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Сотрудник Лаборатории Кокорев Д.А. представил доклад «Portfolio Firms Performance: Do Private Equity Funds Matter on Emerging Markets?» на НИС Департамента финансов


Стажер-исследователь Лаборатории корпоративных финансов Дмитрий Кокорев   выступил 30 ноября 2015 г. с презентацией исследования "Portfolio Firms Performance: Do Private Equity Funds Matter on Emerging Markets?" в рамках регулярного НИС департамента финансов "Эмпирические корпоративные финансы".

Выступающий:
Кокорев Дмитрий Александрович, стажер-исследователь научно-учебной лаборатории «Корпоративные финансы», руководитель направления аналитики Департамента глобальных рынков, Sberbank CIB

Оппонент:
Степанов Сергей Сергеевич, PhD: Université libre de Bruxelles, доцент Департамента финансов Факультета экономических наук

Аннотация:

Private equity funds are relatively new and yet not thoroughly examined financial market participants. Research papers on private equity that appeared during the last thirty years are mostly focused on the peculiarities of the funds’ functioning and their impact on the portfolio companies and, consequently, on the real sector of the economy. These papers however are concentrated on the U.S., UK and other developed markets, whereas the studies analyzing the impact of private equity on the effectiveness of the portfolio firms in emerging markets are still rare.

Our pilot case-based study, panel data analysis and DEA (Data Envelopment Analysis) aim at testing a set of hypotheses on comparative performance of Russian portfolio companies and peers. We also try to estimate the influence of a company’s industry and controlling interest in a company by PE fund on efficiency of the portfolio company.

The results of the panel data analysis show that that private equity funds lead to higher performance of portfolio firms than the performance of peer firms. The presence of foreign investors in a fund, as well as the acquisition of a majority stake, has a positive effect on the efficiency of the investee company. The preliminary results of our pilot research allow us to formulate policy implications for the development of private equity industry for the emerging markets.