Determinants of International Buyout Investments
利用1990-2017年61国19行业的私募股权数据，发现经济强劲、股市和信贷市场活跃、法治完善的国家收购活动更多，投资者保护和合同执行改革也能吸引更多收购资本。
Abstract Using a proprietary data set on international private equity activity, we study the determinants of buyout investments across 61 countries and 19 industries over the period of 1990 to 2017. We find that countries with cyclically strong economies, more active stock and credit markets, and better rule of law experience more buyout activity. Countries also receive more buyout capital following investor protection and contract enforcement reforms. The set of determinants we identify appear somewhat unique to buyout investments, because other forms of investment such as foreign direct investment, gross capital formation, investments in R&D, and M&A activity do not respond similarly to these factors.