[{"data":1,"prerenderedAt":78},["ShallowReactive",2],{"story-9370-tw":3},{"id":4,"slug":5,"slugs":5,"currentSlug":5,"title":6,"subtitle":7,"coverImagesSmall":8,"coverImages":9,"content":19,"questions":20,"relatedArticles":30,"body_color":76,"card_color":77},"9370",null,"私募股權的生存策略：在殭屍公司末日中求生","- 市場僵局下，延續載具浮現，成爲被困投資的最後出路",[],[10,11,12,13,14,15,16,17,18],"https://images.ft.com/v3/image/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4eca89c8-c272-4161-97af-8c2da2219c54.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","https://marketminute.ghost.io/content/images/size/w1200/2025/12/c91ffa43-be84-4bab-81dc-4a56b1203f19.png","https://images.seattletimes.com/wp-content/uploads/2025/12/LoTWrAL7.jpg?d=2040x1360","https://static01.nyt.com/images/2025/12/23/multimedia/23biz-pe-problems-tvhl/23biz-pe-problems-tvhl-articleLarge.jpg?quality=75&auto=webp&disable=upscale","https://static01.nyt.com/images/2025/12/24/business/24biz-pe-continuation-funds/24biz-pe-continuation-funds-articleLarge.jpg?quality=75&auto=webp&disable=upscale","https://rsmus.com/content/dam/rsm/insights/industries/private-equity/1social/social-media-continuation-vehicles.jpg","https://www.thedailyupside.com/wp-content/uploads/2025/12/upiphotosthree110067-scaled-e1766533830724.jpg","https://m.economictimes.com/thumb/msid-126180885,width-1200,height-900,resizemode-4,imgsize-265262/investors-warn-of-rot-in-private-equity-as-funds-come-up-with-circular-deals.jpg","https://imgproxy.watchmedier.dk/watchmedier/resize:fill:3840:0:0/plain/https://photos.watchmedier.dk/Images/18821342/160cri/ALTERNATES/master-3_2/arthur-d--little-jonas-fagerlund","**私募股權行業**正處於一個關鍵的轉折點，正努力應對前所未有的挑戰：一個巨大的**殭屍企業**積壓，這些企業既不成長，也無法吸引買家。截至 2025 年 12 月，該行業正在管理著令人震驚的 31,000 項投資，總價值為 3.7 兆美元，這代表著一個威脅整個投資生態系統的戰略泥潭。\n\n核心困境源於宏觀經濟壓力的完美風暴。**高利率**和充滿挑戰的監管環境極大地限制了傳統的退出策略，迫使公司採取越來越有創意的生存機制。**延續型基金**已成為該行業的主要生命線，允許私募股權公司在其自己的基金之間交易公司——此舉既標誌著創新，也可能意味著絕望。\n\n**技術轉型**正在成為生存的關鍵區別因素。摩根士丹利報告稱，一半的私募股權中端市場投資組合公司目前都有積極的**人工智慧計劃**，這表明技術基礎設施已成為投資者評估潛力的主要視角。擁有強大技術能力的中端市場公司正在成為最具吸引力的收購目標，而那些缺乏數位競爭力的公司則面臨著永久陷入**殭屍投資**類別的風險。\n\n市場正在見證結構性的蛻變。預計 2026 年平台收購將佔交易活動的至少 25%，這表明正在轉向更整合的、技術驅動的投資方式。對於投資者來說，這既代表著巨大的風險，也代表著重新構想投資組合管理策略的前所未有的機會。\n\n至關重要的是，目前的形勢要求徹底重新構想價值創造。投資者現在必須超越傳統指標，轉而關注技術適應性、運營效率和數位轉型的潛力。被動資本配置的時代已 definitivly 結束。",[21,24,27],{"title":22,"answer":23,"author":5,"avatar":5,"time":5},"為何私募股權公司難以退出投資？","高利率、充滿挑戰的監管環境、以及買家胃納有限，共同釀成了一場完美風暴。整個行業囊括了 31,000 家公司，總價值達 3.7 兆美元，許多公司無法以可接受的價格出售，或找到合適的收購目標。",{"title":25,"answer":26,"author":5,"avatar":5,"time":5},"什麼是延續型車輛，以及它們為何重要？","延續型載具是創新的金融機制，允許私募股權公司在其自身的基金載具之間出售公司。它們為退出挑戰提供了暫時的解決方案，使公司能夠記錄紙上收益並維持投資者的信心，同時等待更有利的市場條件。",{"title":28,"answer":29,"author":5,"avatar":5,"time":5},"科技如何影響私募股權投資策略？","科技已成為關鍵的評估指標。摩根士丹利報告指出，50% 的中型市場投資組合公司現有積極的 AI 計劃。擁有強大技術基礎設施的公司正變得更具吸引力的收購目標，而缺乏數位能力的公司則面臨成為「殭屍投資」的風險。",[31,36,41,46,50,54,58,63,67,71],{"id":32,"title":33,"source":34,"logo":10,"time":35},152409,"How one private equity group’s deals show risks of firms selling to themselves","https://www.ft.com/content/69bd2bea-4f52-4f7b-9ece-89133e4964e6","5天前",{"id":37,"title":38,"source":39,"logo":13,"time":40},152408,"Once Wall Street’s High Flyer, Private Equity Loses Its Luster","https://www.nytimes.com/2025/12/23/business/private-equity-stock-market.html","3天前",{"id":42,"title":43,"source":44,"logo":11,"time":45},152407,"The Declining Luster of Private Equity: Why the Golden Age is Yielding to Public Markets","https://markets.financialcontent.com/stocks/article/marketminute-2025-12-25-the-declining-luster-of-private-equity-why-the-golden-age-is-yielding-to-public-markets","1天前",{"id":47,"title":48,"source":49,"logo":5,"time":45},152406,"Private Equity Faces Scrutiny Over Continuation Funds","https://scanx.trade/stock-market-news/global/private-equity-industry-under-fire-as-investors-question-continuation-fund-practices/28254937",{"id":51,"title":52,"source":53,"logo":17,"time":45},152405,"Investors warn of 'rot in private equity' as funds come up with circular deals","https://m.economictimes.com/markets/stocks/news/investors-warn-of-rot-in-private-equity-as-funds-come-up-with-circular-deals/articleshow/126180887.cms",{"id":55,"title":56,"source":57,"logo":15,"time":40},152579,"Continuation vehicles: Tax considerations to drive private equity fund value","https://rsmus.com/insights/industries/private-equity/continuation-vehicles-tax-considerations.html",{"id":59,"title":60,"source":61,"logo":14,"time":62},152578,"Investors Warn of ‘Rot in Private Equity’ as Funds Strike Circular Deals","https://www.nytimes.com/2025/12/24/business/private-equity-continuation-funds.html","2天前",{"id":64,"title":65,"source":66,"logo":12,"time":45},152577,"Once Wall Street’s high-flyer, private equity loses its luster","https://www.seattletimes.com/business/once-wall-streets-high-flyer-private-equity-loses-its-luster/",{"id":68,"title":69,"source":70,"logo":16,"time":45},152576,"Exit Strategizing: Private Equity Carries Record Backlog of Companies into 2026","https://www.thedailyupside.com/finance/private-equity/exit-strategizing-private-equity-carries-record-backlog-of-companies-into-2026/",{"id":72,"title":73,"source":74,"logo":18,"time":75},152410,"Continuation funds “not a sustainable strategy”","https://amwatch.com/AMNews/private_markets/article18836501.ece","12天前","#8e09d4ff","#8e09d44d",1766795268896]