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政大機構典藏 > 商學院 > 財務管理學系 > 國科會研究計畫 > Item 140.119/85708

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/85708

Title:	私募基金與高收益債券長期績效
Other Titles:	Private Equity and Long-Run Performance of High-Yield Bond
Authors:	湛可南
Contributors:	財務管理學系
Keywords:	私募基金(private equity);融資併購(leveraged buyout);高收益債券;債券長期績效 private equity;leveraged buyout;high-yield bond;bond long-run performance 債券;績效;私募基金;融資購併;信用評等;Bonds;Performance;Private Equity;Leveraged buyouts;Credit Rating
Date:	2013
Issue Date:	2016-04-20 16:32:06 (UTC+8)
Abstract:	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.
Relation:	計畫編號 NSC 102-2410-H004-026-MY2
Data Type:	report
Appears in Collections:	[財務管理學系] 國科會研究計畫

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