成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

訂閱

多平臺(tái)閱讀

微信訂閱

雜志

申請(qǐng)紙刊贈(zèng)閱

訂閱每日電郵

移動(dòng)應(yīng)用

專(zhuān)欄 - 從華爾街到硅谷

私募股權(quán)合約緣何無(wú)足輕重

Dan Primack 2011年06月15日

Dan Primack專(zhuān)注于報(bào)道交易和交易撮合者,從美國(guó)金融業(yè)到風(fēng)險(xiǎn)投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國(guó)馬薩諸塞州羅克斯伯里經(jīng)營(yíng)一份社區(qū)報(bào)紙。目前他居住在波士頓附近。
今日所知明日或生變。

????每當(dāng)一宗大型杠桿收購(gòu)交易公布時(shí),坊間都會(huì)對(duì)所產(chǎn)生的債務(wù)和相關(guān)杠桿條款進(jìn)行分析。目的是對(duì)交易完成后的公司營(yíng)運(yùn)狀況有所了解,并判斷買(mǎi)方所承擔(dān)的貸款是否已超出合理水平。

????但正如我們過(guò)去幾年所看到的那樣,銀行很少愿意讓企業(yè)陷入違約的境地。原因可能是因?yàn)殂y行不愿因此產(chǎn)生短期損失(即便這會(huì)帶來(lái)長(zhǎng)期增益),或者是因?yàn)樗鼈內(nèi)狈?nèi)部團(tuán)隊(duì)來(lái)管理這樣的資產(chǎn) (盡管它們可以從大型杠桿收購(gòu)公司聘請(qǐng)到這樣的團(tuán)隊(duì))。

????事實(shí)上,常見(jiàn)的情況是“修訂和延期”,銀行將貸款到期日延后,換取杠桿收購(gòu)公司更優(yōu)厚的償付條款。

????我今天之所以提出這個(gè)問(wèn)題,是因?yàn)樯现苡幸晃凰侥脊蓹?quán)研究者在討論行業(yè)風(fēng)險(xiǎn)時(shí)所作的點(diǎn)評(píng) (主要圍繞已接近投資期末的2006-2007年基金。她說(shuō)她研究私募股權(quán)已經(jīng)20年了,只見(jiàn)過(guò)一次基金到期但未要求有限合伙人延期情況 (有限合伙人通常都會(huì)批準(zhǔn)延期,并對(duì)費(fèi)用做出調(diào)整)。

????換言之,我們?cè)谝蛔诮灰谆蚰假Y剛剛完成時(shí)所作的最初分析往往隨著時(shí)間流逝而變得無(wú)足輕重。別忘了私募股權(quán)看重的是結(jié)果,而不是開(kāi)頭……

????Whenever a major LBO deal is announced, there is analysis of the incurred debt and related leverage terms. The idea is to get a sense of how the company will operate post-transaction, and if the sponsors are loading on more loans than a company can reasonably handle.

????But, as we've learned over the past few years, banks rarely are willing to put companies into default. Maybe it's because they don't want to incur short-term losses (even if it creates long-term gains). Or maybe it's because they don't have in-house teams to manage such assets (even though they could hire such teams from large LBO shops).

????What we got instead was "amend and extend," where banks take a pinch of flesh from LBO firms in exchange for kicking the expiration can down the road.

????I bring this up today because of a comment made last week by a private equity researcher, in discussing industry overhang (which is mostly concentrated in 2006-2007 vintage funds that are nearing the end of their investment periods. She noted that in two decades of covering PE, only once had she seen a fund's lifecycle expire without asking LPs for an extension (which LPs almost always provide, typically with fee modifications).

????In other words, what we originally analyze when a deal gets done or fund gets raised is often rendered irrelevant with the passage of time. Yet another reminder that private equity is about ends, not beginnings…

?

我來(lái)點(diǎn)評(píng)

相關(guān)稿件

  最新文章

最新文章:

中國(guó)煤業(yè)大遷徙

500強(qiáng)情報(bào)中心

財(cái)富專(zhuān)欄

国产精品美女挤奶汁视频| 亚洲国产欧美精品一区二区三区| 1024手机基在线播放国产| 国产韩国精品一区二区三区久久| 国产高潮刺激一区二区三区| 欲妇荡岳丰满少妇a片| 中文字幕一区在线观看视频| 国产成人精品一区二三区熟女| 国产亚洲午夜高清国产拍精品,| 久久精品99久久香蕉国产| 欧美一本大道东京热精品| 亚洲综合色在线观看一区二区三区| 欧美久久中文字幕| 亚洲国产成人精品无码区在线观看| 五月综合激情婷婷六月色窝| 精品久久人人爽人人玩人人妻| 国产精品尤物在线| 国产成人AV无码永久免费一线天| 黄色视频在线免费观看| 日韩人妻潮喷无码视频| 成人免费无码精品国产电影| 亚洲精品无码高潮喷水在线| 成人a v在线播放免费 | 欧美日韩天堂一区二区三区| 色婷婷久久综合中文久久蜜桃AV| 国产成人V在线免播放| 欧美日韩欧美在线免费观看| 亚洲精品熟女国产| 一本大道东京热无码中字| 国产a久久精品一区二区三区| 国产一区三区二区中文在线| 欧美中日韩狂热高清视频| 日本人成在线播放免费课体台| 国产对白老熟女正在播放| 日韩精品人妻一区二区三区四区| 久久精品久久久久久噜噜中文字幕| 亚洲无线观看国产高清| 久在线中文字幕亚洲日韩| 中文字幕无码一区二区免费| 欧美激情一区二区三区啪啪| 人妻少妇精品无码专区二区a|