1、原文FAMILYFIRMBUYOUTS,PRIVATEEQUITY,ANDSTRATEGICCHANGETHEEUROPEANPRIVATEEQUITYANDBUYOUTMARKETHASGROWNINPROMINENCEOVERRECENTYEARSTHECENTREFORMANAGEMENTBUYOUTRESEARCHCMBOR，2008HASSHOWNTHATTHEANNUALNUMBEROFMANAGEMENTBUYOUTSROSEFROML212IN1998TO1,436BYTHEENDOF2007BUYOUTSOFFAMILYFIRMSREPRESENTONEOFTHEMOSTIM
2、PORTANTFEATURESOFTHISMARKET,WITHTHENUMBEROFDEALSINCREASINGFROM45IN1998TO559IN2007ANDTHECOMBINEDVALUEFROM112BILLIONTO18,3BILLIONOVERTHESAMEPERIODIN2007FAMILYFIRMSCONTRIBUTED38OFTHENUMBERAND11OFTHEVALUEOFTHEWHOLEEUROPEANBUYOUTMARKETMANAGEMENTBUYOUTSMBOANDBUYINSMBITHUSREPRESENTANIMPORTANTSUCCESSIONOPTI
3、ONINFAMILYFIRMSTHEYALSOPROVIDEANIMPORTANTDEALSOURCEFORPRIVATEEQUITYFIRMSYET,WHILEMUCHATTENTIONINTHEPRIVATEEQUITYANDBUYOUTMARKETHASBEENONLARGEPUBLICTOPRIVATETRANSACTIONS,THEFAMILYBUYOUTPARTOFTHEMARKETISNOTWELLUNDERSTOODCUMMING,SIEGELANDWRIGHT，2007THEFOCUSINLARGEPUBLICTOPRIVATETRANSACTIONSANDDIVISIONA
4、LBUYOUTSHASBEENONTHERESOLUTIONOFINCENTIVEANDCONTROLPROBLEMSTHROUGHTHEINTRODUCTIONOFNEWOWNERSHIPANDGOVERNANCESTRUCTURESINTHEFORMOFMANAGERIALEQUITYOWNERSHIP,COMMITMENTANDPRESSURETOSERVICEDEBT,ANDINMANYCASESOWNERSHIPANDACTIVEINVOLVEMENTBYPRIVATEEQUITYFIRMSWRIGHTANDBRUINING，2008INCONTRAST,THETYPICALFAMI
5、LYFIRMHASTRADITIONALLYBEENASSUMEDTOBEOWNEDANDMANAGEDBYACONCENTRATEDGROUPOFFAMILYMEMBERSWHERETHEFIRMSOBJECTIVESARECLOSELYLINKEDTOFAMILYOBJECTIVESFAMILIESTYPICALLYDONOTREGARDTHEIRFIRMSASMEREECONOMICUNITSPURSUINGTHEGOALOFPROFITMAXIMIZATIONINSTEAD,FAMILIESALSOSTRIVEFORNONECONOMICGOALSASARESULT,THETIGHTN
6、ESSOFGRIPOFAFAMILYOVERITSFIRMADDSANIMPORTANTDIMENSIONTOTHEANALYSISOFTHESTRATEGIESOFFAMILYFIRMSTHECHANGESOCCURRINGONTHEBUYOUTOFAFAMILYFIRMMAYLEADTOCHANGESINGOALSANDSTRATEGIESCOMPAREDTOTHEPREVIOUSOWNERSHIPREGIME,ANDTHESESTRATEGICCHANGESMAYINFLUENCEFIRMSURVIVALORFAILURETHECHANGEINSTRATEGYISMOTIVATEDBYO
7、NEOFTHEFOLLOWINGTWOFACTORSFIRST,THEFIRMMAYHAVEBEENUNDERPERFORMINGANDNEWSTRATEGIESMUSTBEADOPTEDTOCORRECTTHISEFFICIENCYBUYOUTSECOND,THENEWOWNERSWILLHAVETHEFREEDOMTOPURSUETHEIROWNINTERESTSINTERMSOFBUSINESSDIRECTIONAND/ORDIVERSIFICATIONGROWTH/EXPANSIONBUYOUTTHEPRESENCEOFFOUNDERS,SHAREHOLDINGNONFAMILYMAN
8、AGERS,ORNONFAMILYNONEXECUTIVEDIRECTORSONTHEBOARDMAYHAVEDIFFERENTEFFECTSONTHEBUYOUTPROCESSANDONTHEBUSINESSSTRATEGIESADOPTEDBEFOREANDAFTERTHEBUYOUTCHANGESINSTRATEGYAREALSODUETOTHEOWNERSHIPANDGOVERNANCEOFTHEFIRMBEFORETHEBUYOUTASWELLASTHENEWFINANCIALSTRUCTUREANDTHENEEDTOMEETRESULTANTSERVICINGCOSTSINLIGH
9、TOFTHESEISSUES,THEPURPOSEOFTHISARTICLEISTWOFOLD1WEPROVIDEANOVERVIEWOFDEVELOPMENTSINTHEFAMILYFIRMBUYOUTMARKETSPECIFICALLY,WEEXAMINETRENDSINTHENUMBERANDVALUEOFDEALS,DEALSIZES,SHAREOFTHETOTALBUYOUTMARKET,EMPLOYMENT,ANDTHEROLEOFPRIVATEEQUITYWEUSECMBORSUNIQUEDATABASECOMPRISINGTHEPOPULATIONOF30,000EUROPEA
10、NBUYOUTSASTHESOURCEFORTHISANALYSIS2WEUNDERTAKEADETAILEDSTUDYOFSTRATEGICCHANGESINFAMILYFIRMSASARESULTOFABUYOUTSPECIFICALLY,WEEXAMINEWHETHERCHANGESINTHESTRATEGYOFFORMERPRIVATEFAMILYFIRMSAREAFFECTEDBYTHEOWNERSHIPANDGOVERNANCEOFTHEFIRMBEFORETHEBUYOUTTHESEISSUESAREEXAMINEDUSINGANOVELHANDCOLLECTEDREPRESEN
11、TATIVEQUESTIONNAIRESURVEYOF104PRIVATEFAMILYFIRMSACROSSEUROPEWHICHHADABUYOUTFUNDEDBYPRIVATEEQUITYBETWEEN1994AND2003FAMILYFIRMSPROVIDEACONSTANTANDABUNDANTSOURCEOFPOTENTIALTARGETSFORINCUMBENTMANAGERSANDPRIVATEEQUITYPECOMPANIESBUYOUTSOFFAMILYFIRMSENABLETHERESOLUTIONOFSUCCESSIONPROBLEMSANDBYCATALYZINGENT
12、REPRENEURIALACTIVITY,CANIMPROVETHEOPERATINGEFFICIENCYOFTHEFIRMANDENABLEGROWTHTHISSECTIONPRESENTSANOVERVIEWOFTRENDSINTHISIMPORTANTPARTOFTHEBUYOUTMARKET,FOCUSINGONNUMBERANDVALUEOFDEALS,DEALSIZES,SHAREOFTHETOTALBUYOUTMARKET,EMPLOYMENT,ANDTHEROLEOFPRIVATEEQUITYALLDATAREFERTOBUYOUTTRANSACTIONSOFFAMILYFIR
13、MSUNLESSOTHERWISESTATED,ANDALLDATAREFERTOEUROPEUNLESSOTHERWISESTATEDIN2007,559FAMILYFIRMBUYOUTSANDBUYINSWERERECORDEDBYCMBORACROSSEUROPE,AMOUNTINGTOATOTALVALUEOF183BILLIONTHEREHADBEENADIPINBUYOUTACTIVITYBETWEEN2000AND2003,INLINEWITHASOMEWHATWEAKEROVERALLBUYOUTMARKETDURINGTHATPERIODSINCETHENBUYOUTACTI
14、VITYINFAMILYFIRMSHASRECOVERED,ANDTHE2007FIGUREWASANEWRECORDBYNUMBERANDVALUEACOMPARISONOFTRENDSBYCOUNTRYREVEALSTHATTHEINCREASEINDEALNUMBERSHASBEENRELATIVELYUNIFORMACROSSMOSTOFEUROPEOVERTHEPAST10YEARS,BUYOUTACTIVITYINTERMSOFNUMBEROFTRANSACTIONSHASINCREASEDINMOSTNATIONALMARKETSTHETOTALVALUEOFFAMILYFIRM
15、BUYOUTSHASFLUCTUATEDONANANNUALBASISINMANYOFTHEEUROPEANMARKETS,ANDNOCLEARPATTERNHASEMERGEDHOWEVER,DUETOTHERISEINNUMBEROFTHISTYPEOFBUYOUT,THETOTALVALUEREACHEDANEWRECORDIN2007THEAVERAGEDEALSIZEOFBUYOUTSOFFAMILYFIRMSISMUCHLOWERTHANTHEAVERAGEDEALSIZEOFALLTRANSACTIONSTHETRENDINTHEAVERAGEDEALSIZEOFFAMILYBU
16、YOUTSOVERTHEPAST10YEARSSHOWSTHATTHESEDEALSHAVEREMAINEDATARELATIVELYCONSTANTLEVELOFABOUT26M,WHILEAVERAGEDEALSIZEFORALLBUYOUTSHASINCREASEDSIGNIFICANTLY,FROM36MIN1998TOALMOST120MILLIONIN2007THISINCREASINGGAPREFLECTSTHEMAJORGROWTHINLARGEPUBLICTOPRIVATES,DIVESTMENTS,ANDSECONDARYBUYOUTSACROSSEUROPEINRECEN
17、TYEARSFAMILYFIRMSHAVEBEENACONSTANTANDABUNDANTSOURCEOFBUYOUTSBETWEEN1998AND2007,ABOUT29OFALLBUYOUTSINEUROPEWEREFAMILYFIRMTRANSACTIONSHOWEVER,THESEDEALSREPRESENTEDONLY11OFTHETOTALVALUEOFALLBUYOUTSOVERTHISPERIOD,FURTHERUNDERLININGTHEFACTTHATBUYOUTSINFAMILYFIRMSAREGENERALLYMUCHSMALLERTHANOTHERTYPESOFBUY
18、OUTSOVERTHELAST10YEARS,THEPROPORTIONOFTHEBUYOUTMARKETACCOUNTEDFORBYFAMILYFIRMDEALSDECREASEDUNTIL2002232ANDSTARTEDTORISEAGAININ2004,REACHING383OFDEALNUMBERSBYTHEENDOF2007THEPROPORTIONOFTHETOTALMARKETACCOUNTEDFORBYFAMILYFIRMBUYOUTSBASEDONTOTALVALUEALSOSAWASHARPDECLINEFROM1998TO2000SINCETHENTHEVALUEOFF
19、AMILYFIRMBUYOUTSHASFLUCTUATEDBETWEEN10AND15OFTOTALMARKETVALUEANINTERNATIONALCOMPARISONOFTHE10YEARAVERAGESOFTHESHAREOFTHEBUYOUTMARKETATTRIBUTABLETOFAMILYFIRMDEALSSHOWSSIGNIFICANTVARIATIONBETWEENCOUNTRIESINFRANCE,ITALY,SPAIN,ANDTHEUK,THISPROPORTIONISATHIRDORMOREOFALLTRANSACTIONSINTERMSOFDEALNUMBERSAPO
20、SSIBLEREASONMIGHTBETHATTHESECOUNTRIESCONTAINACONSIDERABLESTOCKOFFAMILYFIRMS,THUSFUELINGBUYOUTTRANSACTIONSGERMANYSHOWSASURPRISINGLYLOWMARKETSHAREGIVENITSHUGENUMBEROFFAMILYOWNEDMITTELSTANDCOMPANIESTHISMAYBELINKEDTOTHEGENERALPOORUNDERSTANDINGANDPOSSIBLEMISTRUSTOFPRIVATEEQUITYANDALSOTHECLOSELINKSGERMANC
21、OMPANIESHAVEHADHISTORICALLYWITHTHEIRLOCALBANKSANANALYSISOFTHE10YEARAVERAGENUMBEROFEMPLOYEESPERCOMPANYSHOWSTHATTHESIZEOFTHEFORMERFAMILYFIRMSVARIESCONSIDERABLYAMONGEUROPEANCOUNTRIESWHILEGERMANFAMILYFIRMSHAVEBEENWELLABOVEAVERAGE,UKFAMILYFIRMSAREGENERALLYSMALLERANDBELOWTHEEUROPEANAVERAGEBUYOUTSCANBEFINA
22、NCEDBYINDIVIDUALSUSINGTHEIROWNFINANCIALRESOURCESALONGWITHBANKDEBTORBYPRIVATEEQUITYPEFIRMSORACOMBINATIONTHEMAJORITYOFBUYOUTSOFFAMILYFIRMSAREBACKEDBYAFINANCIALSPONSORWITHTHE10YEARAVERAGESHOWINGTHAT62OFLITBUYOUTSOFFAMILYFIRMSWEREPEBACKEDNONPEBACKEDBUYOUTSARESIGNIFICANTLYSMALLERTHANPEBACKEDTRANSACTIONSF
23、ORFAMILYFIRMSOVERTHELAST10YEARS,THEAVERAGEDEALSIZEOFNONPEBACKEDFAMILYFIRMBUYOUTSWASABOUT7M,COMPAREDWITHANAVERAGEDEALSIZEOFABOUT41MFORPEBACKEDDEALSFROMTHISSOURCEFAMILYFIRMBUYOUTSTHUSREPRESENTANIMPORTANTSOURCEOFDEALSFORPRIVATEEQUITYFIRMSFAMILYFIRMCHARACTERISTICSBEFOREAPRIVATEEQUITYBACKEDBUYOUTMAYINFLU
24、ENCETHEDEGREEANDFOCUSOFSTRATEGICCHANGESAFTERABUYOUTWEEXAMINECHARACTERISTICSRELATINGTOOWNERSHIPANDFOUNDERSINVOLVEMENTPREBUYOUT,OWNERSHIPSTAKEOFNONFAMILYMANAGEMENTPREBUYOUT,EXISTENCEOFNONFAMILY,NONEXECUTIVEDIRECTORSPREBUYOUT,ANDMANAGEMENTANDPRIVATEEQUITYFIRMPARTICIPATIONINSUCCESSIONPLANNINGOUREVIDENCE
25、ISBASEDONAREPRESENTATIVESURVEYOF104PRIVATEFAMILYFIRMSACROSSEUROPEWHICHHADABUYOUTFUNDEDBYPRIVATEEQUITYBETWEEN1994AND2003ABROADDEFINITIONWASADOPTED,WITHAFAMILYFIRMDEFINEDASHAVINGMORETHAN50OFTHEORDINARYVOTINGSHARESOWNEDORCONTROLLEDBYASINGLEFAMILYGROUPRELATEDBYBLOODORMARRIAGE,ANDTHEFIRMISPERCEIVEDTOBEAF
26、AMILYBUSINESSTHERESPONDENTSWEREINSENIORPOSITIONSCEOSPRESIDENTS83,DIRECTORSINCLUDINGDEPUTYCEO15,ANDSENIORMANAGEMENT2THESTRATEGYOFTHEFIRMISCOMPAREDBEFOREANDAFTERTHEBUYOUTWHEREGROWTH/EXPANSIONTHESAMPLEWASDIVIDEDINTOVARIOUSSUBGROUPSRELATEDTOTHECOMPANYCHARACTERISTICSCONCERNINGOWNERSHIPANDMANAGEMENTUNIVER
27、SITYANALYSISWASTHENUSEDTODETERMINEWHETHERTHEOBSERVEDCHANGESINSTRATEGYOFTHESESUBGROUPSWASSIGNIFICANTWHENTHEFAMILYFIRMHADBEENFOUNDEDBYTHEPREVIOUSOWNERS,THECHANGESINSTRATEGYPOSTBUYOUTAREGENERALLYMORENUMEROUSANDMORESIGNIFICANTTHANWHENTHEFIRMHADBEENPURCHASEDORINHERITEDBYTHEPREBUYOUTOWNERSTHISIMPLIESTHATT
28、HEFOUNDER/OWNERHASBEENDOMINANTINTERMSOFDECIDINGCOMPANYSTRATEGYANDTHATONCESHE/HERELINQUISHESOWNERSHIP,THEMANAGEMENTISFREETOMAKETHECHANGESDEEMEDNECESSARYFORTHESURVIVALANDGROWTHOFTHEFIRMSEVERALCHANGESINSTRATEGYWERECOMMONTOFIRMSTHATWEREFOUNDEDORNONFOUNDEDBYTHEPREVIOUSOWNERSWHILEBOTHTYPESOFFIRMSSHOWEDSTR
29、ATEGICCHANGESWITHREGARDTOANINCREASEDEMPHASISONRETURNSFROMOPERATIONSANDCAPITALRESTRUCTURING,FOUNDEDFIRMSALSOINDICATEDACHANGEINSTRATEGYWITHREGARDTOSALESGROWTH,MARKETSHARE,SHORTTERMPROFITABILITY,ANDLONGTERMPROFITABILITYTHUS,THETWODIFFERENTSTRATEGIESOFGROWTHEXPANSIONANDEFFICIENCYIMPROVEMENTSAREFAIRLYEQU
30、ALLYIMPORTANTSTRATEGICCHANGESAFTERABUYOUTOFAFAMILYFIRMWEREGREATERIFTHEFIRMSFOUNDERWASSTILLPRESENTATTHETIMEOFTHEBUYOUTTHEREARETHREEPOSSIBLEEXPLANATIONSFORTHISFINDING1FOUNDERSMAYNOTPROVIDEADEQUATELEADERSHIPASFIRMSNEEDTOTRANSITIONINTOMOREADVANCEDGROWTHPHASES2FOUNDERSMAYBEUNABLETOADJUSTTHEIRDECISIONMAKI
31、NGSTYLESWHERECHANGESINTHEMARKETENVIRONMENTSUGGESTANEEDTOCHANGESTRATEGYAND3SUCCESSFULFOUNDERSMAYBECOMEOVERLYCONSERVATIVEINANEFFORTTOPRESERVETHEWEALTHTHEYHAVECREATED,EVENTHOUGHTHEFIRMMAYHAVEGROWTHOPPORTUNITIESTHECHANGESINFIRMSTRATEGYWEREMORENUMEROUSANDMORESIGNIFICANTWHENTHEREWERENONONFAMILYMANAGERSWIT
32、HOWNERSHIPSTAKESTHISFINDINGINDICATESTHATMANAGEMENTWHOHADSOMEOWNERSHIPSTAKEWEREPOTENTIALLYABLETOINFLUENCESTRATEGICDIRECTIONBEFORETHEBUYOUTANDTHATMAJORCHANGESAFTERTHEBUYOUTWERENOTNECESSARYIFTHEMANAGERSOFTHEFAMILYFIRMWERENOTFAMILYMEMBERSANDDIDNOTHOLDEQUITYSTAKESBEFORETHEBUYOUT,THEIRINFLUENCEONSTRATEGIC
33、DIRECTIONBEFORETHEBUYOUTMIGHTHAVEBEENVERYLIMITED,SINCETHEULTIMATEDECISIONMIGHTHAVERESTEDWITHTHEOWNERSTHESENONFAMILYMANAGERSWITHOUTEQUITYSTAKESWEREONLYABLETOEFFECTCHANGEONCETHEBUYOUTHADTAKENPLACEANDTHEYHADBECOMETHENEWOWNERSSEVERALCHANGESINSTRATEGYWERECOMMONTOFIRMSWITHANDWITHOUTNONFAMILYMANAGEMENTWITH
34、EQUITYSTAKESTHOSESTRATEGIESSPECIFICTOFIRMSWITHOUTNONFAMILYMANAGERSWITHEQUITYSTAKESWERENETPROFIT,CASHFLOW,SHORTTERMPROFITABILITY,SALESGROWTH,ANDMARKETVALUEINCREMENTANDMARKETSHAREEXPANSIONTHUS,THETWODIFFERENTSTRATEGIESOFGROWTH/EXPANSIONANDEFFICIENCYIMPROVEMENTSAREFAIRLYEQUALLYIMPORTANTTHEGOVERNANCEOFT
35、HEFAMILYFIRMBEFORETHEBUYOUTCOULDBEINTHEHANDSOFNONEXECUTIVEDIRECTORSNEDSTHATDIDNOTBELONGTOTHEFAMILYTHERESULTSINDICATETHATMORESTRATEGICCHANGESAREASSOCIATEDWITHTHEABSENCEOFNONFAMILYNEDSBEFORETHEBUYOUTIFNEDSBEFORETHEBUYOUTWERENOTFAMILYMEMBERS,THEIRADVICESHOULDBEMOREFINANCIALLYORIENTEDASOPPOSEDTOFAMILYOR
36、IENTEDIFGOODADVICEHADBEENGIVENBEFORETHEBUYOUTANDSOMECHANGESHADALREADYBEENIMPLEMENTED,MAJORSTRATEGICCHANGESMAYNOTBENECESSARYPOSTBUYOUTINTHEABSENCEOFPREBUYOUT,NONFAMILYNEDS,THENEWOWNERSWEREABLETOIMPLEMENTTHEIRIDEASPOSTBUYOUTPRIMARILYINTERMSOFEFFICIENCYGAINSTHISCOULDINDICATETHATFIRMSWITHNEDSWEREMOREEFF
37、ECTIVEANDDIDNOTNEEDTOCHANGETHEIRSTRATEGYSOMUCHPOSTBUYOUTGOVERNANCECANALSOBEAPPLIEDATTHETIMEOFSUCCESSIONPLANNING,ALTHOUGHMANYFIRMSFAILTOPLANFORSUCCESSIONATALLINTHISSTUDYABOUT60OFTHEFAMILYFIRMSQUESTIONEDUNDERWENTSUCCESSIONPLANNINGINTHEPERIODOFUPTOTWOYEARSBEFORETHEEVENTNEVERTHELESS,IFSUCCESSIONWASPLANN
38、ED,MANAGEMENTBEFORETHEBUYOUTASWELLASTHEFINANCINGPRIVATEEQUITYFIRMMIGHTPARTICIPATEINTHISPLANNINGANDTHUSINFLUENCETHESTRATEGICCHANGESINTHEAFTERMATHOFTHEBUYOUTWHENMANAGEMENTBEFORETHEBUYOUTWASINVOLVEDINSUCCESSIONPLANNING,STRATEGICCHANGESWERESTRONGERCOMPAREDTOSUCCESSIONPLANNINGWITHOUTTHEMANAGEMENTSINVOLVE
39、MENTMANAGEMENTSINVOLVEMENTINSUCCESSIONPLANNINGMIGHTHAVEENABLEDTHEMTOARTICULATEPOSSIBILITIESFORNEWSTRATEGIES,TOPLACETHEMSELVESINANADVANTAGEOUSPOSITIONTOINFLUENCETHEMODEOFSUCCESSION,IE,THROUGHABUYOUT,ANDTOCONVINCEFINANCIERSTHEYNEEDEDTOHAVEACLEARSTRATEGYTHATWOULDLEADTOTHEGENERATIONOFSIGNIFICANTGAINSCHA
40、NGESWITHREGARDTOEFFICIENCYIMPROVEMENTSWERESTRONGERIFMANAGEMENTPARTICIPATEDINSUCCESSIONPLANNINGWHENAPRIVATEEQUITYFIRMPARTICIPATEDINSUCCESSIONPLANNING,STRATEGICCHANGESWERESUBSTANTIALLYGREATERTHANWITHOUTPARTICIPATIONOFAPRIVATEEQUITYFIRMASAPRECONDITIONFORINVESTMENTOFAPRIVATEEQUITYFIRMINTHEBUYOUT,THEYNEE
41、DEDTOPERCEIVECHATTHEREWOULDBEUPSIDEGAINSFROMINVESTINGINTHEDEALGIVENTHEEXPERTISEOFTHESEFIRMSANDTHEIRACCESSTOINFORMATIONREGARDINGOPPORTUNITIES,THEYSHOWEDSTRATEGICCHANGESINIMPROVINGEFFICIENCYANDGROWTH/EXPANSION,BUTTHEMAJORITYWEREASSOCIATEDWITHEFFICIENCYGAINSSOURCESCHOLES2009FAMILYBUSINESSACQUISITIONS,“
42、PRIVATEEQUITYANDSTRATEGICCHANCE”PRIVATEEQUITYSPRING2009NO2,PP6571译文家族企业收购，私募股权和战略变革近几年欧洲的私人股权和管理层收购市场增长迅速。管理层收购研究中心表明（CMBOR,2008），管理层收购从1998年的1，212宗增至2007年年底的1,436宗。家族企业收购是这个市场的最重要特征之一随着交易数量从1998年的45宗到2007年的559宗，同期的交易价值从112亿元增长到183亿元；2007年，家族企业的管理层收购数量和价值分别占整个欧洲管理层收购市场的38和11。管理层收购（MBO）和管理层买进（MBI）成为家
43、族企业继承的重要选择，且为私人股权投资公司提供了一个重要的交易来源。然而，私人股本和收购市场都非常重视广大公众的私人交易，部分家庭没有很好地理解市场收购的含义（CUMMING，SIEGEL和WRIGHT,2007）。大型公共部门对私人部门的收购交易和重点一直是激励和控制问题还有新决议的所有权和治理结构，股权的管理，服务承诺和压力等问题，并在许多案件的所有权和积极参与私人股权投资公司中得以体现（WRIGHT和BRUINING,2008）。相比之下，典型的家族企业在传统上一直被认为是和家庭所在公司的目标是紧密联系在一起的，就是家庭成员集中的集团管理目标。家庭通常并不被认为是追求利润最大化的单纯的经
44、济单位的企业。相反，家庭还要争取非经济目标。结果是，一个公司家族控制的松紧度增加了一个重要层面的家族企业的战略分析方法。这些变化在一个家族企业收购时可能导致所有权制度的目标和战略变化，而这些战略的变化可能会影响企业的生存或发展。在策略上的改变是由于以下两种因素，第一，该公司可能已经表现不佳，新的战略必须采取方法纠正原战略（效率买断）。二，新业主将有追求在业务方向上多样化发展自己利益的自由。创始人，非家族管理人员，可能对收购进程和业务之前和之后的收购采取不同的策略。在战略上也因所有权和企业治理前的收购，以及新的金融结构和需要而产生相应的变化进而承担由此产生的费用。根据以上问题，本文写作的目的是双
45、重的1、我们提供了家庭，企业并购市场的发展概况。具体来说，我们研究的数量和交易规模，占了收购总额的大部分。我们使用CMBOR独特的数据库，包括30,000个欧洲管理层收购的案例作为这一分析的来源。2、我们进行详细的研究表明，家族企业作为收购的主体会发上一个战略性的转变。具体来说，我们研究了私人家族企业战略的变化会影响收购前的所有权和该公司的治理权。研究表明全欧洲的私人股本，在1994和2003年间资助了104个收购私人家族企业的例子。家族企业现任经理和私募股权（PE）公司的潜在目标不变使收购家族企业继承问题得以解决。通过催生创业活动，可以提高公司运营效率和实现业务增长。本节介绍介绍的重点是这个
46、收购市场的重要组成部分概览，数量和交易价值，交易规模，总收购市场，就业份额，以及私人股本的作用。文中所有数据指的是家族企业收购交易，另有说明除外。2007年，在欧洲有559家企业收购和有关CMBOR的买进记录，金额为183亿元。在2000年至2003年间，收购活动中的一些整体收购市场在此期间达到一致。自那时以来，家族企业收购活动已经恢复，而2007年的数字是按数量和价值统计的新纪录。国家发展趋势的比较发现，交易数量的增加在欧洲大部分地区已经相对均匀。在过去的10年离，收购交易数量方面的活动在大多数国家的市场有所增加。在家庭企业收购总价值变动对每年欧洲市场的许多影响中，并没有明显的新模式出现。然
47、而，由于在这种买断的上升，总价值达到了2007年的新纪录。家族企业的平均收购交易规模比所有交易的平均交易量低。收购的家庭的平均交易量在过去10年的趋势表明，1998年，这些交易数量都是维持在约26000000相对稳定的水平，而所有收购的平均交易量大幅增加到了36000000，而在2007年几乎是12亿。这种日益扩大的差距，反映了广大市民的主要增长是在资产剥离，收购方面。家族企业一直是收购的热门话题。1998年至2007年，在欧洲约29的收购活动是家族收购。然而，这些收购只占这段期间所有收购总价值的11，进一步强调的是，家族企业收购普遍比其他类型的收购规模较小。在过去10年间，买断市场在家族企业
48、交易中所占比重下降所，在2002年占232，并在2004年所占比重开始再次上升，在2007年底达到383的交易数量。该市场在家庭，公司收购总价值中的比重在1998年到2000年期间急剧下滑。自那时以来，家族企业收购值在10和15的市场总价值之间波动。过去10年的平均水平表明，买断市场占家庭企业的交易份额量在各国之间存在明显差异。在法国，意大利，西班牙和英国，这一比例占所有交易的三分之一或更多。一个可能的原因是这些国家包含了相当数量的大家族企业股票，从而助长了收购交易。德国展示了一个令人惊讶的低市场占有率，因为其家族拥有的德国中小型企业数量庞大。这可能与私人股本的不信任性和德国企业和当地银行的历
49、史联系有密切的关系。10年间平均每家公司的员工人数分析表明，前者的家族企业规模差别大部分在欧洲国家。而德国的家族企业都大大高于平均水平，英国的家族企业普遍较小，低于欧洲平均水平。收购资金来源可以是通过向银行贷款以及自己的个人资本。家族企业的收购历史大部分有10年的平均水平，表明家族企业中62是收购PE的金融赞助商。非PE支持的收购都大大高于家族企业PE支持收购的交易规模。在过去10年间，非PE支持的家族企业收购的平均交易规模约为7百万，PE支持的交易的平均交易规模是41000000。家族公司收购，是私人股本公司并购交易的重要来源。前一私人股本支持的收购家族企业特征可能在一定程度上影响收购后的战略变化。我们研究的特点是所有权和创始人的参与与买断的关系，所有权的非家族化管理的股份与收购，存在于非家庭，非执行董事前收购，管理和私人股本公司参与的继任计划的问题。我们的证据来源于对104家公司在欧洲的私人代表的调查，私人股权投资已在1994年和2003年买断。作为拥有超过50个普通投票或由单一家庭血缘或姻亲关系的股份控制定义的家族企业，该公司被认为是一个家族企业。受访者中的高级职位有首席执行官/行长（83），董事包括副总裁（15）和高级管理人员（2）。该公司的策略是比较前后买断的地方发展/扩张。样本分为与公司特征有关的所有权和管理的各个子群，然后用单因
