The evolution of private equity: corporate restructuring in the UK,c.1945–2010
本文分析了私募股权在英国公司重组中的作用，通过四个案例说明投资者与被投资公司之间的治理关系是成功的关键，并指出制度改革的节点对竞争优势的影响。
The article analyses the role of private equity (PE) in restructuring the UK corporate economy. It develops a theoretical synthesis to show that the evolution of the PE industry and firms in which it invested were governed by the relations of corporate governance between investor and investee companies. Effective governance relations were a necessary condition for success and complement firm specific resources to create competitive advantage. Four case studies are used to show the contrasting effects of these determining factors, Industrial and Commercial Finance Corporation (ICFC) and Slater Walker, and the two waves of buy-out centred restructuring that developed with the maturity of the PE industry after 1980. In contrast to the evolutionary approach, the periodisations utilised in this study show that structural breaks associated with points of institutional reform are also necessary to make firm specific resource and governance determinants of competitive advantage operable.