外文翻译--家族企业收购，私募股权和战略变革(编辑修改稿)

外文翻译--家族企业收购，私募股权和战略变革(编辑修改稿)内容摘要：

ed. NonPEbacked buyouts are significantly smaller than PEbacked transactions for family firms. Over the last 10 years, the average deal size of nonPEbacked family firm buyouts was about 7 m, pared with an average deal size of about 41 m for PEbacked deals from this source. Familyfirm buyouts thus represent an important source of deals for private equity firms. Familyfirm characteristics before a private equitybacked buyout may influence the degree and focus of strategic changes after a buyout. We examine characteristics relating to ownership and founders39。 involvement prebuyout, ownership stake of nonfamily management prebuyout, existence of nonfamily, nonexecutive directors prebuyout, and management and private equity firm participation in succession planning. Our evidence is based on a representative survey of 104 private family firms across Europe which had a buyout funded by private equity between 1994 and 2020. A broad definition was adopted, with a family firm defined as having more than 50% of the ordinary voting shares owned or controlled by a single family group related by blood or marriage, and the firm is perceived to be a family business. The respondents were in senior positions: CEOspresidents (83%), directors including deputy CEO (15%), and senior management (2%). The strategy of the firm is pared before and after the buyout where growth/ expansion. The sample was divided into various subgroups related to the pany characteristics concerning ownership and management. University analysis was then used to determine whether the observed changes in strategy of these subgroups was significant. When the family firm had been founded by the previous owners, the changes in strategy postbuyout are generally more numerous and more significant than when the firm had been purchased or inherited by the prebuyout owners. This implies that the founder/owner has been dominant in terms of deciding pany strategy and that once she/he relinquishes ownership, the management is free to make the changes deemed necessary for the survival and growth of the firm. Several changes in strategy were mon to firms that were founded or nonfounded by the previous owners. While both types of firms showed strategic changes with regard to an increased emphasis on returns from operations and capital restructuring, founded firms also indicated a change in strategy with regard to sales growth, market share, shortterm profitability, and longterm profitability. Thus, the two different strategies of growth expansion and efficiency improvements are fairly equally important. Strategic changes after a buyout of a family firm were greater if the firm39。 s founder was still present at the time of the buyout. There are three possible explanations for this finding: 1) founders may not provide adequate leadership as firms need to transition into more advanced growth phases。 2) founders may be unable to adjust their decisionmaking styles where changes in the market environment suggest a need to change strategy。 and 3) successful founders may bee overly conservative in an effort to preserve the wealth they have created, even though the firm may have growth opportunities. The changes in firm strategy were more numerous and more significant when there were no nonfamily managers with ownership stakes. This finding indicates that management who had some ownership stake were potentially able to influence strategic direction before the buyout and that major changes after the buyout were not necessary. If the managers of the family firm were not family members and did not hold equity stakes before the buyout, their influence on strategic direction before the buyout might have been very limited, since the ultimate decision might have rested \with the owners. These nonfamily managers without equity stakes were only able to effect change once the buyout had taken place and they had bee the new owners. Severa。