IMF ȯ εٸ, 쿴. IMF Ŀ Ȯ濵 ʾҴ 1998 ΰ ȸäѵ Ҵ. ȸ ؿܵǻȰ ϰ Ǿ, 迭 и ŰǴ ȴ. κ 10 ̱ ۷ι ſ ѹα ٽ ѹ ҿ뵹̷ ִ. ̷ 10⸸ ãƿ Ȳ ̸ ٽ ѹ ϰ ִµ, ̴ ⸦ ̰ܳ ȯŻ 췮 迭縦 ؼ μ Ϻ 忡 귯 ֱ ̴. M&A ҸⰡ ̴̾ ֱٿ ۷ι ſ (Winners Curse) α ȸڵǰ ִ. , M&A£ Ͽ ŷ Ź ¸ڰ Ǿ, äް ǻ, μ 迡 Ǵ ֱ ̴. μ ٽ μ 忡 Ĵ ó 쵵 ϰ ִ. ӰԵ £ ¸Ͽ 췮Կ縦 μ ۷ι ſϿ Ȳ ־ ִ.
ȣ Ǽ
ȣ 2006 11 15 Ǽμ ǥϿ. 3 ƺξ Ǽ 32.5% Ȯ ̴. 迭纰 ȣ 1 6õ Ͽ 18.5% μϿ ȣŸ̾ 5.6%, ȣȭ 4.5%, ƽþƳװ 2.8% Ͽ. Ǽ μ 迭簡 ̴. Ű ֽ 72.1% κ 39.6% 繫 ڰ Ͽ.
Ǽ ںѰ谡 2.7 , 72.1% ϸ 1 9,467 ȴ. 6 4,260£ μϿǷ PBR 3.3迡 μ ̰ 4 4,793 Ͽ. ū 繫ڵ ġϸ鼭 Dzɼ Ͽµ ڸ 簡 2009 32,000ε Ǽ ְ 9,890̴. ٸ ȣ Dzɼ 4̻ ʿϰ, ̸ ϱ ȣ 췮迭縦 忡 ̴. Ӹ ƴ϶ ȣ Ǽ 迭 Բ 4 Ͽ 60% μϿµ, ִ 17 μ ΰ 10迡 شϴ ݾ̴.
λ ձ
λ 2001 ѱ߰ μ ̾ 2005 ձ 51% 1 8,973£ μν ߰ ߽ Ͽ. λ߰ λھ M&A ź ̴. 2007 λھ μ Ĺ̴. λھ 2007 7 ̱ Ingersoll Rand Ʈ Ǽ (Ĺ), ġƮ, ƿƼ 3 ι 49 μϿ. 2007 Ĺ EBITDA 13.1 ݿ μ ұϰ, ٷ · ̱ ε ϸ ǼⰡ ־ Ȳ ġݰ ִٴ ̴. ȭ μ LBOä 29 ںδ Ĺ 8 10 Ը ڸ ǽϿ λھ 5.19, λ꿣 4.81 Ͽ. ֻ λ IMF OBָ Űѵ ̾ ַ» ֻκ ֱ Ե Ű ߿ ִ.
ȭ ؾ
ֱ Ź ؾ μ ȭ 쿩 ڿ , ߰ 켱ڷ Ǿ. ȭ μ 屳 , Ұ ȭں, ǵ ȭ ε Ű ߿ ִ. ȸ ѻ ȭǼ IPO ϰ ֱ Ȳ ġʾ δ. 繫ڳ Ե ϰ ֱ Ǽ̳ Dzɼ , LBO ȣ Ȳ ǰ ִ ̴. ǻ۾ ְ, 켱 ٴٸ ӵǰ ִ. μ ֱ 谡 űԼְ ϸ鼭 ȣȲ ִٴ ǵ μδ ۿϰ ִ. μ , μ Ͽ ȭ M&A غ , Winners curse ذ ð Ѻ ̴.
Winners curse, M&A ᱹ ݿ ΰ ϴ ȴ. ΰ μ Ŀ μ Dzɼ 繫ڳ ϰ Ǵ ̴. Ȳ̳ Ȳ ȣ ȴٸ 췮 ϴ ۿ ִ. ó ִ о߳ ο Ͽ ڱ ΰ μϴ ٶ M&A Ȯ ɿ ä Ű M&A ֵ鿡 븸 Ȱ ̴. M&A μü ٵ μ տ ؾ ̴.
Ͻʴϴ Ф
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