TAILIEUCHUNG - Corporate Finance handbook Chapter 3

Dường như các nhà quản lý quỹ sẽ làm giảm tài sản giao cho đầu tư tư nhân do điều kiện ngắn hạn trong thị trường công cộng. | Part Three Private Equity Trends in Private Equity Michael Joseph Lloyds TSB Development Capital New sources of money Over the past decade there has been increasing acceptance of private equity as an asset class for fund managers. Although UK fund managers have yet to commit as much as US fund managers to private equity private equity is per cent of asset allocation in the UK versus 2 per cent in the US this recognition has created enormous growth in the sector. It has been driven primarily by the very strong returns made by private equity investors particularly as a result of seeing private equity funds buying cheap as the economy came out of the last recession then make fabulous returns on flotation or trade sale at the top of the market. There is now 41billion worth of investment under management in the private equity sector according to the British Venture Capital Association . This growth has a number of implications 1. There has been a tremendous swing towards managing money for other people as opposed to own-balance sheet finance. The difference between own-balance sheet funds and managed funds is that managed funds have to be returned to their owners at some stage. If a portfolio has to be liquidated according to a fixed timetable then those managing the investment will naturally want to pursue opportunities which offer short-term gains rather than long-term gains and gains which can be easily realised. 84 Private Equity 2. Funds are getting bigger. The natural response to this is to look for bigger opportunities. The result has been that competition for the largest buy-outs is very tight. 3. Funds are looking to Europe for opportunities. As the UK private equity market has become more competitive the European market has begun to look very attractive. The result of these three trends is that the sources of capital available to you if you are running a small to medium-sized enterprise ie up to 30m value have probably declined. Furthermore within the

• Tài chính doanh nghiệp
• corporate finance
• tài chính doanh nghiệp
• cfa
• giáo trình
• phân tích tài chính
• Intermediate corporate finance
• Lecture Intermediate corporate finance
• Corporate valuation
• Value based management
• Fundamentals of corporate finance
• Business organization
• Financial management
• International corporate finance
• Capital market history
• Raising capital
• Financial leverage
• Financial reporting
• Social welfare
• Forward contracts
• The stock markets
• Basic return concepts
• Portfolio theory
• Bond valuation
• Basic stock valuation
• Accounting for financial management
• Analysis of financial statements
• Financial planning
• Forecasting financial statements
• Capital budgeting
• Decision criteria
• Estimating cash flows
• Real options
• Capital structure decisions
• The levered firm
• Cash management
• Financial distress
• Hedging risk
• Warrants and convertibles
• Principles of corporate finance
• Understanding options
• Valuing options
• Financial analysis
• Financial manager
• Financial institutions