Understanding Private Equity Funds: A Guide to Private Equity Research in Accounting
本文介绍私募股权基金的独特之处，说明其与以往研究对象的差异，并探讨如何利用这一场景研究代理成本、治理、薪酬、披露和公允价值会计等基础问题，同时提供数据来源指南。
ABSTRACT Private equity (PE) funds are increasingly important to the economy and now serve as the primary vehicle for raising new capital. However, a limited understanding of the unique PE fund setting among accounting academics inhibits accounting research in this area. In this paper, we first describe the PE fund setting and explain how fundamental differences between PE and previously studied settings make it difficult to infer PE fund behavior from research performed using other settings. We then discuss how PE funds provide researchers with the ability to explore fundamental questions related to agency costs, governance, compensation, disclosure, and fair value accounting. Finally, we provide guidance on PE data sources available for use in future research. Because of the volume of economic activity currently funneled through PE and the unique aspects of the PE setting, it is important for researchers to explore when, why, and how accounting matters for PE funds. Data Availability: Data used in this study are available from the public sources identified in the text. JEL Classifications: G1; G14; G30; M4; M41.