Private Equity and Bank Capital Requirements: Evidence from European Firms
研究了2008-2014年间欧洲银行管理局提高资本要求后，银行关联私募股权支持企业的投资、资产、就业和利润均下降，财务约束强的企业受影响更大，但经验丰富的私募股权发起人可缓解负面效应。
Abstract Using firm‐level data from 16 euro‐area countries over 2008–2014, we investigate how the performance of bank‐affiliated private equity‐backed companies evolves after the European Banking Authority increased capital requirements for their parent banks. We find that portfolio companies connected to exposed banks reduce their level of investment and experience weaker asset growth, employment growth and profitability following the capital exercise. We further show that the effect is stronger for companies likely to face financial constraints. Finally, the findings indicate that the negative effect of the capital exercise is muted when the private equity sponsor is more experienced.