外文翻譯--家族企業(yè)收購(gòu)，私募股權(quán)和戰(zhàn)略變革-wenkub
2023-05-19 07:11:43 本頁(yè)面
【正文】 onger pared to succession planning without the management39。s unique database prising the population of 30,000 European buyouts as the source for this analysis. 2. We undertake a detailed study of strategic changes in family firms as a result of a buyout. Specifically, we examine whether changes in the strategy of former private family firms are affected by the ownership and governance of the firm before the buyout. These issues are examined using a novel handcollected representative questionnaire survey of 104 private family firms across Europe which had a buyout funded by private equity between1994 and 2020. Family firms provide a constant and abundant source of potential targets for incumbent managers and private equity (PE) panies. Buyouts of family firms enable the resolution of succession problems and. By catalyzing entrepreneurial activity, can improve the operating efficiency of the firm and enable growth. This section presents an overview of trends in this important part of the buyout market, focusing on number and value of deals, deal sizes, share of the total buyout market, employment, and the role of private equity. All data refer to buyout transactions of family firms unless otherwise stated, and all data refer to Europe unless otherwise stated. In 2020, 559 familyfirm buyouts and buyins were recorded by CMBOR across Europe, amounting to a total value of billion. There had been a dip in buyout activity between 2020 and 2020, in line with a somewhat weaker overall buyout market during that period. Since then buyout activity in family firms has recovered, and the 2020 figure was a new record by number and value. A parison of trends by country reveals that the increase in deal numbers has been relatively uniform across most of Europe. Over the past 10 years, buyout activity in terms of number of transactions has increased in most national markets. The total value of familyfirm buyouts has fluctuated on an annual basis in many of the European markets, and no clear pattern has emerged. However, due to the rise in number of this type of buyout, the total value reached a new record in 2020. The average deal size of buyouts of family firms is much lower than the average deal size of all transactions. The trend in the average deal size of family buyouts over the past 10 years shows that these deals have remained at a relatively constant level of about26 m, while average deal size for all buyouts has increased significantly, from 36 m in 1998 to almost 120 million in 2020. This increasing gap reflects the major growth in large publictoprivates, divestments, and secondary buyouts across Europe in recent years. Family firms have been a constant and abundant source of buyouts. Between 1998 and 2020, about 29% of all buyouts in Europe were familyfirm transactions. However, these deals represented only 11% of the total value of all buyouts over this period, further underlining the fact that buyouts in family firms are generally much smaller than other types of buyouts. Over the last 10 years, the proportion of the buyout market accounted for by familyfirm deals decreased until 2020 (%) and started to rise again in 2020, reaching % of deal numbers by the end of 2020. The proportion of the total market accounted for by familyfirm buyouts based on total value also saw a sharp decline from 1998 to 2020. Since then the value of familyfirm buyouts has fluctuated between 10 %and 15% of total market value. An international parison of the 10year averages of the share of the buyout market attributable to familyfirm deals shows significant variation between countries. In France, Italy, Spain, and the UK, this proportion is a third or more of all transactions in terms of deal numbers. A possible reason might be that these countries contain a considerable stock of family firms, thus fueling buyout transactions. Germany shows a surprisingly low market share given its huge number of
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