The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry
利用卫生检查记录，研究发现私募股权收购后餐厅连锁店的运营实践改善，餐厅更清洁、安全且维护更好，且该效应在直营店比加盟店更显著。
How do private equity firms affect their portfolio companies? We document operational changes in restaurant chain buyouts using comprehensive health inspection records. Store-level operational practices improve after private equity buyout, as restaurants become cleaner, safer, and better maintained. Supporting a causal interpretation, this effect is stronger in chain-owned stores than in franchised locations—“twin” restaurants over which private equity owners have limited control. These changes are particularly apparent when private equity partners have prior industry experience. The results suggest that by bringing in industry expertise, private equity firms improve firm operations. Received October 27, 2014; accepted March 1, 2016 by Editor Francesca Cornelli.