Financialised Private Equity Finance and the Debt Gamble: The Case of Toys R Us
Financialised Private Equity Finance and the Debt Gamble: The Case of Toys R Us
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金融化的私募股权融资和债务赌博：玩具反斗城的案例
DOI：
10.1080/13563467.2020.1782366
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发表时间：
2020
影响因子：
4.2
通讯作者：
M. Nasir
中科院分区：
文献类型：
--
作者：
J. Morgan;M. Nasir
摘要在本文中，我们追求一个金融化的论点，探索私募股权融资的具体特点，重点是由最大的管理集团或公司进行的大规模活动。最大的私人股本公司掌握着相当多的资源，影响着所有权模式，并有能力收购任何公司。他们所做的很重要。玩具反斗城的破产和更普遍的“零售危机”说明了一个“债务赌博”。一家公司的资本结构被彻底重组，股本被减少并被债务取代。赌注在于，外部环境不会发生GP无法充分适应的变化，GP实际上将能够维持偿债。虽然破产是一个“更糟糕的情况”，但我们认为，从金融化的角度来看，有一整套随之而来的问题。
ABSTRACT In this paper, we pursue a financialisation line of argument exploring the specific features of private equity finance, with a focus on the activity undertaken at scale by the largest management groups or firms. The largest private equity firms wield considerable resources, affect ownership patterns and have the capacity to acquire literally any company. What they do matters. The bankruptcy of Toys R Us and the more general ‘crisis of retail’ illustrate a ‘debt gamble’. A company’s capital structure is radically restructured and equity is reduced and replaced by debt. The gamble is that there will be no change to the external environment that the GP cannot adequately adjust to and that the GP will in fact be able to maintain debt servicing. Although bankruptcy is a ‘worse case’, we contend that from a financialisation perspective, there are a whole set of attendant issues.