[雙語(yǔ)翻譯]管理層收購(gòu)?fù)馕姆g--管理層收購(gòu)中的私募股權(quán)和企業(yè)家管理（英文）

1、Private equity and entrepreneurial management in management buy-outsHans Bruining ? Ernst Verwaal ? Mike WrightAccepted: 11 October 2011 / Published online: 29 October 2011 ? The Author(s) 2011. This article is published

2、 with open access at Springerlink.comAbstract Critics claim that short-term profit orien- tation and high deal price strategies of private equity (PE) firms can negatively affect the ability of manage- ment buyouts to in

3、itiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority PE backed and other buy-outs at different levels of financial leverage on post buy-out increases in entre

4、preneurial management. We propose that PE can be used as an organizational refocusing device that simultaneously increases entre- preneurial and administrative management. We findthat majority PE-backed buy-outs signific

5、antly increase entrepreneurial management practices. Fur- thermore, the increased financial leverage positively affects administrative management in management buy-outs. However, the effect of high financial leverage is

6、larger for majority PE-backed buy-outs. These results support the notion that PE firms help buy- out companies develop ambidextrous organizational change: i.e. simultaneously develop entrepreneurial and administrative ma

7、nagement practices. The find- ings have important implications for practitioners and policy makers.Keywords Private equity ? Entrepreneurship ? BuyoutJEL Classifications G24 ? L26 ? G341 IntroductionThe international sur

8、ge of private equity (PE) markets during the first decade of this century has been accompanied by a public debate about their effects, both positive and negative (Financial Services Authority 2006; PSE-Group in European

9、Parliament 2007). PE firms have been presented, variously, as drivers of more efficient use oforganizationalresources, but also as asset strippers with adverse consequences for employees and other stakeholders that dimin

10、ish chancesH. Bruining ? M. Wright Rotterdam School of Management, Department of Strategic Management and Entrepreneurship, Erasmus University Rotterdam, Burgemeester Oudlaan 50, Room T07-47, 3062 PA Rotterdam, The Nethe

11、rlands e-mail: jbruining@rsm.nlM. Wright e-mail: Mike.Wright@nottingham.ac.ukE. Verwaal ( Wright et al. 1994). Man- agement structures after buyout tend to become more decentralized, with fewer management layers, thus en

12、hancing the speed of decision-making and leaving room for managers and workers to adapt freely to changing circumstances (Phan and Hill 1995). Mon- itoring and rewarding by the PE firm will stimulate a post-MBO philosoph

13、y based on creating value for the firm in terms of improving efficiency (Harris et al. 2005) and/or innovative growth (Bruining and Wright 2002; Meuleman et al. 2009). Pre-MBO, divisional buyout managers may find growth-

14、oriented strategies are limited by headquarters; after the buyout, these barriers may be removed. Managers may be freed from bureaucratic limitations set by the former parent company, which opens up opportunities to carr

15、y outTable 1 Stevenson’s conceptualization of entrepreneurial management (Brown et al. 2001)Entrepreneurial focus Conceptual dimensions Administrative focusDriven by perception of opportunity / Strategic orientation ? Dr

16、iven by controlled resourcesMany stages with minimum exposure at each stage A single stage with complete commitment out of decisionEpisodic use or rent of required resources / Resource orientation ? Ownership or employme

17、nt of required resourcesFlat, with multiple informal networks / Management structure ? HierarchyBased on value creation / Reward philosophy ? Based on responsibility and seniorityRapid growth is top priority; risk accept

18、ed to achieve growth / Growth orientation ? Safe, slow, steadyPromoting broad search for opportunities / Entrepreneurial culture ? Opportunity search restricted by resources controlled; failure punishedPrivate equity and