development Bank (SDB), which is the typical case of private equity investment in merger and acquisition,the paper employs the methods of bank performance evaluation and event study to examine the impact of Newbridge acquisition and withdrawal on the value of SDB. The study shows that the average level of business performance of SDB was all better than that of other compared banks during the period of 5 years of Newbridge holding and 3 years after its withdrawal. Newbridge carried out a comprehensive integration after M&A, and really did something on tapping value-added potential of SDB. All aspects of SDB continued to develop well after New?bridge transferred SDB shares to Ping’an, which was closely related to the previous improvement of corporate governance structure made by Newbridge.
