Social ulighed og tilslutning til velfærdsstaten Private Equity Funds ...

KAPITEL 1. INDLEDNING................................................................................. 3
1.1 BAGGRUND OG MOTIVATION ............................................................................................ 3
1.2 PROBLEMFORMULERING OG FORMÅL.................................................................................... 6
1.3 AFGRÆNSNING ........................................................................................................... 8
1.4 BEGREBSAFKLARING ..................................................................................................... 8
1.4.1 Kapitalfonde, Venture Kapitalfonde og Hedge Fonde ............................................................. 9
1.4.2 Leveraged Buyouts........................................................................................................... 9
1.4.3 General partners og Limited Partners.................................................................................10
1.4.4 Track record ...................................................................................................................10
1.4.5 Hurdle rate.....................................................................................................................10
1.4.6 Debt push down..............................................................................................................10
1.4.7 Due diligence..................................................................................................................11
1.5 METODISK TILGANG ................................................................................................... 11
1.6 DISPOSITION ........................................................................................................... 12
KAPITEL 2. HVAD ER PRIVATE EQUITY? ........................................................ 13
2.1 DEFINITION OG HISTORISK UDVIKLING .............................................................................. 13
2.2 ER DEN KLASSISKE VIRKSOMHEDSEVOLUTION EN SAGA BLOT?.................................................... 15
2.3 PRIVATE SOM KONTRAST TIL PUBLIC EQUITY ........................................................................ 16
2.4 FORSKELLIGE TRIN I PRIVATE EQUITY INVESTERINGEN ............................................................ 17
KAPITEL 3. TEORI AFSNIT ............................................................................. 23
3.1 PRINCIPAL-AGENT TEORI.............................................................................................. 23
3.2 JENSEN FRIT CASHFLOW HYPOTESE.................................................................................. 25
3.3 RESSOURCEBASERET TEORI ........................................................................................... 26
KAPITEL 4. VÆRDISKABELSE – FOR HVEM? .................................................. 29
4.1 AKTIONÆRERNE ........................................................................................................ 29
4.2 ØVRIGE STAKEHOLDERS............................................................................................... 29
4.3 OPGAVENS FORSTÅELSE AF VÆRDISKABELSE........................................................................ 32
KAPITEL 5. TARGETVIRKSOMHEDERNE – EN DEL AF DEN VÆRDISKABENDE
STRATEGI...................................................................................................... 33
5.1 BØRSNOTEREDE VIRKSOMHEDER ..................................................................................... 35
5.1.1 Stort frit cashflow samt egenkapitaldomineret kapitalstruktur ...............................................35
5.1.2 Ufokuserede virksomheder ...............................................................................................36
5.1.3 Spredt ejerskabskreds .....................................................................................................37
5.1.4 Delkonklusion .................................................................................................................38
5.2 IKKE-BØRSNOTEREDE VIRKSOMHEDER............................................................................... 39
5.2.1 Tredje generations komplekset .........................................................................................39
5.2.1.1 Alternative exitmuligheder for familievirksomheden......................................................40
5.2.1.2 Frasalg til kapitalfonde..............................................................................................41
5.2.2 Kapitalmanglende virksomheder .......................................................................................41
5.2.3 Delkonklusion .................................................................................................................42
5.3 HVORFOR PE OG IKKE INDUSTRIEL KØBER? ........................................................................ 42
KAPITEL 6. KAPITALFONDE BEGRÆNSER PRINCIPAL-AGENT PROBLEMER.... 45
6.1 BØRSNOTEREDE SELSKABERS PRINCIPAL-AGENT PROBLEMER...................................................... 45
6.2 PE EJERSKABET LØSER AGENTPROBLEMER........................................................................... 47
6.2.1 Incitamentsbaseret aflønning............................................................................................49
6.2.2 Det aktive ejerskabs betydning .........................................................................................50
6.2.3 Agentomkostninger – et blandt flere værdiskabelsesparametre .............................................52
6.3 DELKONKLUSION ....................................................................................................... 52
KAPITEL 7. PE FONDE – EN OVERLEGEN RESSOURCEPOSITION? .................. 54
7.1 DELKONKLUSION ....................................................................................................... 57
KAPITEL 8. VÆRDISKABELSE VIA KAPITALSTRUKTURÆNDRINGER .............. 58
8.1 GÆLD DISCIPLINERER ................................................................................................. 58
8.2 INFORMATIONSASYMMETRI OG ADVERSE SELECTION ............................................................... 59
8.3 ÆNDRET AFKASTKRAV OG RISIKO .................................................................................... 62
8.4 FORØGET SKATTESKJOLD? ............................................................................................ 65
8.5 DELKONKLUSION ....................................................................................................... 67
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