The efficiency of partnership between private equity funds and Russian companies: econometric assessment
Мусатова М.М.1
1 Институт экономики и организации промышленного производства Сибирского отделения Российской Академии наук
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Volume 9, Number 4 (October-December 2019)
Please, cite as:
Musatova M.M. Effektivnost partnerstva fondov pryamyh chastnyh investitsiy i rossiyskikh kompaniy: ekonometricheskaya otsenka // Ekonomika, predprinimatelstvo i pravo. – 2019. – Tom 9. – № 4. – S. 207-222. – doi: 10.18334/epp.9.4.41378.
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=42471336
Cited: 1 by 06.02.2021
Abstract:
The article systematizes the advantages and disadvantages of partnership for non-public companies with private equity funds (PEF). Foreign approaches to econometric modeling of the impact of PEF activity on the results of production activity of investee companies, which have developed in recent decades, are considered. Based on the review of foreign econometric methods, the author's approach, taking into account the specifics of the Russian private equity (PE) market, is proposed. It is one of the first attempts of the econometric analysis of PE funds in Russian conditions. The paper discusses the obtained estimates of econometric research, the results of approbation of econometric models which use a panel structure with fixed effects and most adequately describe the efficiency of PE funds in Russia. Dynamic effects of PEF were estimated on the basis of changes in financial and economic indicators of the companies. The study showed a significant impact of PEF on the performance of portfolio target companies in Russia.
Keywords: private equity funds (PEF), econometric modeling, partnership with PE funds, foreign approaches, dynamic effects of PEF, operational efficiency of companies
JEL-classification: F21, G34, F23, C10, C19
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