Optimal ownership structure in private equity

doi:10.1111/eufm.12130

CORC > 上海财经大学 > 上海财经大学

	Optimal ownership structure in private equity
	Liu, Bo 1; Liu, Yang 2; Yang, Jinqiang 2
刊名	EUROPEAN FINANCIAL MANAGEMENT
	2018-01
卷号	24 期号:1 页码:113-135
关键词	illiquidity incomplete market managerial compensation ownership structure private equity
ISSN号	1354-7798
DOI	10.1111/eufm.12130
英文摘要	We develop a tractable model to analyse the valuation of a general partner (GP) and the ownership allocation in a private equity (PE) fund. Our results indicate that holding ownership will increase GP's value. We further explore the influential factors that affect GP's optimal ownership decision. Our model predicts that GP's managerial skill has positive effects on GP's shareholding choice. Factors such as leverage, unspanned risks, GP's compensation have negative impacts on GP ownership decision. The fund's maturity has a non-monotonic and concave influence. Moreover, the widely used performance measures implied by our model are consistent with empirical findings.
WOS研究方向	Business & Economics
语种	英语
出版者	WILEY
WOS记录号	WOS:000422747600005
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/803]
专题	上海财经大学
通讯作者	Liu, Bo
作者单位	1.Univ Elect Sci & Technol China, Sch Management & Econ, 2006 Xiyuan Ave, Chengdu 611731, Sichuan, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Finance, 777 Guoding Rd, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Liu, Bo,Liu, Yang,Yang, Jinqiang. Optimal ownership structure in private equity[J]. EUROPEAN FINANCIAL MANAGEMENT,2018,24(1):113-135.
APA	Liu, Bo,Liu, Yang,&Yang, Jinqiang.(2018).Optimal ownership structure in private equity.EUROPEAN FINANCIAL MANAGEMENT,24(1),113-135.
MLA	Liu, Bo,et al."Optimal ownership structure in private equity".EUROPEAN FINANCIAL MANAGEMENT 24.1(2018):113-135.