diumenge, 7 de juliol de 2013

El private-equity millora els resultats de les empreses?

Interessant estudi de Jonathan B. Cohna, Lillian F. Millsa, Erin M. Towerya de la Universitat de Texas ("The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns") on analitzen, a partir d'informació de la hisenda americana (IRS), l'evolució d'empreses que cotitzen a borsa que han estat adquirides per fons de private-equity (i s'han exclòs de la borsa, el que es coneix com LBO - Leverage Buyouts).

Aquests fons compren empreses (sovint amb molt apalancament, és a dir, amb molt deute), les reestructuren, fan canvis en la gestió... amb l'objectiu de vendre-les al cap d'uns anys (més info aquí).

Els resultats? (les negretes són meves):
We present three primary results. First, we find little evidence of operating improvements subsequent to an LBO on average. We do, however, observe operating improvements in the set of firms for which public financial data are available, which suggests that the conclusions of prior, albeit careful, studies showing performance improvements for this group do not generalize to the population of LBOs. Second, we show that leverage and debt levels increase after LBOs and the frequency of positive tax payments declines. Finally, we find no support for arguments that private equity firms use LBOs to opportunistically “strip” otherwise healthy firms. LBO firms make limited dividend payments following an LBO, and firms do not appear to shrink after LBOs. The healthiest firms – those that were operationally profitable pre-LBO – continue to grow post-LBO, even after the initial asset revaluation that likely occurs for financial reporting purposes. Further, even the loss firms tend to experience 37 asset growth both during and after the LBO. Our results collectively suggest that the primary effect of LBOs is to produce a sustained increase in financial leverage.
És a dir, sense millores operatives però amb canvis fonamentals en l'estuctura de capital (bàsicament, molt més deute).

1 comentari:

sargantana ha dit...

tenim un somni,
si tambe es el vostre...
us convidem a participar a aquest blog:

http://cadenablogs-11setembre2013.blogspot.com/

us hi esperem !!