PE市场总体情况.pdf

The Economics The private equity market is an important source of funds for start-ups, private middle- market companies, firms in financial distress, of the Private and public firms seeking buyout financing.1 Over the past fifteen years, it has been the Equity Market fastest growing market for corporate finance, far surpassing others such as the public equity and bond markets and the market for private place- Stephen D. Prowse Senior Economist and Policy Advisor ment debt. Today the private equity market is Federal Reserve Bank of Dallas roughly one-quarter the size of both the market for commercial and industrial bank loans and the market for commercial paper in terms of outstandings (Figure 1). In recent years, private equity capital raised by partnerships has matched, and sometimes exceeded, funds raised through initial public offerings and gross This article examines issuance of public high-yield corporate bonds. Probably the most celebrated aspect of the pri- the economic foundations vate equity market is the investment in small,