نمونه کارهای خصوصی سهام و عملکرد شرکت در طول رکود اقتصادی جهانی

We assess the recent economic and financial performance of U.K. private equity (PE) backed buyouts. Our empirical evidence, which is based on thousands of transactions, reveals that PE-backed buyouts achieved superior economic and financial performance in the period before and during the recent global recession, relative to comparable firms that did not experience such transactions. Our regression results imply positive differentials of 5–15% in productivity and approximately 3–5% in profitability for buyout firms, relative to non-buyout firms. Another key finding is that revenue and employment growth for PE- backed firms were positive during the sample period.

The second wave of private equity (henceforth, PE) transactions reached an all-time peak in 2007 (Fig. 1). The worst recession since the 1930s, which began in 2008, meant that prospects for many businesses became severely challenged, including those that had been subject to a buyout. The rapid growth of the PE and buyout market has attracted considerable attention from policymakers, the media and unions. Critics of these transactions asserted that the high leverage typically associated with these deals would lead to short term performance horizons, reductions in employment, and increased insolvency risk particularly in an economic downturn (e.g. ITUC, 2007; TUC, 2007 and Rasmussen, 2008).

At the onset of the recession, some commentators were pessimistic about the prospects for PE backed buyouts in the U.K. They conjectured, that such firms would be highly vulnerable, relative to comparable businesses, given their high multiples and historically high levels of leverage. In this paper, we have examined the economic and financial performance of these PE-backed buyouts in the U.K. over the period leading up to and including the recent global recession, compared to other U.K. non-buyout companies. We find that during the recent severe global recession, PE-backed buyouts experienced higher growth, productivity, profitability, and improved working capital management, relative to comparable firms that did not experience such a transaction. This evidence is consistent with PE firms both adding more value to portfolio companies and being more actively involved in taking timely action to assist their investees.