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 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51620982 Online Users : 531

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大典藏 > College of Commerce > Department of Finance > NSC Projects > 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:	[Department of Finance] NSC Projects

Files in This Item:

File	Description	Size	Format
102-2410-H004-026-MY2.pdf		932Kb	Adobe PDF2	422	View/Open

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.

Loading...