The Evolution and Strategic Positioning of Private Equity Firms
从财务结构重点和投资组合多元化两个维度，对私募股权公司进行类型划分，提出四种战略定位，并讨论其理论、管理及政策含义。
This paper explores the evolution and strategic positioning of private equity firms (general partners) themselves (versus previous research focused on buyout portfolio firm implications). Specifically, we provide a conceptual configuration of private equity firms along two dimensions: their financial structure emphasis (the strategic use of debt versus equity among private equity portfolio firms) and the diversified scope of their portfolio firms. Using these dimensions, we create a typology classifying private equity firms into short-term efficiency niche players, niche players with long-term equity positions, diversified players with focused groups of portfolio firms, and short-term diversified efficiency-oriented players. We also use resource dependence theory and resource-based theory to form our model, and discuss theoretical and managerial implications as well as public policy suggestions.