What Drives Leverage in Leveraged Buyouts? An Analysis of European Leveraged Buyouts’ Capital Structure
What Drives Leverage in Leveraged Buyouts? An Analysis of European Leveraged Buyouts’ Capital Structure
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杠杆收购中杠杆率的驱动因素是什么？欧洲杠杆收购资本结构分析
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Samantha Brinkhuis
中科院分区：
文献类型：
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作者：
Wouter De Maeseneire;Samantha Brinkhuis
本文研究了欧洲私募股权主导的杠杆收购（LBO）中的杠杆。我们使用了一个独特的，自我构建的126个欧洲私募股权（PE）赞助的收购样本，这些收购在2000年6月至2007年6月之间完成。我们发现，从经典的资本结构理论得出的决定因素并不能解释杠杆收购的杠杆，而它们确实驱动杠杆在一个控制组的可比上市公司。相反，我们证明杠杆收购的杠杆水平与债务市场的普遍条件有关。此外，我们的研究结果表明，著名的私募股权发起人使用更多的债务和二级收购有较高的杠杆水平。
This paper examines leverage in European private equity‐led leveraged buyouts (LBOs). We use a unique, self‐constructed sample of 126 European private equity (PE)‐sponsored buyouts completed between June 2000 and June 2007. We find that determinants derived from classical capital structure theories do not explain leverage in LBOs, while they do drive leverage in a control group of comparable public firms. Rather, we document that leverage levels in LBOs are related to the prevailing conditions in the debt market. In addition, our results indicate that reputed private equity sponsors use more debt and that secondary buyouts have higher leverage levels.