Taking China private: The Carlyle Group, leveraged buyouts and financial capitalism in Greater China
本文分析杠杆收购在中国和台湾的引入，以凯雷集团收购三家公司为例，研究外国金融中介如何在国家和家族大股东主导的环境中运作，以及目标企业利用杠杆收购资源所需的条件。
This article analyses the introduction of leveraged buyouts in China and Taiwan. It focuses on how leveraged buyout firms (foreign financial intermediaries) operate in institutional environments where the state and family blockholder groups are important owners and stakeholders in the private sector. The Carlyle Group’s acquisition of three companies – Xugong Group Construction Machinery; Advanced Semiconductor Engineering; and Ta Chong Bank – provide empirical case studies of stakeholder receptiveness and views on the value of Carlyle’s firm specific resources. We find that the ability of target firms to exploit the resource advantages brought by leveraged buyout firms requires a supportive institutional framework and willingness by intermediaries to adapt their strategies to a range of stakeholders’ claims.