公司收高益債券是私募基金進行融資購併交易時主要的資金來源。
本研究使用Bessembinder et al. (2009)提出的方法檢測公司債券
的超額報酬，發現私募基金債券之績效普遍不佳，此現象尤以信用
評等Ba以下以及於熱市發行之私募基金債券為最。本研究也發現私
募基金成立愈久，其債券績效愈差。投資銀行相關之私募基金債券
績效也顯著劣於一般私募基金債券。本研究為機構投資人與私募基
金管理者提供了債市的新觀點。
The bond market provides an important source of financing
for Private Equity (PE) sponsored transactions. Using the
methodology suggested by Bessembinder et al. (2009), we
find that PE-sponsored bonds underperform comparable
benchmarks. This is especially true for bonds with credit
ratings below Ba or bonds issued in hot bond markets.
Furthermore, bonds sponsored by more experienced PE groups
underperform bonds associated with less experienced PE
groups, while bonds backed by investment bank-affiliated PE
groups underperform bonds sponsored by other PE groups.
These findings provide new insights for institutional
investors and policy makers about PE’s role in the bond
market.
