政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/85708
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 114504/145531 (79%)
造訪人次 : 53477918      線上人數 : 1169
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/85708


    題名: 私募基金與高收益債券長期績效
    其他題名: Private Equity and Long-Run Performance of High-Yield Bond
    作者: 湛可南
    貢獻者: 財務管理學系
    關鍵詞: 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
    日期: 2013
    上傳時間: 2016-04-20 16:32:06 (UTC+8)
    摘要: 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.
    關聯: 計畫編號 NSC 102-2410-H004-026-MY2
    資料類型: report
    顯示於類別:[財務管理學系] 國科會研究計畫

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    102-2410-H004-026-MY2.pdf932KbAdobe PDF2422檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋