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1、外文翻译原文LeverageeffectonprivatefinancingMaterialSource:Privately-offeredfund,Buy-outs,LeverageandFailure，CreditManagementResearchCentreLeedsUniversityBusinessSchool[J].NickWilson，2009(5);Author:NickWilsonCreditManagementResearchCentreLeedsUniversityBusinessSchoolAbstractWest
2、udythedeterminantsoffailure,definedasenteringthebankruptcyprocess,inauniquedatasetcomprisingthepopulationofover8millioncompany-yearobservationsofcompaniesintheUKovertheperiod1995-2009,ofwhichover140,000hadfailed.Weexaminethecharacteristicsoffailedandnon-failedcompaniesandb
3、uildmodelsthatpredictthelikelihoodofinsolvencyforthecompanypopulationandtestfordifferencesininsolvencyriskforcompanytypes.Specifically,whetherthefirminvolvedamanagementbuyoutormanagementbuy-ins,andwhetherthebuy-out/buy-inwasprivateequitybacked.Controllingforsize,age,sector
4、andmacro-economicconditions(basehazard)wefindthatprivate-equitybackedbuyoutspost2003arenotriskierthanthenon-buyoutpopulation.Wefindthatleveragedoesnotdistinguishbuy-outsthatfailfromthosethatsurvive.Wesuggestthatprivateequitycompaniesbothtargetbetterprospectsandareinabetter
5、positiontoadjustcapitalstructureoverthecycleand,therefore,manageinsolvencyrisk.Researchintofinancialdistressandfailureinthecorporatesectorfocusespredominantlyonlistedcompanies.Yetinmosteconomies,privatecompaniesmakeupthemajorityoffirms,bothintermsnumbers,contributiontoecon
6、omicactivityandfailure.IntheUK,forexample,ofthe1.8millioncompaniesthatarecurrentlyregistered,lessthan3,000arelistedontheLondonStockExchangeWithinthepopulationofprivatelimitedcompaniesmanagementbuyouts(MBOs)andmanagementbuy-ins(MBIs),whetherprivateequitybackedornotformaninc
7、reasinglyimportantelementaboutwhichthereisscantevidenceonfailurepropensity.Unlikepreviousstudiesweexaminethewholespectrumofbuyouttypesinrelationtothecorporatepopulationandovertime.Ourtimeperiodincludestwomainwavesofbuyoutactivityandaneconomiccycleuptoandincludingthe2007-20
8、09creditcrisisandrecession.Intermsofrepresentationournon-buyoutsampleincludesaverysignifi
