| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11953 |
| DP11953 Cross-border Acquisitions and Restructuring: Multinational Enterprises and Private Equity-Firms | |
| Lars Persson | |
| 发表日期 | 2017-04-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets and which incorporates endogenous financial frictions. MNEs’ advantages lie in firm-specific synergies and access to internal capital markets, whereas PE-firms are good at reorganizing target firms. We show that stronger firm-specific synergies, lower restructuring advantages for PE-firms, higher exit costs for PE-firms, better access to internal capital markets, a higher risk premium on lending, higher moral hazard problems, and higher trade costs all favor MNEs over PE-firms. We also present cross-country correlations that are consistent with these predictions. |
| 主题 | Industrial Organization |
| 关键词 | Cross-border acquisitions Institutions Private equity M&as Trade |
| URL | https://cepr.org/publications/dp11953 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540765 |
| 推荐引用方式 GB/T 7714 | Lars Persson. DP11953 Cross-border Acquisitions and Restructuring: Multinational Enterprises and Private Equity-Firms. 2017. |
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