Private Equity and Financial Fragility during the Crisis
研究2008年金融危机期间私募股权是否加剧金融脆弱性，发现PE支持的公司投资减少更少、获得更多资金流入，尤其对财务受限公司效果更强。
Does private equity (PE) contribute to financial fragility during economic crises? The proliferation of poorly structured transactions during booms may increase the vulnerability of the economy to downturns. During the 2008 crisis, PE-backed companies decreased investments less than did their peers and experienced greater equity and debt inflows, higher asset growth, and increased market share. These effects are especially strong among financially constrained companies and those whose PE investors had more resources at the crisis onset. In a survey, PE firms report being active investors during the crisis and spending more time working with their portfolio companies.Received July 19, 2017; editorial decision March 7, 2018 by Editor Wei Jiang.