| Titre : |
How to improve private equity exit performance in emerging countries? The US vs China experience |
| Type de document : |
Mémoire |
| Auteurs : |
Thi Le Anh NGUYEN, Auteur |
| Année de publication : |
2021 |
| Importance : |
28 p. |
| Note générale : |
Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. |
| Langues : |
Anglais (eng) |
| Mots-clés : |
Management
CAPITAL INVESTISSEMENT ; PAYS EN DEVELOPPEMENT ; PERFORMANCE ; CHINE
Entreprise
ETATS UNIS
|
| Résumé : |
The main purpose of this paper is to seek an answer to the question: How to improve Private Equity exit performance in emerging countries? To do that, we chose a developed country with a mature private equity market (The U.S) and an emerging country with a nascent private equity market (China) to compare and point out the differences between the 2 models. Along with that, we also identify several factors affecting the exit performance, including macro-economic and demographic indicators and verify to what extent the recent US-China trade war impacted exit numbers in the two markets. More specifically, we analyzed the correlation between independent variables, such as annual GDP growth, Total market capitalization of listed companies, Political risks, etc... with the dependent variable being the number of successful PE exits each year. The dataset is based on 7736 successful exit deals in the U.S and China and spans from 2010 to 2019. We found that a good business environment and stable politics help increase the numbers of IPOs and Acquisition deals per year. The results also reveal a negative impact of Trade War on the exit performance in both the U.S and China. It can be seen that divestment activities in the Chinese market in particular and the emerging markets, in general, are still limited. Although the annual GDP growth rate is higher than that of developed countries, these marketsstill have to face challenges such as instability in the business and political environment, illiquid public markets, strict barriers and regulations to IPO as well as the lack of protection for investors. As a result, the number of exits and deal size remains low. |
| Programme : |
MSc Corporate Finance |
| Permalink : |
https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=538630 |
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How to improve private equity exit performance in emerging countries? The US vs China experience / 2021 
