Cross‐border buyout exit success
研究了制度环境对跨境收购退出成功的影响，发现目标公司所在国制度质量越高、与私募机构所在国制度距离越小，退出成功率越高，而私募机构的国际经验、行业经验和声誉能提升退出成功。
Abstract This paper examines the importance of institutional contexts in cross‐border buyout exit success. After tracking 2639 cross‐border buyout investments during 1998–2007 in 38 countries and regions as of 2016, I find that the higher the institutional quality of the country where the portfolio company is located, the higher the probability of a successful exit via IPO or M&A. The larger the institutional distance between the portfolio company country and the private equity (PE) firm country, the lower the exit success, while PE firms' international experience, industrial experience, and reputation help improve exit success. Further, their industrial experience and the establishment of a local office mitigate the adverse effects of institutional distance.