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TESIS DOCTORAL ANTONIO SERRANO.Pdf A mi mujer, Irene, y a mi hijo, Antonio, en compensación por todas las horas que este trabajo les ha privado de mí. ÍNDICE INTRODUCCIÓN. ............................................................................................ 33 PARTE PRIMERA: LAS ADQUISICIONES APALANCADAS DE EMPRESAS POR OPERADORES DE CAPITAL RIESGO. ANÁLISIS FINANCIERO, ECONÓMICO Y JURÍDICO. CAPÍTULO PRIMERO: INTRODUCCIÓN A LA INDUSTRIA DEL CAPITAL RIESGO. EVOLUCIÓN HISTÓRICA Y ANÁLISIS CRÍTICO. .......................... 43 1. Introducción. .......................................................................................... 43 1.1. Concepto y caracteres. ................................................................... 43 1.2. Aclaración conceptual y tipos de operaciones. ............................... 46 2. Historia del capital riesgo. ...................................................................... 49 2.1. Introducción. ................................................................................... 49 2.2. Prehistoria. ..................................................................................... 51 2.3. Orígenes del private equity moderno. ............................................. 52 2.4. Los primeros tiempos del venture capital y el crecimiento de Silicon Valley (1959-1981). ................................................................................... 54 2.5. Orígenes de las compras apalancadas (leveraged buyouts) (1955- 1981). ....................................................................................................... 57 A. McLean Industries y sociedades holding cotizadas. ....................... 57 B. KKR y los pioneros del private equity. ............................................ 59 C. Los cambios legales y fiscales que impulsaron el boom de las adquisiciones apalancadas. ................................................................... 61 5 2.6. El primer boom del private equity (1982-1993). .............................. 62 A. Comienzo del boom de los LBOs. .................................................. 63 B. El venture capital en los años 80. ................................................... 64 C. Depredadores societarios, adquisiciones hostiles y greenmail. ..... 66 D. RJR Nabisco y los Bárbaros a las Puertas. .................................... 69 2.7. La caída de los LBOs (1990-1992). ................................................ 72 A. La caída de Drexel Burnham Lambert. ........................................... 72 B. S&L y el cierre del mercado de los bonos basura. ......................... 74 2.8. El segundo boom del private equity y los orígenes del private equity moderno. ................................................................................................... 76 A. El resurgir de las adquisiciones apalancadas. ................................ 77 B. El auge del venture capital y la burbuja de internet (1995-2000). .. 80 2.9. El estallido de la burbuja de internet y el crash del private equity (años 2000 a 2003). .................................................................................. 81 2.10. El tercer boom y la era dorada del private equity (2003-2007). .. 85 A. El resurgir de las grandes adquisiciones. ....................................... 87 B. La era de las mega-adquisiciones. ................................................. 88 C. Private equities cotizados. .............................................................. 89 D. El mercado secundario y la evolución de los activos de private equity. .................................................................................................... 93 2.11. El credit crunch y la industria del private equity post-moderna (2007–2012) .............................................................................................. 94 3. Historia del capital riesgo en España. .................................................. 103 6 3.1. Era de venture capital (1972-2002). ............................................. 104 A. Origen y aparición de las primeras sociedades de capital riesgo: arranque con iniciativa pública (1972-1986). ....................................... 104 B. La entrada de inversores privados (1987-1991). .......................... 105 C. Evolución y redefinición de la actividad (1992-1996). ................... 106 D. Emergencia y caída de la Nueva Economía (1997-2002). ........... 107 3.2. Era de las adquisiciones apalancadas (2003-2007). .................... 109 3.3. Situación actual (2007-2012). ....................................................... 111 4. Análisis crítico de la visión que la sociedad tiene del capital riesgo. ... 116 4.1. La visión que la sociedad tiene del capital riesgo. ........................ 116 4.2. Análisis crítico del papel que juega el capital riesgo en la economía. ............................................................................................... 121 CAPÍTULO SEGUNDO: RÉGIMEN JURÍDICO Y FUNCIONAMIENTO DE LAS ENTIDADES DE CAPITAL RIESGO. ............................................................ 125 1. Régimen jurídico de las entidades de capital riesgo en España. ......... 125 1.1. Normativa aplicable. ..................................................................... 125 1.2. Concepto. ..................................................................................... 126 1.3. Actividades complementarias. ...................................................... 126 1.4. Forma jurídica y clases. ................................................................ 127 1.5. Fondos de capital riesgo. ............................................................. 128 A. Concepto. ..................................................................................... 128 B. Características. ............................................................................. 128 C. Régimen de autorización y registro. ............................................. 129 7 1.6. Sociedades de capital riesgo. ....................................................... 133 A. Concepto. ..................................................................................... 133 B. Características. ............................................................................. 133 C. Régimen de autorización y registro. ............................................. 134 1.7. Sociedades gestoras de capital riesgo. ........................................ 139 A. Concepto. ..................................................................................... 139 B. Características. ............................................................................. 140 C. Funciones. .................................................................................... 140 D. Procedimiento de autorización y registro. ..................................... 141 E. Causas de revocación de la autorización. .................................... 144 1.8. Régimen de inversiones .................................................................. 145 2. Funcionamiento típico de un FCR. ...................................................... 145 2.1. Introducción. ................................................................................. 148 2.2. Aspectos clave. ............................................................................ 148 2.3. Cómo se estructura un fondo. ...................................................... 149 2.4. La vida del fondo. ......................................................................... 151 2.5. Comisiones (fees). ........................................................................ 154 2.6. Transmisiones. ............................................................................. 160 2.7. Persona clave (key man). ............................................................. 161 2.8. Cese del gestor. ........................................................................... 162 2.9. Conflictos. ..................................................................................... 163 8 2.10. Gobierno corporativo. ............................................................... 163 A. Asamblea de inversores. .............................................................. 164 B. Comité asesor (advisory board). ................................................... 165 C. Comité de inversiones (investment comittee). .............................. 165 2.11. Cómo rentabilizar la inversión en el fondo. ............................... 166 CAPÍTULO TERCERO: INTRODUCCIÓN A LAS ADQUISICIONES APALANCADAS DE EMPRESAS. ................................................................ 169 1. Concepto y naturaleza jurídica. ........................................................... 169 2. Notas características. .......................................................................... 171 3. Ventajas y riesgos. .............................................................................. 176 4. Tipos. ................................................................................................... 177 5. Partes implicadas en las adquisiciones apalancadas. ......................... 181 5.1. Los compradores. En especial, los patrocinadores financieros. ... 181 5.2. Los vendedores. ........................................................................... 184 A. Tipos de vendedores. ................................................................... 184 B. Procedimientos de venta. ............................................................. 185 C. Operaciones de MBO. .................................................................. 186 D. Operaciones de public
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