The social network of the UK PPP secondary equity market – returns and competition in an emerging market
The social network of the UK PPP secondary equity market – returns and competition in an emerging market
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DOI：
10.1080/01446193.2017.1324998
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发表时间：
2017-05
影响因子：
3.4
通讯作者：
Alberto De Biasio;A. Murray
中科院分区：
文献类型：
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作者：
Alberto De Biasio;A. Murray
摘要近年来，随着主要投资者（主要是承包商）清算其股份，英国的私人融资计划二级股权市场的规模和成熟度都有所增加。作为一个新兴的非上市市场，研究方面的挑战包括能否及时获得有关股票交易的全面信息，以及解释和比较这些信息的既定方法。1998年至2012年期间的交易数据，收集在欧洲服务战略单位PPP股权数据库，用于映射这个市场，并使用网络理论进行分析。活跃的卖家和买家被识别，提供对竞争水平的洞察力。根据Grananetter对SNA的概念化，在二级股权市场上运作的行为者（SPV股权的买方和卖方-承包商、股权基金、银行、机构投资者等）的特征是外度中心性，随着卖方自我网络内行为者数量的增加而增加。通过股权销售建立的联系被应用于市场网络的形成。首次股权投资和销售价值的数据检验了卖方的出度中心性可以提高整体财务回报的概念。隔离的基础上资本增值的样本交易的净资产收益率显示，年化净资产收益率似乎没有提高较高的出度中心，当与平均回报。通过对这一新兴市场的股票交易网络的可视化，提供了更普遍的贡献。
Abstract In recent years, the UK’s private finance initiative secondary equity market has increased in size and maturity as primary investors, principally contractors, liquidate their stakes. As an emerging unlisted market, research challenges include the availability of timely and comprehensive information about equity transactions, as well as established methods for their interpretation and comparison. Data on transactions between 1998 and 2012, collected in the European Services Strategy Unit PPP equity database, are used to map this market and analysed using network theory. Active sellers and buyers are identified providing insight on the levels of competition. Following Granovetter’s conceptualization of SNA, actors operating in the secondary equity market (buyers and sellers of SPV equity – contractors, equity funds, banks, institutional investors amongst others) are characterized in terms of out-degree centrality, increasing with the number of actors within a seller’s ego network. The ties created through equity sales are applied in the formation of the market network. The notion that out-degree centrality of sellers can improve overall financial returns is examined with data on initial equity investment and sale values. Isolating returns on equity based on capital appreciation for a sample of transactions reveals that annualized return on equity is seemingly not improved by higher out-degree centrality, when compared to average returns. A more general contribution is provided through the visualization of the network of equity transactions in this emerging market.