Abstract

Using a sample of 23 OECD countries, studied over a period of 20 years (1995–2015), we find that direct foreign investment has a spillover effect on private equity (PE) in that it supports the development of the domestic PE industry. We also show how contextual variables influence the investment process. Our results suggest that a positive effect on domestic PE dynamics can be seen if the number of foreign PE deals is measured, while calculations using the value of foreign PE investments show mixed results. The positive effect of foreign investment on domestic PE activity persists where low gross capital formation is adopted and in low value-added environments. Foreign PE investment increases overseas activity in the host country’s domestic PE industry. These effects are proportional to the size of the foreign fund. Foreign PE activity related to firms in the early stages of development encourage domestic PE industry activity in the same kind of firms.

摘要

使用 23 个经合组织国家的样本，研究了 20 年（1995-2015 年），我们发现外国直接投资对私募股权 (PE) 具有溢出效应，因为它支持国内 PE 行业的发展。我们还展示了上下文变量如何影响投资过程。我们的结果表明，如果衡量外国 PE 交易的数量，可以看到对国内 PE 动态的积极影响，而使用外国 PE 投资价值的计算则显示出好坏参半的结果。在采用低资本形成总额和低附加值环境中，外国投资对国内私募股权活动的积极影响仍然存在。外国私募股权投资增加了东道国国内私募股权行业的海外活动。这些影响与外国基金的规模成正比。