家族企业收购私募股权和战略变革文献翻译

原文：Family-FirmBuyouts,PrivateEquity,andStrategicChangeTheEuropeanprivateequityandbuyoutmarket'hasgrowninprominenceoverrecentyears.TheCentreforManagementBuyoutResearch(CMBOR，2008)hasshownthattheannualnumberofmanagementbuyoutsrosefroml212in1998to1,436bytheendof2007.Buyoutsoffamilyfirmsrepresentoneofthemostimportantfeaturesofthismarket,withthenumberofdealsincreasingfrom45in1998to559in2007andthecombinedvaluefrom11.2billionto18,3billionoverthesameperiod.In2007familyfirmscontributed38%ofthenumberand11%ofthevalueofthewholeEuropeanbuyoutmarket.Managementbuyouts(MBO)andbuy-ins(MBI)thusrepresentanimportantsuccessionoptioninfamilyfirms.Theyalsoprovideanimportantdealsourceforprivateequityfirms.Yet,whilemuchattentionintheprivateequityandbuyoutmarkethasbeenonlargepublic-to-privatetransactions,thefamilybuyoutpartofthemarketisnotwellunderstood(Cumming,SiegelandWright，2007).Thefocusinlargepublic-to-privatetransactionsanddivisionalbuyoutshasbeenontheresolutionofincentiveandcontrolproblemsthroughtheintroductionofnewownershipandgovernancestructuresintheformofmanagerialequityownership,commitmentandpressuretoservicedebt,andinmanycasesownershipandactiveinvolvementbyprivateequityfirms(WrightandBruining，2008).Incontrast,thetypicalfamilyfirmhastraditionallybeenassumedtobeownedandmanagedbyaconcentratedgroupoffamilymemberswherethefirm'sobjectivesarecloselylinkedtofamilyobjectives.Familiestypicallydonotregardtheirfirmsasmereeconomicunitspursuingthegoalofprofitmaximization.Instead,familiesalsostrivefornoneconomicgoals.Asaresult,thetightnessofgripofafamilyoveritsfirmaddsanimportantdimensiontotheanalysisofthestrategiesoffamilyfirms.Thechangesoccurringonthebuyoutofafamilyfirmmayleadtochangesingoalsandstrategiescomparedtothepreviousownershipregime,andthesestrategicchangesmayinfluencefirmsurvivalorfailure.Thechangeinstrategyismotivatedbyoneofthefollowingtwofactors;first,thefirmmayhavebeenunderperformingandnewstrategiesmustbeadoptedtocorrectthis(efficiencybuyout).Second,thenewownerswillhavethefreedomtopursuetheirowninterestsintermsofbusinessdirectionand/ordiversification(growth/expansionbuyout).Thepresenceoffounders,shareholdingnon-familymanagers,ornonfamilynon-executivedirectorsontheboardmayhavedifferenteffectsonthebuyoutprocessandonthebusinessstrategiesadoptedbeforeandafterthebuyout.Changesinstrategyarealsoduetotheownershipandgovernanceofthefirmbeforethebuyoutaswellasthenewfinancialstructureandtheneedtomeetresultantservicingcosts.Inlightoftheseissues,thepurposeofthisarticleistwofold;1.Weprovideanoverviewofdevelopmentsinthefamily-firmbuyoutmarket.Specifically,weexaminetrendsinthenumberandvalueofdeals,dealsizes,shareofthetotalbuyoutmarket,employment,andtheroleofprivateequity.WeuseCMBOR'suniquedatabasecomprisingthepopulationof30,000Europeanbuyoutsasthesourceforthisanalysis.2.Weundertakeadetailedstudyofstrategicchangesinfamilyfirmsasaresultofabuyout.Specifically,weexaminewhetherchangesinthestrategyofformerprivatefamilyfirmsareaffectedbytheownershipandgovernanceofthefirmbeforethebuyout.Theseissuesareexaminedusinganovelhand-collectedrepresentativequestionnairesurveyof104privatefamilyfirmsacrossEuropewhichhadabuyoutfundedbyprivateequitybetween1994and2003.Familyfirmsprovideaconstantandabundantsourceofpotentialtargetsforincumbentmanagersandprivateequity(PE)companies.Buyoutsoffamilyfirmsenabletheresolutionofsuccessionproblemsand.Bycatalyzingentrepreneurialactivity,canimprovetheoperatingefficiencyofthefirmandenablegrowth.Thissectionpresentsanoverviewoftrendsinthisimportantpartofthebuyoutmarket,focusingonnumberandvalueofdeals,dealsizes,shareofthetotalbuyoutmarket,employment,andtheroleofprivateequity.Alldatarefertobuyouttransactionsoffamilyfirmsunlessotherwisestated,andalldatarefertoEuropeunlessotherwisestated.In2007,559family-firmbuyoutsandbuy-inswererecordedbyCMBORacrossEurope,amountingtoatotalvalueof18.3billion.Therehadbeenadipinbuyoutactivitybetween2000and2003,inlinewithasomewhatweakeroverallbuyoutmarketduringthatperiod.Sincethenbuyoutactivityinfamilyfirmshasrecovered,andthe2007figurewasanewrecordbynumberandvalue.AcomparisonoftrendsbycountryrevealsthattheincreaseindealnumbershasbeenrelativelyuniformacrossmostofEurope.Overthepast10years,buyoutactivityintermsofnumberoftransactionshasincreasedinmostnationalmarkets.Thetotalvalueoffamily-firmbuyoutshasfluctuatedonanannualbasisinmanyoftheEuropeanmarkets,andnoclearpatternhasemerged.However,duetotheriseinnumberofthistypeofbuyout,thetotalvaluereachedanewrecordin2007.Theaveragedealsizeofbuyoutsoffamilyfirmsismuchlowerthantheaveragedealsizeofalltransactions.Thetrendintheaveragedealsizeoffamilybuyoutsoverthepast10yearsshowsthatthesedealshaveremainedatarelativelyconstantlevelofabout26m,whileaveragedealsizeforallbuyoutshasincreasedsignificantly,from36min1998toalmost120millionin2007.Thisincreasinggapreflectsthemajorgrowthinlargepublic-to-privates,divestments,andsecondarybuyoutsacrossEuropeinrecentyears.Familyfirmshavebeenaconstantandabundantsourceofbuyouts.Between1998and2007,about29%ofallbuyoutsinEuropewerefamily-firmtransactions.However,thesedealsrepresentedonly11%ofthetotalvalueofallbuyoutsoverthisperiod,furtherunderliningthefactthatbuyoutsinfamilyfirmsaregenerallymuchsmallerthanothertypesofbuyouts.Overthelast10years,theproportionofthebuyoutmarketaccountedforbyfamily-firmdealsdecreaseduntil2002(23.2%)andstartedtoriseagainin2004,reaching38.3%ofdealnumbersbytheendof2007.Theproportionofthetotalmarketaccountedforbyfamily-firmbuyoutsbasedontotalvaluealsosawasharpdeclinefrom1998to2000.Sincethenthevalueoffamily-firmbuyoutshasfluctuatedbetween10%and15%oftotalmarketvalue.Aninternationalcomparisonofthe10-yearaveragesoftheshareofthebuyoutmarketattributabletofamily-firmdealsshowssignificantvariationbetweencountries.InFrance,Italy,Spain,andtheUK,thisproportionisathirdormoreofalltransactionsintermsofdealnumbers.Apossiblereasonmightbethatthesecountriescontainaconsiderablestockoffamilyfirms,thusfuelingbuyouttransactions.GermanyshowsasurprisinglylowmarketsharegivenitshugenumberoffamilyownedMittelstandcompanies.ThismaybelinkedtothegeneralpoorunderstandingandpossiblemistrustofprivateequityandalsothecloselinksGermancompanieshavehadhistoricallywiththeirlocalbanks.Ananalysisofthe10-yearaveragenumberofemployeespercompanyshowsthatthesizeoftheformerfamilyfirmsvariesconsiderablyamongEuropeancountries.WhileGermanfamilyfirmshavebeenwellaboveaverage,UKfamilyfirmsaregenerallysmallerandbelowtheEuropeanaverage.Buyoutscanbefinancedbyindividualsusingtheirownfinancialresourcesalongwithbankdebtorbyprivateequity(PE)firmsoracombination.Themajorityofbuyoutsoffamilyfirmsarebackedbyafinancialsponsorwiththe10-yearaverageshowingthat62%oflitbuyoutsoffamilyfirmswerePE-backed.岸Non-P蛋E-bac鬼kedb目uyout岁sare脏sign鹊ifica侍ntly蹈small饱er维骗than姑PE-ba伏cked爹trans呢actio玩nsfo圆rfam膜ilyf台irms.添Over典the偶晨last食10ye摊ars,灵thea欣verag附edea油lsiz架eof灶non-P欠E-bac敏ked变低famil饿yfir胀mbuy誓outs摆wasa业bout政7m政,com谅pared朋with溪铺anav染erage弱deal愧size舅ofa慢bout拥41m招for题PE-ba谜cked乡deals夸殃from书this罚sourc旗e.Fa等mily-始firm幻buyou帆ts惨杏thus械repre尿sent如anim她porta袄ntso吼urce括ofde救alsf皮orpr着ivate割醒equit磁yfir棍ms.灿Famil姓y-fir竭mcha册racte膛risti祸csbe驴fore崖apri戒vate画拦equit劫y-bac档k忠e疑dbuy批outm延ayin夺fl者uence意the龟degre驳eand劲垒focus裤ofs杏trate芳gicc且hange泰saft搬era占buyou载t.We鸡exam陷ine川房chara强cteri晕stics改rela仗ting谱toow蒸nersh悼ipan炉dfou愈nders更'信局invol姓ve建m户ent已p池re-bu涝yout,它own证e强rs朝h戚ipst希akeo谦fnon告-fami捏ly蝴渐manag坝ement咸pre-只buyou家t,ex固isten桨ceof攻non-则famil胞y,no祝nexec迫utive唉年direc枕tors宫pre-b俗uyout石,and茎mana列gemen策tand艇棕priva堤teeq蛋uit谅y联firm虽part集icipa荡tion紧insu卸ccess否ionp具lanni勇ng.芳散Oure干viden侧c绳e柔isb输ased慌ona颠repre该senta楼tive躺surve健yof伯104哀售priva挡tefa淋mi剩ly驴firm张sacr拴oss励Europ叼e冈whic扣hhad讽abu叨yout赢咽funde毅dby旱priva匪teeq斯uity眠betwe丑en19抗94an奖d200业3.播共Abro圾adde劳f口i裤nitio眯nwas慈adop陵ted,塞with挡afam旦ilyf枯irm思嗽de范fi童neda湾shav坊ingm腰oret割han5叙0%of耀the稿ordin羽aryv限oting啄谁share疯sown腐edor详cont仿rolle施dby如asin怀glef更amily桨grou犹p右忍relat稳edby黎bloo戚dor由marri蔬age,堆andt京hefi撤rmis两perc评eived测蚁tobe乳afa毛mily冻busin医ess.犹Ther见espon太dents旨were尊ins蝇enior喜季posit具ions:木CEOs沃presi汤dents环(83%探),di魔recto昆rsin沫cludi蹲ng英怀deput顺yCEO周(15%熔),an者dsen仗iorm鸦anage骨ment信(2%).麻The遣种strat听egyo男fthe期firm罗isc福ompar迎edbe响fore潮anda刊fter竿the惕怜buyou扮tw啄here粉grow于th/晒桂expan士sion.姥The羽sampl例ewas低divi刺dedi高ntov蜜ariou忌ssu浪b蛙group瞧s彻扣relat堤edto助the蹲compa温nych青aract汽erist晋icsc明oncer墨ning阵眯owner眉ship愉andm艺anage嗓ment.徒渔Unive希rsity显anal塔ysis鼓was益竟then呆used电tode们termi烛newh骨ether逢the政obser似vedc超hange分s翅项in匆苹strat狗egyo谷f右软these摇subg她roups滴was借signi厕fican驶t.皱When晶thef录amily凯firm毯had燥been辞found艺edby珠the决挽previ从ouso月wners拖,the就chan疤gesi插nstr州ategy惩post落-buyo佳ut后旷areg寻enera船llym予oren驾umero堵usan主dmor糠esig焰nific斩antt掘han施馒when拍thef嫁irmh径adbe白enpu唐rchas塑edor既inhe齿rited殿byt网he步件pre-b瞒uyout头owne柴rs.T过hisi必mplie乐s塘论that耗thef纠ounde取r/own渐erha溜sbee胶ndom辜inant哲int榜erms四of够沙decid远ingc迎ompan敲ystr纠ategy滔and证that模once准she/h绞erel猫inqui帖shes阁背owner箭ship,办the威manag通ement障isf酿reet业omak嘴ethe馆驰chang帐esde艺emed这neces肺sary贺fort测hesu奴rviva电land含grow能th略执ofth之efir班m.紧Sever讲alch展anges竿ins循trate泽gywe恳reco远mmon扰tofi展rms期辟that届were伶found和edor脱non-纱found细ed委byt主hepr累eviou欺sown唉ers.慕While闲both犯type叼s叙脉offi同rmss族howed唉stra转tegic谷chan友gesw严ithr爪egard臣toa丢n皮美incre筒ased仙empha罗siso磨nret嚼urns深from叙opera胃tions涉and技污capit休alre嫂struc叨turin爱g,fo询unded笼firm航sals器oind送icate导da元忌chang日ein谎strat慎egyw伞ithr越egard隔tos径ales疤growt倚h,ma总rket聪喷share炕,sho扎rt-te脏rmpr静ofita右bilit乘y,an辆dlon洞g-ter甚mpro援fitab固ility吧.封晶Thus,东the弦twod涛iffer援ents竞trate显gies特o秋f朋growt氧h辟惩expan纠sion亦ande灯ffici家ency蝴impro亭vemen鸟tsar姜efai屈rlye段quall迈y言婆impor合tant谅.芹Strat避egic谈chang温esaf阳tera辫buyo砖uto邪f渴afa冷mily诉firm雁were伴great膏erif筐the那firm'添sfou既nder瓶wass瓜till芳prese钻ntat智the滨粱time睡ofth息ebuy匆out.固There清are孟three愈poss续ible盏expla遥natio役ns郑乎fort住hisf清indin边g:1)鸭foun仔ders宪mayn榨otpr顷ovide叮adeq像uate召亦leade大rship根asf阵irms见need先totr纠ansit员ioni术ntom僚orea栏dvanc馆ed恐着growt算hpha释ses;址2)fo达under奋smay循beu算nable使toa婆djust灰thei裕r过爸decis悉ion-m巴aking醒styl普eswh苗erec果hange陷sin处them冤arket男汇envir煤onmen境tsug崭gest农anee搅dto窜chang放estr桃ategy呆;and壁3)牌晃succe腥ssful庆性found助ersm厦aybe冻come陵overl渴ycon尾serva竭tive正in阔政anef属fort超topr蓝eserv表ethe艇weal得thth添eyha刷vecr宁eated环,eve隐n末梨thoug烧hthe该firm燕may尖have未growt某hopp娃ortun俗ities焦.够Thec翁hange捡sin歇firm寿strat蠢egyw既erem谅oren岗umero不us钟庆andm多ores屿ignif志icant脏when茅ther醉ewer坟eno慨non-f择amily过居manag邪ersw燕itho巨wners铅hips瞒takes怪.Thi纺sfin墨ding程indic害ates猫别that呆manag订ement粘who醉hads页omeo职wners物hips警take秤were么暂poten奔tiall傻yabl字eto曲influ暑ence衫strat炕egic娘direc互tion糖befor睬e胶秘theb延uyout百and否that手major呀chan疲gesa俭fter潜theb疯uyout牛性were联notn朴ecess侍ary.徒Ifth饺eman鸣agers司oft初hefa喜mily格firm安兽were农notf茫amily垒memb紧ersa纷nddi颂dnot听hold怀equi涌tyst曾akes零垃befor隆ethe买buyo猜ut,t汇heir嫁influ植ence佩onst派rateg脏icdi爸recti晒on肾子befor犁ethe陆buyo冶utmi肝ghth烂aveb砖eenv咬eryl炭imite腿d,si政nce趁非theu祝ltima弃tede奔cisio为nmig课htha喷vere侨sted哗\肥w杰itht集heow竞ners.所猴These村non-甘famil娱yman桨agers恋with投oute缝quity吐stak套eswe薄re陈踩only荡able弄toef叔fect铲chang匆eonc王ethe侍buyo哪utha麻dtak弓en挑违place佛and卫they储hadb佣ecome价the劲newo饭wners核.伟Sever摘alch参anges摩ins咐trate忧gywe冷reco斯mmon汤tofi治rms爱借with美andw睁ithou圣tnon剥-fami丛lyma患nagem巩entw械ithe村quity止送stake姥s.Th剑oses沙trate木gies门speci砖fict京ofir纲mswi船thout拜nonf谈amily道霜manag隶ersw首ithe谷quity洗stak液eswe航rene钳tpro回fit,战cash寿兄flow,盛shor胸t-ter胁mpro惰fitab称ility昂,sal蒸esgr输owth,螺and漠肆marke秋t颂脾value厅郑incre暑ment统andm乐arket脾shar氧eexp炉ansio渔n.Th队us,t敲he势哗twod娇iffer兰ents王trate孟gies泄ofgr露owt蔽h缓/expa仁nsion榆and守effic鄙iency街玩impro疗vemen豆tsar馅efai咱rlye柿quall原yimp己ortan改t.福Theg贫overn嫂ance赴ofth码efam丢ilyf梁irmb史efore质the瘦部buyou词tcou传ldbe突int脊heha馒ndso弱fnon剥-exec惭utive烛dire蝶ctors促乡(NEDs榜)tha联tdid蜡not祸belon塌gto代thef借amily很.The怕resu魔lts鞋腔indic赞atet嫂hatm载ores挤trate口gicc扩hange摇sare须asso妙ciate烈dwit讯h爸踢thea衫bsenc犯e(季o山fnon椅-fami肉lyNE颗Dsbe猜fore呢theb梯uyout丸.If雄NEDs伤befor睡ethe演buyo键utwe来re两沾notf恰amily促memb订ers,尤their仍advi绣cesh洞ou喘l置dbe苍more命finan秧ciall硬y银榴orien领ted(友asop俗posed渠tof递amily法orie钩nted)拥.If比good跟积advic扫ehad恨b算e庸engi麻venb探efore弄the慈buyou印tand睬some吐芒chang输esha惨dalr驼eady柔been泥imple勾mente饲d,ma损jors舰trate蔽gic雪跌chang娱esma笑ynot箩ben括ecess陈aryp浆ost-b佳uyout好.罩Inth眠eabs柳ence干ofpr急e-buy裹out,紧non-f茫amily交NEDs息,从裹then语ewow匪ners塑were删able州toim佳pleme烦ntth熟eiri艘deas桶post枣-右buyou蜘t磁杀prima径rily段inte藏rmso殊f衰effi去cienc茅yga恭in晌s.Th它isco小uld来盐indic揪atet雪hatf敞irms辛with枕NEDs榜were慈more欺effec每tive映and煤小didn弟otne预edto直chan柿geth她eirs艳trate山gyso宿much侵post刮-先buyou薄t.讨Gover赵nance允can省also违beap零plied意att航heti衣meof羞亿succe赏ssion符plan史ning,掀alth葱ough漂many顽firms靠fail马top启lan删嘱fors魔ucces昂sion膛a傅tall兽.In称this蜻study泄abou丽t60%棋oft仍hefa销mily慰配firms列ques裂tione夕dund睁erwen湖tsuc循cessi碌onpl蜻annin铸gin盗t乐h漏e返翻perio邀dof钻upto路two磨years誓befo治reth烟eeve铁nt.蠢纪Never使thele里ss,i久fsuc绩cessi争onwa呀spla亮nned,哄mana效gemen捐t唇誓befor应ethe犬buyo产utas坐well豆ast陕hefi洁nanci提ngpr咐ivate立踪equit乘yfir棒mmig刃htpa萝rtici软pate团inth偶ispl构annin胜gand畏thus浩驳influ遗ence谢thes探trate龟gicc话hange辆sin抽thea郑fterm拴atho虎fthe疮拣buyou大t.式能When亿manag斯ement米befo警reth蓝ebuy掉outw斤as鼓挥invol挤vedi读nsuc孝cessi赏onpl片annin也g,st翠rateg组icch监anges互were即凳stron园gerc妈ompar笼edto维succ孝essio棍npla亏nning耍with劳outt面he国捞manag漏ement绩's果带invol嫌vemen吧t.Ma卖nagem冬ent's厨invo敲lveme盼nt匠砌insu恢ccess州ionp指lanni堡ngmi情ghth椅avee鸣nable控dthe笑mto博臣artic高ulate溪poss永ibili木ties尘forn凉ewst径rateg酿ies,蛙topl排ace英芽thems砖elves颈ina衣nadv金antag饰eous霞posit绒iont义oinf苹luenc齿e案择them鹅odeo光fsuc让cessi氧on,i受.e.,伟throu呜gha免buyou瞧t,an集d坛to生逢convi鹿ncef叼inanc妻iers趣they赔neede贴dto亚have碰acle爆arst栗rateg赚ytha昂twou舟ldle哀adto漆the鼠gener敢ation撞ofs疏ignif繁icant兽gain续s.芹繁Chang幸eswi衔thre沙gard鹅toef奸ficie护ncyi乌mprov授ement恒swer说estr碧onger蜘ifm拼anage插ment疗parti收cipat酒edin术succ捎essio佳npla甩nning精.搞When日apri捷vate链equit赶yfir裁mpar毕ticip符ated栋insu雷ccess漆ion塘运plann陵ing,婚strat瞒egic焰chang代eswe舰resu绍bstan纱tiall苦y明桥great怨erth画anwi生thout缓part多icipa凝tion梨ofa沸priva族teeq趣uity辫塌firm.吹Asa舌prec猜ondit甜ionf晃orin王vestm裙ento指fap焰rivat陵e目琴equit榨yfir统min侄theb忘uyout倘,the挽ynee茧dedt属oper像ceive膏稻chat层there贴woul粒dbe商upsid尿egai奉nsfr博omin炮vesti怀ngin毒预thed度eal.馒Given推the餐exper丈tise凳ofth葵esef黄irms梳andt省heir壤acces菌s班型toin帝forma宜tion毙regar赌ding显oppor抵tunit粱ies,啄they喜showe武d累柳strat施egic强chang显esin锡impr盗oving责effi令cienc识yand拆grow疲th/丘行expan圈sion,怨but生them邮ajori件tywe着reas预socia功tedw肥ithe京ffici捞ency进愧gains叙.故Sourc耽e:未Scho椅les2米009彻famil坦ybus炒iness猫acqu愁i母sitio剧ns,起“缝priva长teeq斑uity奇ands茫trate懂gicc岸hance典”膀priv睛atee得quity康Spri踩ng200博9No.觉2漏,pp肺.咬65-71译文：块家族企业收愉购，私募股脑权鹿和战略变革角近几年欧洲贞的猫私人股权和感管理层剃收购市场崭增长隔迅速蒸。管理层收航购研究中心木表明（俱C范MBOR,易2008陪）公，毒管理层收购察从1998斑年掏的1，21节2宗增至丛2007坦年年底拔的糠1,436豪宗盟。家族企业写收购舍是痛这个市场的严最重要特征臣之一猛：躬随着畏交易灾数量从涌1998年樱的45宗裁到2007盾年的559坑宗洲，润同期的交易紧价值策从11.2夕亿元炒增长到乐183亿元塞；卫2007态年，家族企县业皇的管理层收恋购直数量席和价值分别班占遗整个欧洲捷管理层收购疾市场日的膏38％和受11哀％。境管理层收购茎（MBO）射和权管理层垫买进（MB该I）卵成为弱家族企业召继承抚的重要选择湾，且为相私人股权投兵资公司提供映了一个重要驳的交易刮来源。饼然而，芒私人股本和糠收购市场赛都腿非常重忽视广大公众阅的仍私人交易，比部分家庭没除有很好地理坟解先市场收购的被含义秃（哲Cummi饶ng始，激Siege剪l收和殊Wrigh谨t,欧2007谎）。讨大型公共爹部门杏对私人部门坦的收购交易绳和重点一直炉是蛾激励和控制卷问题立还有费新决议的所泼有权和治理返结构，股权悲的管理，服话务承诺和压仇力浴等问题洒，并在许多攻案件的所有日权和积极参辈与私人股权多投资公司径中得以体现层（妻Wrigh烂t虑和献Bruin夺ing跪,泼2008）愿。相比之下箩，饲典型的家族棒企业在传统呼上一直辣被今认为是和家壮庭所在公司但的目标是紧正密联系在一码起的店，就是活家庭成员集颜中的集团管哭理汉目标。家庭出通常并不完被幼认为倒是氧追求利润最饶大化的曾单纯的经济着单位的企业洋。相反，家殃庭还要争取给非经济目标疗。竿结果开是省，一个公司坊家族控制喊的高松紧度增加亮了一个重要之层面的家族佳企业的战略慎分析唱方法延。眠这些变化刃在杯一个家族企瓶业收购挤时废可能导致盖所有权制度芽的目标和战润略变化，而议这些战略的漆变化可能会狂影响企业的洋生存或对发展兄。在策略上敲的改变是穷由于岩以下两种罚因素，第一忠，该公司可春能已经表现圈不佳，新的槽战略必须采港取蚁方法纵纠正该原战略滨（效率买断让）。二，新蛙业主将有追置求在业务方攀向上多样化尖发展岭自己利益验的自由薪。盒创始人，非希家族管理人催员，声可能对收购昏进程和业务孝之前和之后斑的收购采取向不同康的窗策略娱。在战略上偶也因所有权使和企业治理拦前的收购，妄以及新的金撤融结构和需辞要迁而产生相应菌的变化进而况承担由此产糠生的办费用。灵根据览以上孝问题，本文斧写作去的目的是双愈重的广：坡贷1渣、概我们提供了夫家庭，企业仰并购市场的罩发展概况。当具体来说，揪我们认研究督的数量和交痛易规模，占骆了收购总额鼠的大部分辉。我们使用嘴CMBOR叛独特的数据着库，包括车30,森000个欧文洲管理层收址购的案例滨作为这一分帖析的来源凯。光2推、娱我们进行详慢细的研究弃表明，浅家族企业作炸为收购的俗主体会发上言一个战略性劲的述转变否。具体来说词，我们渣研究师了俭私人家族企午业战略的变西化穿会影响展收购前的所需有权和该公悄司累的拴治理恩权新。贝研究表明静全欧洲的私杂人股本堡，在秘1994和铲2003年墙间良资助了10顿4妻个收购私人必家族企业的奶例子膏。牢家族企业现蓝任经理和私砌募股权（P钳E基）饼公司的潜在五目标不变堤使宰收购家族企租业继承问题胳得以径解决。通过屑催觉生劲创业活动，侦可以提高公屑司运营效率壤和实现业务维增长。本节约介绍铅介绍的重点轧是喝这个收购市霉场的重要组份成部分概览凳，数量和交帜易价值，交荡易规模，总珍收购市场，觉就业份额，跳以及私人股井本的作用。稿文中浪所有数据指混的是家族企犹业收购交易旦，另有说明示除外杜。款2007年椒，嫩在欧洲有看559姨家告企业收购和登有关姑CMBOR祥的买进遣记录，金额伴为18.3狐亿元晋。避在级2000年膝至2003眼年狗间束，收购活动舍中的虾一巧些整体收购赖市场在此期品间草达到垂一致。自那架时以来，家境族企业收购塌活动已经恢滨复，而20救07年的数建字是按数量税和价值产统计裙的新纪录。线国家发展趋胡势的比较发尾现，叮交易数量的恒增加在欧洲稿大部分地区等已经改相对均匀。末在过去的1陕0年更离奥，收购交易乓数量方面的详活动晒在大多数国蓬家的市场四有所增加。痰在隆家庭企业收坝购总价值变荡动对每年存欧洲市场的误许多常影响中践，并没有明厌显的刘新广模式出现。对然而，由于爱在这种买断荡的是上升，总价蹄值达到了2逝007年横的云新纪录。盖家族企业的五平均进收购交易规巨模覆比所有交易狭的平均交易命量低。姜收购的家庭跌的平均交易辉量在过去1匙0年的趋势斥表明，19单98年，这第些交易顾数量抓都是维持在妇约筒26000统000不相对稳定的丽水平，而所竹有收购的平诚均交易量大炮幅增加孟到了群36梳00000月0馆，枕而在200喂7年移几乎错是僻1.2亿目。这种日益西扩大的差距扰，反映了广栽大市民的主碗要增长恐是在狱资产剥离，极收购房方面家。川家族企业一夕直是收购硬的热门话题给。199帖8年至20浓07年，在颤欧洲约29乖％方的收购活动义是家族收购峡。然而，这耀些低收购吴只占这段期滔间所有收购尤总价值店的11贫％，进一步缸强调的是，芦家族企业收哑购普遍比其俗他类型的收软购袄规模肠较小。疏在过去10瑞年恭间浆，买断市场哗在家族企业奸交易中所占番比重下降天所腐，牲在构2002年随占累23.2的％钩，并在20批04年窄所占比重开滴始便再次上升，塑在2007总年底达到3浑8.3既％的交易数幅量。该市场刊在山家庭，公司苗收购汉总价值穗中的比重在彩1998年环到2000扯年期间急剧哗下滑。熟自那时以来宝，家族企业狗收购值者在京10％和1摘5％汗的被市场总价值寿之间波动举。宿过去10年类的平均水平习表明，躬买断劳市场占家庭倦企业的交易禁份额雅量在淡各国之间存菌在明显差异市。在法国，萄意大利，西隙班牙和英国溜，这一比例银占斯所有交易的警三分之一或跨更多衣。一个可能驴的原因是这绪些国家包含擦了相当社数量的犬大家族企业满股票，从而岁助长仆了骗收购交易。模德国展示了赚一个令人惊库讶的低市场搅占有率锋，因为撤其家族拥有省的德国中小滨型企业数量食庞大。这可脉能与文私人股本的奔不信任性和鲜德国企业和互当地银行的机历史联系有切密切的关系迁。欧10年计间寿平均每家公叉司的员工人如数分析表明梳，前痰者的家族企修业规模差别萌大票部分扭在欧洲国家姓。而德国的送家族企业都在大大高于平忘均水平，英膛国的家族企辉业普遍较小禽，低于欧洲跨平均水平。盒收购资金私来源毛可以滩是必通过减向蹄银行勒贷款揭以及自己的验个人资本寸。家族企业柱的收购戒历史鸽大部分有1姥0年的平均牙水平，表明织家族企业口中竞62率％是蛙收购PE的才金融赞助商巨。川非PE支持饭的收购都大愿大高于家族诞企业PE穗支持扬收购的庄交易规模哥。在过去1屑0对年饥间捕，非PE支守持的家族企凑业收购的平将均交易规模冲约为7伪百万值，PE免支持的交易早的平均交易竟规模亚是按4殿10000似00企。家族公司间收购，援是透私人股本公盒司锦并购交易的惧重要来源。织前一私人股偏本支持的收杀购家族企业碎特征可能箱在一定程度淋上贼影响哲收购后的战饿略变化。我票们研究的特龄点优是渣所有权和创羞始人的