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杠杆收购由于具有高负债、高风险、高收益及高投机的特点,在80年代的美国成为企业购并融资的新手段。随着我国市场经济的不断深入及全球经济一体化趋势的加剧,经济结构、企业结构的调整与重组已成为时代的潮流,杠杆收购作为低成本扩张的一种重要方式,可以成为国企改革和资产重组的一种选择。本文将主要围绕企业杠杆收购的概念、杠杆收购的主要特点、杠杆收购的主要形式、杠杆收购与运作风险以及杠杆收购在我国的应用进行研究。
Leveraged buyouts have emerged as new avenues for corporate mergers and acquisitions in the 1980s due to their high debt, high risk, high yield and high speculative potential. With the continuous deepening of China’s market economy and the intensification of the trend of global economic integration, the readjustment and restructuring of economic structure and enterprise structure have become the trend of the times. As an important way of low-cost expansion, the leveraged buyout can become the reform of state-owned enterprises and assets A reorganization of a choice. This article will mainly focus on the concept of the enterprise’s leveraged buyout, the main features of the leveraged buyout, the main forms of the leveraged buyout, the leveraged buyout and operational risk and the leveraged buyout in China.