tailieunhanh - Private Equity and Venture Capital in Europe_3

Hiện đã có rất nhiều nghiên cứu thực hiện trên các nguyên nhân và hậu quả của chuyển dịch cơ cấu công ty, nhưng ít được biết về thực hành thực tế: chủ đề này có thể rất khó khăn để phân tích, bởi vì các vấn đề liên quan thường nhạy cảm chính trị và cạnh tranh. Hơn nữa, nhiều nhà quản lý là miễn cưỡng để thảo luận về quyết định khó khăn và lựa chọn thực hiện trong những tình huống này. | 24 CHAPTER 2 Clusters of investment within private equity There has been a great deal of research done on the causes and consequences of corporate restructuring but little is known about the actual practice this topic can be very difficult to analyze because the issues involved are often politically and competitively sensitive. Moreover many managers are reluctant to discuss the difficult decisions and choices made in these situations. It must be emphasized that the description of vulture investors in the press is often critical similar to the description of corporate raiders in the context of hostile takeovers. The relevant issue however cannot be the public or personal perception of vulture investors but rather the role they play in financially distressed firms. For investors vulture financing is very risky there is no assurance the business will be revitalized by the survival plan. The risk is linked to the nature of the crisis a business crisis is different from an audit fraud crisis because it is due to macroeconomic factors and not mismanagement of funds. Vulture investors frequently gain control by purchasing senior securities and they often become board members or managers of the target company. From this position they can propose a survival plan implement it and monitor the growth of the firm. Vulture financing serves to discipline managers of companies in financial distress see Figure . Many skills are required of financial institutions operating in this environment because their intervention forces them to act as advisor and consultant or more often as entrepreneur. The fundamental role of the private equity Vulture financing Definition Financing of a firm that faces crisis or decline. Money is used to sustain the financial gap generated from the decline of growth. Risk-return profile Money is not used to finance sales growth or new perspective but to launch a survival plan. Risk is very high and linked to the nature of the crisis. Example of .