家族企業(yè)收購私募股權(quán)和戰(zhàn)略變革文獻(xiàn)翻譯

1原文：Family-FirmBuyouts,PrivateEquity,andStrategicChangeTheEuropeanprivateequityandbuyoutmarket'hasgrowninprominenceoverrecentyears.TheCentreforManagementBuyoutResearch(CMBOR，2021)hasshownthattheannualnumberofmanagementbuyoutsrosefroml212in1998to1,436bytheendof2007.Buyoutsoffamilyfirmsrepresentoneofthemostimportantfeaturesofthismarket,withthenumberofdealsincreasingfrom45in1998to559in2007andthecombinedvaluefrom11.2billionto18,3billionoverthesameperiod.In2007familyfirmscontributed38%ofthenumberand11%ofthevalueofthewholeEuropeanbuyoutmarket.Managementbuyouts(MBO)andbuy-ins(MBI)thusrepresentanimportantsuccessionoptioninfamilyfirms.Theyalsoprovideanimportantdealsourceforprivateequityfirms.Yet,whilemuchattentionintheprivateequityandbuyoutmarkethasbeenonlargepublic-to-privatetransactions,thefamilybuyoutpartofthemarketisnotwellunderstood(Cumming,SiegelandWright，2007).Thefocusinlargepublic-to-privatetransactionsanddivisionalbuyoutshasbeenontheresolutionofincentiveandcontrolproblemsthroughtheintroductionofnewownershipandgovernancestructuresintheformofmanagerialequityownership,commitmentandpressuretoservicedebt,andinmanycasesownershipandactiveinvolvementbyprivateequityfirms(WrightandBruining，2021).Incontrast,thetypicalfamilyfirmhastraditionallybeenassumedtobeownedandmanagedbyaconcentratedgroupoffamilymemberswherethefirm'sobjectivesarecloselylinkedtofamilyobjectives.Familiestypicallydonotregardtheirfirmsasmereeconomicunitspursuingthegoalofprofitmaximization.Instead,familiesalsostrivefornoneconomicgoals.Asaresult,thetightnessofgripofafamilyoveritsfirmaddsanimportantdimensiontotheanalysisofthestrategiesoffamilyfirms.Thechangesoccurringonthebuyoutofafamilyfirmmayleadtochangesingoalsandstrategiescomparedtothepreviousownershipregime,andthesestrategicchangesmayinfluencefirmsurvivalorfailure.Thechangeinstrategyismotivatedbyoneofthefollowingtwofactors;first,thefirmmayhavebeenunderperformingandnewstrategiesmustbeadoptedtocorrectthis(efficiencybuyout).Second,thenewownerswillhavethefreedomtopursuetheirowninterestsintermsofbusinessdirectionand/ordiversification(growth/expansionbuyout).Thepresenceoffounders,shareholdingnon-familymanagers,ornonfamilynon-executivedirectorsontheboardmayhavedifferenteffectsonthebuyoutprocessandonthebusinessstrategiesadoptedbeforeandafterthebuyout.Changesinstrategyarealsoduetotheownershipandgovernanceofthefirmbeforethebuyoutaswellasthenewfinancialstructureandtheneedtomeetresultantservicingcosts.Inlightoftheseissues,thepurposeofthisarticleistwofold;1.Weprovideanoverviewofdevelopmentsinthefamily-firmbuyoutmarket.Specifically,weexaminetrendsinthenumberandvalueofdeals,dealsizes,shareofthetotalbuyoutmarket,employment,andtheroleofprivateequity.WeuseCMBOR'suniquedatabasecomprisingthepopulationof30,000Europeanbuyoutsasthesourceforthisanalysis.2.Weundertakeadetailedstudyofstrategicchangesinfamilyfirmsasaresultofabuyout.Specifically,weexaminewhetherchangesinthestrategyofformerprivatefamilyfirmsareaffectedbytheownershipandgovernanceofthefirmbeforethebuyout.Theseissuesareexaminedusinganovelhand-collectedrepresentativequestionnairesurveyof104privatefamilyfirmsacrossEuropewhichhadabuyoutfundedbyprivateequitybetween1994and2003.Familyfirmsprovideaconstantandabundantsourceofpotentialtargetsforincumbentmanagersandprivateequity(PE)companies.Buyoutsoffamilyfirmsenabletheresolutionofsuccessionproblemsand.Bycatalyzingentrepreneurialactivity,canimprovetheoperatingefficiencyofthefirmandenablegrowth.Thissectionpresentsanoverviewoftrendsinthisimportantpartofthebuyoutmarket,focusingonnumberandvalueofdeals,dealsizes,shareofthetotalbuyoutmarket,employment,andtheroleofprivateequity.Alldatarefertobuyouttransactionsoffamilyfirmsunlessotherwisestated,andalldatarefertoEuropeunlessotherwisestated.In2007,559family-firmbuyoutsandbuy-inswererecordedbyCMBORacrossEurope,amountingtoatotalvalueof18.3billion.Therehadbeenadipinbuyoutactivitybetween2000and2003,inlinewithasomewhatweakeroverallbuyoutmarketduringthatperiod.Sincethenbuyoutactivityinfamilyfirmshasrecovered,andthe2007figurewasanewrecordbynumberandvalue.AcomparisonoftrendsbycountryrevealsthattheincreaseindealnumbershasbeenrelativelyuniformacrossmostofEurope.Overthepast10years,buyoutactivityintermsofnumberoftransactionshasincreasedinmostnationalmarkets.Thetotalvalueoffamily-firmbuyoutshasfluctuatedonanannualbasisinmanyoftheEuropeanmarkets,andnoclearpatternhasemerged.However,duetotheriseinnumberofthistypeofbuyout,thetotalvaluereachedanewrecordin2007.Theaveragedealsizeofbuyoutsoffamilyfirmsismuchlowerthantheaveragedealsizeofalltransactions.Thetrendintheaveragedealsizeoffamilybuyoutsoverthepast10yearsshowsthatthesedealshaveremainedatarelativelyconstantlevelofabout26m,whileaveragedealsizeforallbuyoutshasincreasedsignificantly,from36min1998toalmost120millionin2007.Thisincreasinggapreflectsthemajorgrowthinlargepublic-to-privates,divestments,andsecondarybuyoutsacrossEuropeinrecentyears.Familyfirmshavebeenaconstantandabundantsourceofbuyouts.Between1998and2007,about29%ofallbuyoutsinEuropewerefamily-firmtransactions.However,thesedealsrepresentedonly11%ofthetotalvalueofallbuyoutsoverthisperiod,furtherunderliningthefactthatbuyoutsinfamilyfirmsaregenerallymuchsmallerthanothertypesofbuyouts.Overthelast10years,theproportionofthebuyoutmarketaccountedforbyfamily-firmdealsdecreaseduntil2002(23.2%)andstartedtoriseagainin2004,reaching38.3%ofdealnumbersbytheendof2007.Theproportionofthetotalmarketaccountedforbyfamily-firmbuyoutsbasedontotalvaluealsosawasharpdeclinefrom1998to2000.Sincethenthevalueoffamily-firmbuyoutshasfluctuatedbetween10%and15%oftotalmarketvalue.Aninternationalcomparisonofthe10-yearaveragesoftheshareofthebuyoutmarketattributabletofamily-firmdealsshowssignificantvariationbetweencountries.InFrance,Italy,Spain,andtheUK,thisproportionisathirdormoreofalltransactionsintermsofdealnumbers.Apossiblereasonmightbethatthesecountriescontainaconsiderablestockoffamilyfirms,thusfuelingbuyouttransactions.GermanyshowsasurprisinglylowmarketsharegivenitshugenumberoffamilyownedMittelstandcompanies.ThismaybelinkedtothegeneralpoorunderstandingandpossiblemistrustofprivateequityandalsothecloselinksGermancompanieshavehadhistoricallywiththeirlocalbanks.Ananalysisofthe10-yearaveragenumberofemployeespercompanyshowsthatthesizeoftheformerfamilyfirmsvariesconsiderablyamongEuropeancountries.WhileGermanfamilyfirmshavebeenwellaboveaverage,UKfamilyfirmsaregenerallysmallerandbelowtheEuropeanaverage.Buyoutscanbefinancedbyindividualsusingtheirownfinancialresourcesalongwithbankdebtorbyprivateequity(PE)firmsoracombination.Themajorityofbuyoutsoffamilyfirmsarebackedbyafinancialsponsorwiththe10-yearaverageshowingthat62%oflitbuyoutsoffamilyfirmswerePE-backed.沾No我n-階PE厚-b增ac慨ke持d納bu缺yo去ut侍s克ar伯e吼si晚gn圣if燒ic兇an息tl規(guī)y呼sm濁al鄉(xiāng)le批r挖澤th周an與P串E-喜ba予ck腦ed領(lǐng)t鍵ra甲ns唱ac阿ti筐on薯s揭fo蓬r色fa陵mi名ly獄f聽ir物ms變.集Ov倆er膨t障he失號la鵲st鋼1艘0泉ye系ar磁s,鉛t靈he峽a冶ve吳ra鋸ge雖d脂ea拳l美si秤ze爹o震f崇no放n-孝PE豐-b擦ac移ke盤d英魔fa陳mi痕ly文f阿ir餃m巡bu獄yo腳ut楊s模wa垮s鍛ab罵ou何t京7菠m優(yōu),芽co融mp雪ar飾ed考w蘇it巨h撫哨an沈a季ve走ra防ge襯d籠ea謙l仙si怠ze置o默f券ab永ou茫t取41氣m料f褲or悟P偽E-環(huán)ba據(jù)ck配ed更d羊ea在ls持冰fr付om禁t秧hi區(qū)s懸so徐ur悅ce窗.款Fa錯mi婚ly外-f丘ir噴m趟bu避yo魄ut賣s忠潑th跟us咱r繳ep謠re孔se模nt花a撞n擾im辯po目rt冰an篩t腐so毀ur律ce想o塞f漸de臨al賴s麥fo姿r臟pr探iv第at葉e宣高eq喂ui抄ty伴f納ir帳ms司.砌Fa跟mi既ly鄉(xiāng)-f拳ir飯m搖ch瘋ar閱ac塘te額ri廢st盾ic張s勉be見fo但re添a炮p卡ri位va叛te養(yǎng)虛eq殘ui愉ty辱-b桃ac遞k遵e僻d城bu碗yo帥ut辣m疫ay俯i位n贏fl尤ue使nc委e圖th取e翻de頁gr惡ee滲a末nd肥弓fo肅cu他s趣of擦s廢tr郊at爺eg間ic漿c阻ha芳ng遙es久a污ft僵er濁a叼b風(fēng)uy都o(jì)u承t.迎W自e臭ex天am困in蠅e顆睡ch悼ar啞ac新te筑ri覺st膨ic歲s炎re閘la伙ti戴ng令t從o恒ow先ne浙rs享hi倒p沉an吧d酬fo稠un訂de競rs遣'貌警in捏vo便lv壟e因m爸en選t貢p艇re確-b瞎uy息ou胖t,層o毒wn闊e房rs至h萍ip荒s尚ta含ke盜o絲f乖no府n-妖fa怕mi失ly鹽你ma編na玻ge勿me況nt哥p村re集-b陳uy絹ou祝t,放e鋤xi愈st揭en綠ce弓o較f讀no震n-標(biāo)fa拔mi秒ly青,膨no狂ne伐xe猜cu偽ti荒ve辦毛di透re頌ct驗or悉s朋pr差e-韻bu蘭yo棋ut睬,柱an州d趁ma苗na覺ge糧me隙nt洞a登nd圖茶pr堂iv奸at賽e逝eq腔ui捐t旬y萌f尸ir黃m綢pa想rt玩ic猛ip轟at棚io借n訴in榆s稿uc糾ce浸ss流io何n功pl邪an眉ni挑ng編.淹鼓Ou壩r蠟ev虜id歐en贈c砌e雨i掀s股ba搖se投d掛on首a做r財ep辟re鋸se藏nt漁at礎(chǔ)iv朋e末su沈rv黑ey氏o多f沫10榨4胞稿pr尤iv墻at蕩e扮fa咽mi臺ly墳f稱ir范ms潔a進(jìn)cr掀os魄s聽Eu顆ro眼pe普w請hi鞠ch兼h怨ad啞a頸b陣uy厲ou梯t升捉fu靠nd驅(qū)ed顫b費y物pr表iv它at貞e光eq易ui命ty還b姥et廟we柿en須1硬99欄4緒an撥d迫20川03哈.刻背A跪br狀oa匠d鳳de柴f撿i想ni果ti揉on久w紫as水a(chǎn)耀do當(dāng)pt著ed挨,靈wi甜th驢a刊f蕩am養(yǎng)il暫y鉛fi稅rm賞烘de絨fi京ne轟d慰as包h牙av誤in貿(mào)g萬mo推re挎t蒜ha誼n墊50萄%歸of江t去he攏o惡rd必in拐ar得y鴿vo磨ti桂ng線弓sh周ar閑es傍o適wn故ed呀o驅(qū)r分co填nt陣ro蓄ll尚ed挨b崗y勺a尿si元ng萍le糧f科am戰(zhàn)il聚y石gr姑ou阻p郵新re碗la撓te好d全by稻b念lo揚od替o弓r繳ma砌rr晝ia素ge漏,任an蹦d伸th段e健fi善rm土i興s伙pe鍛rc曲ei竊ve筋d畢丟to譯b幅e踢a大fa筐mi男l(wèi)y形b強us柄in國es默s.脅Th匆e母re膨sp筒on墊de蜂nt春s皇we爹re鮮i葡n犬se妨ni柏or博扛po瞇si梅ti炭on牽s:刑C款EO僵s并pr詞es塞id藝en俱ts顏(犁83傲%)友,邪di芝re勾ct平or云s器in捆cl膽ud沖in簽g原餡de啦pu視ty辛C熊EO剛(娃15掃%)己,兼an課d哀se嶼ni論or土m殖an刃ag腫em租en腫t拋(2宴%)罰.拼Th哥e券弊st陷ra善te嶄gy厭o百f席th蔽e遷fi污rm四i蠟s潑co材mp尚ar辣ed界b餅ef核or笨e故an爆d票af賠te判r離th駁e音食bu舅yo解ut劍w纖he果re乳g嫁r(nóng)o巴wt香h/華針ex材pa恩ns忙io雪n.烈T忌he廳s蠟am疊pl領(lǐng)e誦wa欣s醋di紫vi屠de阻d晉in催to級v評ar朋io碌us度s碼u舅b堵gr報ou掛ps竹低re家la五te醬d恰to膽t撫he尾c療om菜pa鉤ny竭c副ha昏ra扎ct克er落is污ti參cs賞c恢on企ce偶rn瘡in計g敞粘ow篩ne鑰rs辯hi燦p輩an稿d倍ma譯na驚ge董me伍nt邪.抖Un屋iv裙er惕si錢ty船a叔na衣ly鈴si苗s曾wa碰s膛子th刻en欺u結(jié)se潑d黑to烏d驗et豬er績mi當(dāng)ne車w靈he擾th燦er蛾t籍he昌o雙bs益er肉ve擠d諷ch武an猜ge協(xié)s拘禮in削覽st哲ra狼te久gy株o寸f噸侮th社es禮e寒su鋪bg宏ro誰up添s伍wa螞s旋si乏gn查if澇ic帥an障t.哀Wh扛en敏t裳he梅f盤am罪il東y迷fi鐵rm喪h振ad先b狗ee默n丸fo摧un滿de伙d朋by銳t鬼he受貿(mào)pr液ev持io佳us惕o攀wn連er宵s,郊t值he容c說ha賤ng稀es犬i菌n娃st停ra排te幅gy笨p屋os筐t-紀(jì)bu嚼yo西ut陳圖ar煎e霸ge齊ne歉ra未ll圓y炸mo鞋re脹n凍um晃er隆ou取s抵an微d命mo固re周s讓ig現(xiàn)ni畝fi最ca仰nt蠶t混ha蠶n辮仇wh梅en然t烤he些f寇ir振m戴ha汽d霸be開en漆p套ur亞ch妖as骨ed符o溝r姑in稈he晨ri破te勝d牙by瓶t哈he戶旗pr錯e-汪bu劉yo蝴ut工o階wn漲er我s.愚T翻h(huán)i躲s污im爽pl不ie罵s愈魚th岡at辱t供he批f能ou某nd混er匙/o捕wn池er戚h橫as聾b涼ee步n漫do含mi及na超nt躲i澤n顛te問rm儉s瘡of華似de瓦ci協(xié)di滴ng腥c完om柳pa貓ny沃s船tr顫at纖eg腿y火an扒d委th器at舍o傳nc握e內(nèi)sh伏e/嗽he攏r病el遭in援qu斬is吉he拆s奉知ow襯ne匪rs追hi筐p,龍t冠he撈m搬an鴿ag庸em蛛en華t利is障f膜re舉e辰to測m補ak便e碎th熄e貓誰ch強an紀(jì)ge咬s柱de曲em羊ed牽n生ec簡es嗚sa民ry艇f顧or附t譽he肝s跟ur元vi崖va搭l蠻an趨d聞gr扣ow迫th遭澆of根t瀉he奸f倚ir煉m.穿Se退ve院ra漢l關(guān)ch分an戒ge鍛s變in回s歲tr天at脅eg上y柄we梨re多c挑om犧mo嗓n食to媽f鍬ir臥ms怪蘋th趙at婦w巡er慘e牧fo床un燭de旬d湊or榮n伸on蹦-f認(rèn)ou儀nd墊ed紐b騰y漏th跟e萬pr險ev奴io穗us絮o閉wn茄er昏s.羅W扒hi飯le才b等ot匆h旱ty夾pe浴s否弟of仙f太ir犬ms譜s絲ho拾we絡(luò)d暢st董ra三te呈gi損c趴ch僚an先ge狡s埋wi荷th鼓r拾eg午ar柏d妖to桑a孕n緣煌in艇cr到ea灣se白d據(jù)em鼠ph物as碎i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明宴，1再99吐8年唯，這峰些交競易陪數(shù)量膽都是廁維持麻在約紡26紡00拘00部00肉相對覺穩(wěn)定躺的水保平，逗而所般有收辛購的吵平均們交易賭量大侮幅增標(biāo)加趙到了考36怠00附00幅00博，舅而在卸20殊07茂年妹幾乎資是脅1.泉2億雅。這段種日主益擴(kuò)仇大的幅差距紋，反布映了外廣闊斯市民免的主攤要增脈長奶是在績資產(chǎn)姐剝離亂，收威購捏方面齒。滅家族樹企業(yè)僻一直理是收辦購役的熱冬門話被題性。睡19役98鞭年至畫20專07趨年，搖在歐巡洲約諸29夏％脊的收簡購活即動是攪家族唯收購飄。然體而，瓦這些犁收購豬只占胞這段良期間怎所有棋收購紐總價儉值眼的1瞧1促％，饞進(jìn)一波步強悲調(diào)的圍是，慣家族雨企業(yè)根收購靠普遍悔比其雁他類騙型的蛙收購按規(guī)模欠較小稿。展在過謊去1存0年母間游，買鎖斷市切場形在家附族企奮業(yè)交木易中財所占聾比重鑄下降值所芬，我在臣20庸02戲年繁占疫23乞.2謝％枝，并呆在2貸00創(chuàng)4年黨所占聞比重濕開始脹再次煌上升墊，在縮20勁07稿年底阿到達(dá)周38繳.3慢％的谷交易狼數(shù)量棕。該希市場縫在扣家庭到，公清司收聲購奉總價液值猶中的陰比重趁在1笑99書8年用到2建00報0年暫期間融急劇畏下滑熔。再自那窮時以份來，御家族舌企業(yè)咐收購荒值撈在跳10千％和閘15謎％奪的本市場滴總價敢值覽之間泛波動光。蠶過去凱10室年的畫平均戶水平買說明般，茫買斷愛市場騰占家勻庭企史業(yè)的撕交易肥份額敘量在雅各國汽之間四存在碑明顯掌差異避。在蛇法國哪，意幼大利袋，西績班牙天和英較國，碼這一沈比例絞占姻所有封交易餐的三提分之仁一或讀更多識。一醒個可肢能的同原因甩是這跳些國睛家包離含了栽相當(dāng)廢數(shù)量比的綠大家萍族企串業(yè)左股票夏，從帝而助趣長枝了炎收購壽交易準(zhǔn)。德友國展翅示了援一個說令人待驚訝綢的低蘿市場涉占有碼率該，因岔為哪其家染族擁伐有的相德國責(zé)中小膊型企爪業(yè)數(shù)像量龐抱大。具這可裂能與秤私人垂股本腹的不敞信任幸性和圍德國們企業(yè)抹和當(dāng)宇地銀納行的嗎歷史曾聯(lián)系在有密謝切的磚關(guān)系藝。需10頸年德間蠅平均忙每家畜公司協(xié)的員橋工人化數(shù)分盲析表溉明，積前伴者的差家族銀企業(yè)昆規(guī)模背差異份大駐局部求在歐捉洲國弦家。閣而德潤國的撿家族洪企業(yè)未都大閘大高去于平熱均水柔平，啟英國魄的家諷族企匪業(yè)普蚊遍較捧小，釋低于橡歐洲從平均蚊水平砍。收抓購資編金溜來源袍可以登是財通過患向抓銀行沿貸款萌以及成自己狐的扮個人鑰資本岸。家閱族企液業(yè)的邁收購黃歷史麻大部氏分有何10吵年的望平均療水平奶，表葬明家刷族企捆業(yè)跪中摸62捎％是般收購暫PE境的金籌融贊尾助商頂。柱非P君E支惰持的濁收購夠都大騾大高污于家普族企祥業(yè)P假設(shè)E爺支持推收購猶的臥交易樹規(guī)模待。在煉過去杏10雞年往間松，非政PE幸支持壺的家普族企唯業(yè)收及購的塵平均扛交易挽規(guī)模質(zhì)約為晨7儲百萬懂，腥PE宴支持懇的交待易果的平區(qū)均交徑易規(guī)活模盟是勺4簡10疫00腎00遼0會。家朋族公施司收緣購，癥是個私人兆股本到公司靠并購脈交易水的重史要來顛源。押前一羅私人木股本臉支持摔的收經(jīng)購家黨族企蘋業(yè)特斷征可血能曠在一跟定程佳度上損影響棍收購蹦后的窮戰(zhàn)略暈變化潛。我馳們研圖究的伸特點襖是林所有蹄權(quán)和在創(chuàng)始席人的布參與疑與扔買斷粗的關(guān)憑系褲，所搜有權(quán)燙的非陷家族育化管屑理的貞股份功與綱收購搭，存膀在備于呢非家壟庭，筑非執(zhí)孔行董薦事前浮收購栽，管備理和宵私人少股本甘公司籃參與午的繼孟任計刻劃訂的問鬼題纏。我冊們的展證據(jù)勇來源錢于扭對1米