《2020年(企业上市）上市公司从PE公司中学习的7堂课》由会员分享，可在线阅读，更多相关《2020年(企业上市）上市公司从PE公司中学习的7堂课（6页珍藏版）》请在金锄头文库上搜索。
1、私人股权投资公司的7个价值创造经验世界各地的企业都在花费无数的时间为他们的利益相关者创造价值。一些企业树立了正确的价值创造过程，随着时间的推移，得到了相应的价值。但大多数不是这样。其中，一些企业不能找到正确的战略路径；一些则是不能执行他们的战略。还有一些企业，在良好运行了一段时间之后失去了方向。还有一些组织对业务转型（如削减成本）感到疲惫，他们缺乏搜寻其他方式确保和维持价值的冲劲。For public companies, these challenges are intensified by quarterly reporting requirements, governance rules
2、 meant to drive accountability and transparency, and the demands of a vastly larger and more vocal group of stakeholders.对于上市公司，季度报告的要求加剧了这些挑战。为了更多的利益相关者的需求，上市公司推动了问责制和透明的治理规则。Private equity firms, however, enjoy a number of natural advantages when it comes to building efficient, high-growth busines
3、ses, including a built-in platform for change (for example, a predetermined exit within 10 years), tightly aligned ownership and compensation models, and fewer institutional loyalties and competing distractions.然而，当涉及到建设高效率，高增长的企业，包括内置平台的变化（例如，在10年内预定出口）时，私人股权投资公司享受的天然优势与所有权和补偿模型联系紧密，更少体制的限制和竞争干扰。Bu
4、t despite these distinctions, the best practices of top-tier PE firms still provide powerful and broadly applicable lessons.但尽管有这些差别，顶级PE机构的最佳做法仍然提供强大和广泛适用的经验教训。以下是上市公司可以从私人股权投资价值创造中学习的7点建议以下。 1、坚持不懈地专注于价值。为了吸引从有限合伙人继续投资，并赚取他们著名慷慨的佣金，PE公司创造价值，除了利用金融工程工具、削减成本、保持焦点之外，More and more PE deals feature sub
5、stantive operational improvements that result from the application of deep industry and functional expertise.越来越多的PE交易具有实质性的深厚的行业应用和功能的专业知识，不断改进业务。Private equity firms are in the trenches at their portfolio companies, investing in core operations as often as they are cutting extraneous costs.PE公司主要投
6、资于其核心业务，削减多余的费用。Private equity firms focus on core value begins with due diligence.PE公司的核心价值的重点开始于尽职调查。 General partners carefully choose each target company and explicitly define how they will create incremental value and by when.普通合伙人精心选择每个目标公司，并明确他们如何、何时创造和增加价值。 This assessment does not stop afte
7、r the acquisition they periodically evaluate the value creation potential of their portfolio companies and quickly exit those that are flagging to free up funds for more remunerative investments.这一评估在收购后也不会停止他们定期评估其投资组合公司的价值创造潜力，并迅速退出那些标记为不合格的，以腾出资金用于更有利可图的投资。1.That can often mean exiting entire lin
8、es of business that are not drawing on the companys core strengths and differentiating capabilities.这往往意味着退出那些不需要耗费公司的核心优势和鉴别能力的业务。Public companies should try to apply a similarly objective and dispassionate lens to their portfolio of businesses by assessing first their financial performance, and th
9、en the degree to which each employs mutually reinforcing capabilities that cross business unit lines and distinguish the enterprise as a whole.上市公司应尝试运用类似的客观和冷静的视角，对业务组合评估其财务表现，以及跨业务领域和地区的企业作为一个整体时，员工们相辅相成的合作能力和程度。2、现金为王。典型的PE公司中，债务占融资的60至80。 This high-leverage model instills a focus and sense of ur
10、gency in PE firms to liberate and generate cash as expeditiously as possible.这种高杠杆模式催生了PE公司的一项紧迫的重点和意义尽可能快地解放和产生现金。 To improve cash flow, PE firms tightly manage their receivables and payables, reduce their inventories, and scrutinize discretionary expenses.为了改善现金流，PE机构严格管理他们的应收账款和应付账款，减少库存，并审议酌情开支。
11、To preserve cash, they delay or altogether cancel lower-value discretionary projects or expenses, investing only in those initiatives and resources (including talent) that contribute significant value.为了保存现金，他们推迟或干脆取消低价值的自由裁量项目或费用，只有在这些举措和资源（包括人才）有助于显着的价值投资时才会花费资金。 上市公司可以从PE公司的运作中截取一些内容，开发一个类似的性能改进计
12、划。Although the specifics will vary from company to company, any such plan will focus on increasing profits and improving capital efficiency.虽然从公司到公司的具体情况会有所不同，但任何的计划都可以将重点放在增加利润和提高资金使用效率上。Public company leaders should start with a blank slate and then objectively and systematically rebuild the compa
13、nys cost structure, justifying every expense and resource.上市公司的领导人应该从一个空白的表格开始，然后客观地，系统地重建公司的成本结构，包括各种费用和资源。First, management needs to categorize each activity as “must have” (it fulfills a legal, regulatory, or fiduciary requirement, or is required to “keep the lights on”), “smart to have” (it prov
14、ides differentiating capabilities that allow the company to outperform its competitors), or “nice to have” (everything else).首先，将需要归类为“必须有”的每项活动（履行法律，法规，或受托人的要求，或必须要随时关注的一些活动），“最好有”（它提供了企业的核心竞争能力，能够超越其竞争对手公司的要素），和“很高兴有”（其他一切）。The next step is to eliminate low-value, discretionary work.下一步是要消除低价值的工作。
15、And the final step is to optimize the remaining high-value or mandatory work.最后一步是优化剩余的高价值或加强工作。3、Operate as though time is money. Consistent with the imperative to generate cash quickly to pay down debt is the mantra among private equity firms that “time is money.” There is a bias for action captur
16、ed most vividly in the 100-day program that PE firms invariably impose on portfolio companies during the first few months of ownership.时间就是金钱。私人股权投资公司需要以迅速产生的现金偿还债务。私人股权投资公司之间的口头禅是“时间就是金钱。”一个有偏差的行动在100天内就将被捕获的淋漓尽致，PE公司对投资组合公司获得所有权的最初几个月作出判断。 PE firms have little appetite for the socialization and consensus building common at many large public companies private equity firms and their management teams feel a sense of urgency and rapidly make decisions to change.P
