关系式婚姻:VC/PE并购退出对象的选择及经济后果

Relationship Marriage:How to Choose the Buyer When VC∕PE Exits through M&A?

并购退出成为近年来我国VC/PE退出的重要方式。那么,VC/PE在并购退出时更可能选择什么样的并购方获得退出?选择这种并购方是否可以提高VC/PE退出的效率?这是悬而未解的问题。基于社会资本理论,文章以2013—2015年VC/PE通过并购退出的样本为研究对象,研究发现,VC/PE在并购退出时更可能选择与拥有VC/PE背景的公司发生并购。借助VC/PE在并购市场上的社会关系,退出方的VC/PE通过VC/PE背景的并购方获得了更快速的退出。特别是VC/PE面临的流动性压力越大,这种时间缩短效应越显著,具体表现为:在有限合伙制的VC/PE、非国有的VC/PE和持股比例较高的VC/PE样本组,通过有VC/PE背景并购方退出的时间更短。文章揭示了VC/PE在并购退出时有亲熟人圈子的现象,对VC/PE如何选择并购退出对象具有一定的现实意义。

It has become an important way for VC/PE’s exits through M&A in China in recent years. But there are still some unsolved questions about the phenomenon. What kind of buyer is more likely to be chosen by VC/PE when it exits? Can this kind of buyer improve the efficiency of VC/PE’s exits Based on the theory of social capital, this study examines these questions with the sample of VC/PE’ s exits through M&A from 2013 to 2015.We find that VC/PE prefers to choose a buyer with VC/PE background. With the help of the social relationship of VC/PE in the M&A market, VC/PE obtains a faster exit through the buyer with VC/PE background. In particular, the greater the liquidity pressure faced by VC/PE, the more significant this time shortening effect is. Specifically, the effects is more significant in the sample of the limited partnership VC/PE, non-state-owned VC/PE, and samples with a higher shareholding of VC/PE. This paper reveals the phenomenon that VC/PE has a close acquaintance circle when it comes to M&A exit, which has certain practical significance for VC/PE to choose the buyer through M&A exit.