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

原文：Family-FirmBuyouts,PrivateEquity,andStrategicChangeTheEuropeanprivateequityandbuyoutmarket'hasgrowninprominenceoverrecentyears.TheCentreforManagementBuyoutResearch(CMBOR，2008)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，2008).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.岸Non-P蛋E-bac鬼kedb目uyout歲sare臟sign鵲ifica侍ntly蹈small飽er維騙than姑PE-ba伏c(diǎn)ked爹trans呢actio玩nsfo圓rfam膜ilyf臺irms.添Over典the偶晨last食10ye攤ars,靈thea欣verag附edea油lsiz架eof灶non-P欠E-bac敏ked變低famil餓yfir脹mbuy誓outs擺wasa業(yè)bout政7m政,com諒pared朋with溪鋪anav染erage弱deal愧size舅ofa慢bout擁41m招for題PE-ba謎cked鄉(xiāng)deals夸殃from書this罰sourc旗e.Fa等mily-始firm幻buyou帆ts慘杏thus械repre尿sent如anim她porta襖ntso吼urce括ofde救alsf皮orpr著ivate割醒equit磁yfir棍ms.燦Famil姓y-fir竭mcha冊racte膛risti禍csbe驢fore崖apri戒vate畫攔equit劫y-bac檔k忠e疑dbuy批outm延ayin奪fl者uence意the龜degre駁eand勁壘focus褲ofs杏trate芳gicc且hange泰saft搬era占buyou載t.We雞exam陷ine川房chara強(qiáng)cteri暈stics改rela仗ting譜toow蒸nersh悼ipan爐dfou愈nders更'信局invol姓ve建m戶ent已p池re-bu澇yout,它own證e強(qiáng)rs朝h戚ipst希akeo謙fnon告-fami捏ly蝴漸manag壩ement咸pre-只buyou家t,ex固isten槳ceof攻non-則famil胞y,no祝nexec迫utive唉年direc枕tors宮pre-b俗u(yù)yout石,and莖mana列g(shù)emen策tand艇棕priva堤teeq蛋uit諒y聯(lián)firm雖part集icipa蕩tion緊insu卸ccess否ionp具lanni勇ng.芳散Oure干viden側(cè)c繩e柔isb輸ased慌ona顛repre該senta樓tive躺surve健yof伯104哀售priva擋tefa淋mi剩ly驢firm張sacr拴oss勵Europ叼e岡whic扣hhad諷abu叨yout贏咽funde毅dby旱priva匪teeq斯uity眠betwe丑en19抗94an獎d200業(yè)3.播共Abro圾adde勞f口i褲nitio瞇nwas慈adop陵ted,塞with擋afam旦ilyf枯irm思嗽de范fi童neda灣shav坊ingm腰oret割han5敘0%of耀the稿ordin羽aryv限oting啄誰share瘋sown腐edor詳cont仿rolle施dby如asin懷glef更amily槳grou猶p右忍relat穩(wěn)edby黎bloo戚dor由marri蔬age,堆a(bǔ)ndt京hefi撤rmis兩perc評eived測蟻tobe乳afa毛mily凍busin醫(yī)ess.猶Ther見espon太dents旨were尊ins蠅enior喜季posit具ions:木CEOs沃presi湯dents環(huán)(83%探),di魔recto昆rsin沫cludi蹲ng英懷deput順yCEO周(15%熔),an者dsen仗iorm鴉anage骨ment信(2%).麻The遣種strat聽egyo男fthe期firm羅isc福ompar迎edbe響fore潮anda刊fter竿the惕憐buyou扮tw啄here粉grow于th/曬桂expan士sion.姥The羽sampl例ewas低divi刺dedi高ntov蜜ariou忌ssu浪b蛙group瞧s徹扣relat堤edto助the蹲compa溫nych青aract汽erist晉icsc明oncer墨ning陣瞇owner眉ship愉andm藝anage嗓ment.徒漁Unive希rsity顯anal塔ysis鼓was益竟then呆used電tode們termi燭newh骨ether逢the政obser似vedc超hange分s翅項(xiàng)in匆蘋strat狗egyo谷f右軟these搖subg她roups滴was借signi廁fican駛t.皺When晶thef錄amily凱firm毯had燥been辭found藝edby珠the決挽previ從ouso月wners拖,the就chan疤gesi插nstr州ategy懲post落-buyo佳ut后曠areg尋enera船llym予oren駕umero堵usan主dmor糠esig焰nific斬antt掘han施饅when拍thef嫁irmh徑adbe白enpu唐rchas塑edor既inhe齒rited殿byt網(wǎng)he步件pre-b瞞uyout頭owne柴rs.T過hisi必mplie樂s塘論that耗thef糾ounde取r/own漸erha溜sbee膠ndom辜inant哲int榜erms四of夠沙decid遠(yuǎn)ingc迎ompan敲ystr糾ategy滔and證that模once準(zhǔn)she/h絞erel貓inqui帖shes閣背owner箭ship,辦the威manag通ement障isf釀reet業(yè)omak嘴ethe館馳chang帳esde藝emed這neces肺sary賀fort測hesu奴rviva電land含grow能th略執(zhí)ofth之efir班m.緊Sever講alch展anges竿ins循trate澤gywe懇reco遠(yuǎn)mmon擾tofi展rms期辟that屆were伶found和edor脫non-紗found細(xì)ed委byt主hepr累eviou欺sown唉ers.慕While閑both犯type叼s敘脈offi同rmss族howed唉stra轉(zhuǎn)tegic谷chan友gesw嚴(yán)ithr爪egard臣toa丟n皮美incre筒ased仙empha羅siso磨nret嚼urns深from敘opera胃tions涉and技污capit休alre嫂struc叨turin愛g,fo詢unded籠firm航sals器oind送icate導(dǎo)da元忌chang日ein謊strat慎egyw傘ithr越egard隔tos徑ales疤growt倚h,ma總rket聰噴share炕,sho扎rt-te臟rmpr靜ofita右bilit乘y,an輛dlon洞g-ter甚mpro援fitab固ility吧.封晶Thus,東the弦twod濤iffer援ents競trate顯gies特o秋f朋growt氧h辟懲expan糾sion亦ande燈ffici家ency蝴impro亭vemen鳥tsar姜efai屈rlye段quall邁y言婆impor合tant諒.芹Strat避egic談chang溫esaf陽tera辮buyo磚uto邪f渴afa冷mily訴firm雁were伴great膏erif筐the那firm'添sfou既nder瓶wass瓜till芳prese鉆ntat智the濱粱time睡ofth息ebuy匆out.固There清are孟three愈poss續(xù)ible盞expla遙natio役ns鄭乎fort住hisf清indin邊g:1)鴨foun仔ders憲mayn榨otpr頃ovide叮adeq像uate召亦l(xiāng)eade大rship根asf陣irms見need先totr糾ansit員ioni術(shù)ntom僚orea欄dvanc館ed恐著growt算hpha釋ses;址2)fo達(dá)under奮smay循beu算nable使toa婆djust灰thei裕r過爸deci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分家庭沒除有很好地理墳解先市場收購的被含義禿（哲Cummi饒ng始，激Siege剪l收和殊Wrigh謹(jǐn)t,歐2007謊）。討大型公共爹部門杏對私人部門坦的收購交易繩和重點(diǎn)一直爐是蛾激勵和控制卷問題立還有費(fèi)新決議的所潑有權(quán)和治理返結(jié)構(gòu)，股權(quán)悲的管理，服話務(wù)承諾和壓仇力浴等問題灑，并在許多攻案件的所有日權(quán)和積極參輩與私人股權(quán)多投資公司徑中得以體現(xiàn)層（妻Wrigh爛t慮和獻(xiàn)Bruin奪ing跪,潑2008）愿。相比之下籮，飼典型的家族棒企業(yè)在傳統(tǒng)呼上一直辣被今認(rèn)為是和家壯庭所在公司但的目標(biāo)是緊正密聯(lián)系在一碼起的店，就是活家庭成員集顏中的集團(tuán)管哭理漢目標(biāo)。家庭出通常并不完被幼認(rèn)為倒是氧追求利潤最饒大化的曾單純的經(jīng)濟(jì)著單位的企業(yè)洋。相反，家殃庭還要爭取給非經(jīng)濟(jì)目標(biāo)療。竿結(jié)果開是省，一個公司坊家族控制喊的高松緊度增加亮了一個重要之層面的家族佳企業(yè)的戰(zhàn)略慎分析唱方法延。眠這些變化刃在杯一個家族企瓶業(yè)收購擠時廢可能導(dǎo)致蓋所有權(quán)制度芽的目標(biāo)和戰(zhàn)潤略變化，而議這些戰(zhàn)略的漆變化可能會狂影響企業(yè)的洋生存或?qū)Πl(fā)展兄。在策略上敲的改變是窮由于巖以下兩種罰因素，第一忠，該公司可春能已經(jīng)表現(xiàn)圈不佳，新的槽戰(zhàn)略必須采港取蟻方法縱糾正該原戰(zhàn)略濱（效率買斷讓）。二，新蛙業(yè)主將有追置求在業(yè)務(wù)方攀向上多樣化尖發(fā)展嶺自己利益驗(yàn)的自由薪。盒創(chuàng)始人，非希家族管理人催員，聲可能對收購昏進(jìn)程和業(yè)務(wù)孝之前和之后斑的收購采取向不同康的窗策略娛。在戰(zhàn)略上偶也因所有權(quán)使和企業(yè)治理攔前的收購，妄以及新的金撤融結(jié)構(gòu)和需辭要遷而產(chǎn)生相應(yīng)菌的變化進(jìn)而況承擔(dān)由此產(chǎn)糠生的辦費(fèi)用。靈根據(jù)覽以上孝問題，本文斧寫作去的目的是雙愈重的廣：坡貸1渣、概我們提供了夫家庭，企業(yè)仰并購市場的罩發(fā)展概況。當(dāng)具體來說，揪我們認(rèn)研究督的數(shù)量和交痛易規(guī)模，占駱了收購總額鼠的大部分輝。我們使用嘴CMBOR叛獨(dú)特的數(shù)據(jù)著庫，包括車30,森000個歐文洲管理層收址購的案例濱作為這一分帖析的來源凱。光2推、娛我們進(jìn)行詳慢細(xì)的研究棄表明，淺家族企業(yè)作炸為收購的俗主體會發(fā)上言一個戰(zhàn)略性勁的述轉(zhuǎn)變否。具體來說詞，我們渣研究師了儉私人家族企午業(yè)戰(zhàn)略的變西化穿會影響展收購前的所需有權(quán)和該公悄司累的拴治理恩權(quán)新。貝研究表明靜全歐洲的私雜人股本堡，在秘1994和鏟2003年墻間良資助了10頓4妻個收購私人必家族企業(yè)的奶例子膏。牢家族企業(yè)現(xiàn)藍(lán)任經(jīng)理和私砌募股權(quán)（P鉗E基）餅公司的潛在五目標(biāo)不變堤使宰收購家族企租業(yè)繼承問題胳得以徑解決。通過屑催覺生勁創(chuàng)業(yè)活動，偵可以提高公屑司運(yùn)營效率壤和實(shí)現(xiàn)業(yè)務(wù)維增長。本節(jié)約介紹鉛介紹的重點(diǎn)軋是喝這個收購市霉場的重要組份成部分概覽凳，數(shù)量和交幟易價值，交蕩易規(guī)模，總珍收購市場，覺就業(yè)份額，跳以及私人股井本的作用。稿文中浪所有數(shù)據(jù)指混的是家族企猶業(yè)收購交易旦，另有說明示除外杜?？?007年椒，嫩在歐洲有看559姨家告企業(yè)收購和登有關(guān)姑CMBOR祥的買進(jìn)遣記錄，金額伴為18.3狐億元晉。避在級2000年膝至2003眼年狗間束，收購活動舍中的蝦一巧些整體收購賴市場在此期品間草達(dá)到垂一致。自那架時以來，家境族企業(yè)收購塌活動已經(jīng)恢濱復(fù)，而20救07年的數(shù)建字是按數(shù)量稅和價值產(chǎn)統(tǒng)計(jì)裙的新紀(jì)錄。線國家發(fā)展趨胡勢的比較發(fā)尾現(xiàn)，叮交易數(shù)量的恒增加在歐洲稿大部分地區(qū)等已經(jīng)改相對均勻。末在過去的1陜0年更離奧，收購交易乓數(shù)量方面的詳活動曬在大多數(shù)國蓬家的市場四有所增加。痰在隆家庭企業(yè)收壩購總價值變蕩動對每年存歐洲市場的誤許多常影響中踐，并沒有明厭顯的劉新廣模式出現(xiàn)。對然而，由于愛在這種買斷蕩的是上升，總價蹄值達(dá)到了2逝007年橫的云新紀(jì)錄。蓋家族企業(yè)的五平均進(jìn)收購交易規(guī)巨模覆比所有交易狹的平均交易命量低。姜收購的家庭跌的平均交易輝量在過去1匙0年的趨勢斥表明，19單98年，這第些交易顧數(shù)量抓都是維持在婦約筒26000統(tǒng)000不相對穩(wěn)定的麗水平，而所竹有收購的平誠均交易量大炮幅增加孟到了群36梳00000月0館，枕而在200喂7年移幾乎錯是僻1.2億目。這種日益西擴(kuò)大的差距擾，反映了廣栽大市民的主碗要增長恐是在獄資產(chǎn)剝離，極收購房方面家。川家族企業(yè)一夕直是收購硬的熱門話題給。199帖8年至20濃07年，在顫歐洲約29乖％方的收購活動義是家族收購峽。然而，這耀些低收購吳只占這段期滔間所有收購尤總價值店的11貧％，進(jìn)一步缸強(qiáng)調(diào)的是，蘆家族企業(yè)收啞購普遍比其俗他類型的收軟購襖規(guī)模腸較小。疏在過去10瑞年恭間漿，買斷市場嘩在家族企業(yè)奸交易中所占番比重下降天所腐，牲在構(gòu)2002年隨占累23.2的％鉤，并在20批04年窄所占比重開滴始便再次上升，塑在2007總年底達(dá)到3渾8.3既％的交易數(shù)幅量。該市場刊在山家庭，公司苗收購漢總價值穗中的比重在彩1998年環(huán)到2000扯年期間急劇嘩下滑。熟自那時以來寶，家族企業(yè)狗收購值者在京10％和1摘5％汗的被市場總價值壽之間波動舉。宿過去10年類的平均水平習(xí)表明，躬買斷勞市場占家庭倦企業(yè)的交易禁份額雅量在淡各國之間存菌在明顯差異市。在法國，萄意大利，西隙班牙和英國溜，這一比例銀占斯所有交易的警三分之一或跨更多衣。一個可能驢的原因是這緒些國家包含擦了相當(dāng)社數(shù)量的犬大家族企業(yè)滿股票，從而歲助長仆了騙收購交易。模德國展示了賺一個令人驚庫訝的低市場攪占有率鋒，因?yàn)槌菲浼易鍝碛惺〉牡聡行I型企業(yè)數(shù)量食龐大。這可脈能與文私人股本的奔不信任性和鮮德國企業(yè)和互當(dāng)?shù)劂y行的機(jī)歷史聯(lián)系有切密切的關(guān)系遷。歐10年計(jì)間壽平均每家公叉司的員工人如數(shù)分析表明梳，前痰者的家族企修業(yè)規(guī)模差別萌大票部分扭在歐洲國家姓。而德國的送家族企業(yè)都在大大高于平忘均水平，英膛國的家族企輝業(yè)普遍較小禽，低于歐洲跨平均水平。盒收購資金私來源毛可以灘是必通過減向蹄銀行勒貸款揭以及自己的驗(yàn)個人資本寸。家族企業(yè)柱的收購戒歷史鴿大部分有1姥0年的平均牙水平，表明織家族企業(yè)口中競62率％是蛙收購PE的才金融贊助商巨。川非PE支持飯的收購都大愿大高于家族誕企業(yè)PE穗支持揚(yáng)收購的莊交易規(guī)模哥。在過去1屑0對年饑間捕，非PE支守持的家族企湊業(yè)收購的平將均交易規(guī)模沖約為7偽百萬值，PE免支持的交易早的平均交易竟規(guī)模亞是按4殿10000似00企。家族公司間收購，援是透私人股本公盒司錦并購交易的懼重要來源?？椙耙凰饺斯善局С值氖諝①徏易迤髽I(yè)碎特征可能箱在一定程度淋上賊影響哲收購后的戰(zhàn)餓略變化。我票們研究的特齡點(diǎn)優(yōu)是渣所有權(quán)和創(chuàng)羞始人的