Empirical Investigation and Case Study on Listed Private Equity Management Companies

• Main Authors: Yao-Yi Wang, 王耀毅
• Other Authors: Gang Shyy；Chung-Da Ho
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/86180142225731310874

碩士 === 國立中央大學 === 財務金融研究所 === 94 === Recently, “private equity” investments begin to be paid much attention to and to be discussed. Besides the principal means of private equity investment such as direct investments, investing in private equity funds or private equity fund of funds, now investors can buy the listed private equity management companies’ stocks to participate in private equity market. Therefore the purpose of this paper is to roughly summarize private equity market and investigate those listed management companies. This paper classifies those listed management companies into three kinds of organization style. The main methodology is case study and style analysis. The results of this paper are summarized as follows: First, the stock return styles of those listed management companies are very distinct. As a whole, stock return styles are like small stock returns. 3i stock return style is like venture capital funds’ return; SVG Capital stock return style is partly similar to Treasury Bills’ return. Another three companies’ returns are like buyouts funds’ returns. Second, the managers’ “selections” could be the main factor to interpret stock returns. Third, those management companies’ investment ways, dividend policies and industry selections are not the same. Finally, the stock prices of those companies are mostly superior to net asset values.