Aumento del EBITDA mediante la optimización de los costes informáticos
Resumen
El propósito del estudio es examinar cómo las empresas de capital riesgo pueden aumentar los beneficios antes de intereses, impuestos, depreciaciones y amortizaciones (EBITDA) de sus empresas de cartera mediante estrategias de reducción de costes informáticos. Se utilizó un enfoque de estudio de caso colectivo junto con esquemas cuantitativos para la recopilación de datos. El estudio de caso colectivo ofrece la ventaja de poder realizar comparaciones entre varias empresas a través de la replicación. El diseño cuantitativo de la investigación permitió recopilar datos cuantitativos centrados en los resultados de las tres empresas: Vista Equity Partners, Blackstone Group Inc. y CVC Capital Partners. Se aplicaron cinco medidas clave: expansión de márgenes, gasto de capital (CAPEX), eficiencia del capital, eficiencia del capital circulante y cambio medio ajustado. Las estrategias de reducción de costes de TI sirven como esquemas de creación de valor que acentúan el EBITDA en el contexto de desinversión de las empresas de capital riesgo. Las estrategias reducen y eliminan el despilfarro, centrándose principalmente en la optimización de los costes informáticos.
Palabras clave
estrategias de reducción de costes, rendimiento financiero, mejora del margen de beneficios, finanzas corporativas, control de costes informáticos
Referencias
- Bajulaiye, O., Fenwick, M., Skultetyova, I., & Vermeulen, E.P. (2020). Digital transformation in the Hedge Fund and Private Equity Industry. SSRN. https://doi.org/10.2139/ssrn.3528068
- Belderbos, R., Jacob, J., & Lokshin, B. (2019). Corporate Venture Capital (CVC) Investments and Technological Performance: Geographic Diversity and the Interplay with Technology Alliances. Journal of Business Venturing, 33(1), 20-34. https://doi.org/10.1016/j.jbusvent.2017.10.003
- Blackstone. (2012). Blackstone Deploys Coupa Software to Streamline Procurement and Approval Processes. https://www.blackstone.com/news/press/blackstone-deploys-coupa-software-to-streamline-procurement-and-approval-processes/
- Blackstone. (2021). Blackstone Reports Fourth Quarter and Full Year 2020 Results. https://www.blackstone.com/wp-content/uploads/sites/2/2021/01/Blackstone4Q20EarningsPressRelease.pdf
- Blackstone. (2022). Blackstone Reports Fourth Quarter and Full Year 2021 Results. https://s23.q4cdn.com/714267708/files/doc_financials/2021/q4/Blackstone4Q21EarningsPressRelease.pdf
- Blackstone. (2023). Blackstone Reports Fourth Quarter and Full Year 2022 Results. https://www.blackstone.com/wp-content/uploads/sites/2/2023/01/Blackstone4Q22EarningsPressRelease.pdf
- Brown, G., Harris, R., & Munday, S. (2021). Capital Structure and Leverage in Private Equity Buyouts. Journal of Applied Corporate Finance, 33(3), 42-58. https://doi.org/10.1111/jacf.12465
- Casalino, L.P., Saiani, R., Bhidya, S., Khullar, D., & O'Donnell, E. (2019). Private Equity Acquisition of Physician Practices. Annals of Internal Medicine, 170, 114-115. https://doi.org/10.7326/M18-2363
- Choi, J.K., Hann, R.N., Subasi, M., & Zheng, Y. (2020). An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency. Contemporary Accounting Research, 37(4), 2615-2648.https://doi.org/10.1111/1911-3846.12597
- Cohn, J.B., Hotchkiss, E.S. & Towery, E.M. (2022). Sources of Value Creation in Private Equity Buyouts of Private Firms. Review of Finance, 26(2), 257-285. https://doi.org/10.1093/rof/rfac005
- CVC. (2022). Annual Financial Report. https://ig.cvc.com/wp-content/uploads/2023/04/annual-financial-report-2022.pdf
- Díaz Restrepo, C. A., Patiño, M., Duque, P., Cervantes Cervantes, L. S., & Franco Rivera, A. (2023). Financial Performance in Small and Medium-Sized Enterprises (SMEs): A Bibliometric Analysis of Scientific Production. Apuntes del Cenes, 42(75), 45-80. https://doi.org/10.19053/01203053.v42.n75.2023.14714
- Duchessi, P., Nevo, S. & Chengalur-Smith, I. (2012). Coping Strategies for Turbulent Times: A Survey of IT Executives. IT Professional, 14(2), 43-53. https://doi.org/10.1109/MITP.2012.34
- Fintel. (2023). Vista Equity Partners Management, LLC-Filing History. https://fintel.io/i13fs/vista-equity-partners-management-llc
- Haque, S.M. (2023). Does Private Equity Over-Lever Portfolio Companies? Board of Governors of the Federal Reserve System. https://doi.org/10.17016/feds.2023.009
- Harbula, P. (2015). Private Equity and Value Creation. In Private Equity: Opportunities and Risks (pp. 330-359). Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199375875.003.0019
- Heinrich, V. (2023). Private Equity Transactions: Value Creation Through Operational Engineering Evidence from Europe. Junior Management Science, 8(3), 634-657.
- Hughes, A. (2013). The Turnaround Kings: BE 100s Financial Services Company of the Year. Black Enterprise. https://www.blackenterprise.com/the-turnaround-kings-be-financial-services-company-of-the-year/
- Jonny. (2022). Reducing Product Cost for ABC Company Through Lean Production Initiative. In Proceedings of 11th International Congress on Advanced Applied Informatics (pp. 190-200). Bina Nusantara University.
- Kaplan, S. & Strömberg, P. (2009). Leveraged Buyouts and Private Equity. Journal of Economic Perspectives, 23(1), 121-146. https://doi.org/10.1257/jep.23.1.121
- Klonowski, D. (2014). Venture Capital Financing and Value Creation. In Strategic Entrepreneurial Finance: From Value Creation to Realization (pp. 113-142). Routledge. https://doi.org/10.4324/9780203094976-16
- Korteweg, A.G. (2022). Risk and Return in Private Equity. Elsevier. https://doi.org/10.1016/bs.hecf.2023.02.008
- Krysta, P.M. & Kanbach, D.K. (2022). Value Creation in Private Equity Portfolio Companies: A Structured Review of Evidence and Proposed Framework. Venture Capital, 24(3-4), 203-286. https://doi.org/10.1080/13691066.2022.2117669
- Lao, L. (2022). Enterprise Cost Analysis and Cost Reduction Strategy. Chinese Science and Technology Journal, 2022, 43-46.
- Leslie, P. & Oyer, P. (2008). Managerial Incentives and Value Creation: Evidence from Private Equity. National Bureau of Economic Research. https://doi.org/10.3386/w14331
- Lubbers, R., Von Eije, J.H. & Westerman, W. (2015). Does Private Equity Stir Up European Industries? SSRN. https://doi.org/10.2139/ssrn.2626078
- Meyer, T. (2014). Economics of Private Equity Firms. In Private Equity Unchained (pp. 94-104). Palgrave Macmillan. https://doi.org/10.1057/9781137286826_9
- Moszoro, M. (2014). The Math of Private Equity: 2/20, 3-on-5, and 1-in-8. SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2017764
- Murugan, S.A. & Ramprathap, K. (2022). Cost Reduction Techniques and Its Impact of Financial Performance. International Journal of Scientific Research in Engineering and Management, 6(6), 1-11.
- Petersone, S., Tan, A., Allmendinger, R., Roy, S. & Hales, J. (2022). A Data-Driven Framework for Identifying Investment Opportunities in Private Equity. Cornell University. https://arxiv.org/abs/2204.01852
- Singh, N. (2008). Transaction Costs, Information Technology and Development. Indian Growth and Development Review, 1(2), 212-236. https://doi.org/10.1108/17538250810903792
- Su, Z., & Tang, J. (2016). Product Innovation, Cost-Cutting and Firm Economic Performance in the Post-Crisis Context: Canadian Micro Evidence. Journal of Centrum Cathedra, 9(1), 4-26. https://doi.org/10.1108/JCC-08-2016-0009
- Subirana, B. (2003). IT/Automation Cost Reduction in Intel's Manufacturing Environment. MIT Sloan School of Management. https://dspace.mit.edu/bitstream/handle/1721.1/5048/4444-03.pdf
- The Wall Street Journal. (2023). Blackstone Inc. WSJ Markets. https://www.wsj.com/market-data/quotes/BX/financials
- Vista. (2021). The Next Frontier of Software Investment and the Private Markets: How Private Equity Is Uniquely Positioned to Enable the Future of Software. https://info.vistaequitypartners.com/rs/vistaequitypartnersiiillc/images/vista-equity-partners-whitepaper-next-frontier-software-investment-private-markets.pdf
- Wilson, N., Uddin, M. & Wright, M. (2022). Exporting by Private Equity-Backed Portfolio Companies. British Journal of Management, 33, 266-285. https://doi.org/10.1111/1467-8551.12566
- Xu, L., Zhang, C., Guo, J. & Li, X. (2017). Cost Extension Control Model in Digital Context: From Continuous Cost Reduction to Value Co-creation. Procedia Computer Science, 122, 1077-1083. https://doi.org/10.1016/j.procs.2017.11.476