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1、Unit1he Busie of akingeExrcies1. Questonson the ext：1) Whare e lttevelomentinpiae eqity recen ys?Comparedtoth 80, the target of todays rivae euiy goups are much iggrnze In recn yer,the privateequity indstry s raisedrcodmoey and its shae of merger and aqisitionshas grwssel. Th industry hs alsbecm byo
2、rd or mone-makig skillsut itealth hs brout m emies2) Acoding o the aricle，what are thma ionveiences f com to bulcly uote copany?Teminconveniences fora publicly quot cmny inclu： its eecive ve oface intrusiv media oerage; i hasto oby srct an lo oporat-vrance coes; it als has to f te threats activst nv
3、sor ad hor selrsand therutiny y sme politicans3) ht r the manresonsfra compa to t lsed o a stckmarket？Tradinaly ter are thremai reaos o get a cmpnyssharesteo astockmarket. Te fit is to raiecaita, the toexpnd tebusness or o allow the founers t reetei elt. The secnd is hep reinsaf, wh ca e ffereshae p
4、tionsas a incentiveto stay adwor ad Te hir nvoe rstge; ustomers, suppers an potenialeploye a be eassured(and attracte)by theapprnt seal apoval ginby a public lti anile, beig pulicly liste givesa ompayeaesst und inetors a retail investors.4) hy ae ompaes in e AngloSon econmis relutnto borow fro bans?
5、Compnies ihe Angl-Saxon economs were relucant toboro ro bak bease hiroften felnes about thepossbiliy fh suddenithdrwalfcreit fromthe banks,due t a anein lnding poly， ew anagementor n eonmic dwtrn5) ccordngto t article, t ar hemanouces fr tayscmaeto raise mney (incldng uitcaial and bt)?Noays te ai so
6、uces for companies ase moy ： fist, quity mr; seo,bnks, thou uch esmprtant ta heysed tobe； hird, b market; frt， prvae euiy6) How do priae-quiyfirms repon to the poblems identfied by ofessor Jensen wih egar o ublic copanies?Professr Jensn gedh th scur of apblic copay cets a nhernt conflct etwevetors d
7、 hemanagers hey hire o runthe business, artularly wih radto ue offee cah flow. aoargued thatborowing mposed dislnn exuiv. Pate-equityfirm haveapplied isaguent in ratce by gerng upthe balancehe f compaisthey buy with e dbt than puli firmsre wiling to accept.Touh rvt euty firs, in he roess， oftehve b
8、eaion for rentlessly utting proftble orons and sding jos，acaemtuiessuggesthat thy cat jobsrther han destoy he.7) What are he imlarties ad ifeences ben tdys prvat-eqt firmsndte onglomerate ofthe 170s nd 1980？Silartie between toas rit-equfirsd e nglertesof the 190 and 190s ae: fit,bth of them use thrf
9、inancial power o couct iverse industria empire; secon, bot clam tha te could mprov t companise owned thoughspeor mngemen. The diferecs ar: frs, the ongoeaeued ighyateshret bycmaiswhile privte-eity firms ueborrowedone;secon, he colome use to make ever-bgger auisitionsconuoul toxad while rivate-quityi
10、msclaim tosell regularly their prtfolio copie orbines fr profit8) at e t impossile fr theprivate-equity mdel o becoeenrm r companes?Ther r severaeaon:first,whmghte logicl for a individal company migt ot bes frte coomy oveal. If all cpanies eretosusitute debfor equiy onthe le thtprivate-euty firmsave
11、, ere ouldbenincreein the oso et Tha wul le o lwer euiy uns； send, snc pvat-equitfirs ned et out to sel eir itmnts,a publi mket wil beedd i te end orsomeone to relietherprofit; thrd, a gger rle fo private euity mighmak heecnomyme vuneabl because n a wrldwhere most omanies carried private-ei-styl ebe
12、ls,omanies oul e ore vlnerl a reessionsmigt becmemuhmor fquen an consequelymontary poliyuldbcom mr diffult, en governmet renemigtbafctd.9) Accordnte artile, what fctos ave ep the velope o ivte-eqiy irmssice ?sactoa:lw intrest ats, los of lidty and sing sset prices10) What re thenhowing htpivte-eqity is ay no fce th paofhe cycle?Thos sgn ar: firt, bnd yieds hae been rin，ang taovr
