The Impacts of LBOs on the Performance of Acquired Firms: The French Case
研究1988-1994年法国161起管理层收购，发现被收购公司绩效在收购前后均优于同行，但收购后绩效下降，且前子公司比家族企业下降更少。
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy–out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy–out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.