金融市场的非中介化金融脱媒外文文献翻译.docx

外文文献翻译 原文及译文 标题：The disintermediation of financial markets: Direct investing in private equity 作者：Victoria Ivashina，Josh Lerner 期刊：Journal of Financial Economics，第116卷，第1期 年份：2015 原文 The disintermediation of financial markets: Direct investing in private equity Victoria Ivashina，Josh Lerner Abstract We examine 20 years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Out performance by the direct investments, however, relative to the corresponding private equity fund benchmarks is limited and concentrated among buyout transactions. Co-investments underperform the corresponding funds with which they co-invest, due to an apparent adverse selection of transactions available to these investors, while solo transactions outperform fund benchmarks. Investors’ ability to resolve information problems appears to be an important driver of solo deal outcomes. Keywords: Financial intermediation， Private equity， Direct investment ，Co-investment 1.Introduction In recent years, institutional investors have increasingly invested directly in private equity, bypassing the traditional intermediated fund structure. These direct investments include transactions in which an institutional investor coinvests in a deal that is originated by a private equity fund manager (which we term co-investments) and ones in which the institutional investor originates and invests in the transaction alone (solo investments). According to Preqin survey data, in 2014, 52% of investors in private equity funds intended to increase their direct investment activity, and a further 36% planned to maintain their current level. The growing appetite for direct investments is spread across all types of institutional investors, often at the expense of allocations toward traditional private equity investing. Lower fees—and, consequently, the promise of higher net retur