私募基金参与跨国并购:核心动机、特定优势及其影响

随着经济全球化和金融创新的深入发展,私募基金参与跨国并购的交易数目和交易金额不断上升,逐步成为跨国并购的重要主体。有别于传统跨国公司的并购活动,私募基金并不意图掌控被并购企业的长期经营权,而是利用各国资本收益率的差异,对被收购企业进行财务重组后在资本市场上套利。本文对私募基金参与跨国并购的机理进行理论解析,分析私募基金参与跨国并购的核心动机与特定优势,探讨私募基金主导的跨国并购对东道国相关产业及被收购企业的影响,并就私募基金并购或注资国内企业提出政策建议。

Research on Cross-border M&As Operated by Private Equity Funds

With the accelerating development of financial innovation, the number and value of cross-border M&As operated by Private Equity Funds (PEFs) have been kept on increasing in recent years, which makes PEFs become an important and active role in the global M&A market. Unlike the multinationals in the industrial sector,the PEFs make their cross-border M&A decisions mainly according as the rate of capital gains varies in different investment locations. It has been proved that the PEFs tend to arbitrage the M&A o...