杠杆收购的本土化研究

杠杆收购作为公司并购的一种特殊形式,始于20世纪70年代的美国,80年代达到高峰。其特征在于收购资金主要来源于市场融资,收购的目的是以更高的价格出售公司或公司的股票。因此,杠杆收购较之传统意义上的公司收购有很大的区别。杠杆收购的发展,离不开低信用等级债券的辅助。作为杠杆收购中最有特色的融资手段之一,低信用等级债券的独特优势使其成为杠杆收购中最为最活跃的分子。在我国现实背景下,杠杆收购有其本土化发展的空间和可能性。

Study On the Localization of Leverage Buy-Out in China

As a unique method of merger,Leverage Buy-Out can be traced back to 1970s,and it flourished in 1980s.Its most outstanding characteristic is that the fund needed in the merger comes from financing.The aim of LBO is to sell the acquired company or the shares.Because of its characteristic,LBO is different from the other traditional methods of takeovers.The rapid development of the LBO is accompanied by the notes low credit.As the most unique method of financing,the advantage of the notes low credit made it become the most active factor.Considering the situation in China,the present study analyzes the possibility of the development of the LBO in China.