-外文翻译--家族企业收购，私募股权和战略变革-其他专业.doc

原文： Family-Firm Buyouts, Private Equity, and Strategic Change The European private equity and buyout market has grown in prominence over recent years. The Centre for Management Buyout Research (CMBOR，2008) has shown that the annual number of management buyouts rose from l212 in 1998 to 1,436 by the end of 2007. Buyouts of family firms represent one of the most important features of this market, with the number of deals increasing from 45 in 1998 to 559 in 2007 and the combined value from 11.2 billion to 18,3 billion over the same period. In 2007 family firms contributed 38% of the number and 11% of the value of the whole European buyout market. Management buyouts (MBO) and buy-ins (MBI) thus represent an important succession option in family firms. They also provide an important deal source for private equity firms. Yet, while much attention in the private equity and buyout market has been on large public-to-private transactions, the family buyout part of the market is not well understood (Cumming, Siegel and Wright ，2007). The focus in large public-to-private transactions and divisional buyouts has been on the resolution of incentive and control problems through the introduction of new ownership and governance structures in the form of managerial equity ownership, commitment and pressure to service debt, and in many cases ownership and active involvement by private equity firms (Wright and Bruining ，2008). In contrast, the typical family firm has traditionally been assumed to be owned and managed by a concentrated group of family members where the firms objectives are closely linked to family objectives. Families typically do not regard their firms as mere economic units pursuing the goal of profit maximization. Instead, families also strive for noneconomic goals. As a result, the tightness of grip of a family over its firm adds an important dimension to the analysis of the strategies of family firms. The changes occurring on the buyout of a family firm may lead t