杠杆收购中的负债融资分析

Ananlysis on the Liability Financing in Leverage Buyouts

对杠杆收购原理和特征作了简要的介绍.鉴于杠杆收购财务杠杆率高、投机性大、风险大这一特性,对LBO中目标企业收购者和投资者之间的融资过程,借助于ROSS模型进行了博弈分析.期望通过均衡解对收购方和投资方提出有益的建议,并对双方提出了应谨慎实施杠杆收购的告诫.尤其对投资方提出了在得出融资方均衡解基础上,进一步对融资方均衡解的各参数进行分析和权衡,避免将融资方均衡解大与其企业质量就高完全等同一致.最后提出了LBO可作为拓宽中国企业兼并重组融资渠道的思想.

This article briefly introduces the principle and the character of the leverage buyouts since the rate of finance lever and the risk is high in the LBO, this article gives a game-theory analysis on the financing process between the purchaser and the investor in LBO by using the ROSS model. It is expected that some beneficial proposal to either side can be put forward by parting the equilibrium.in the last, it poses that LBO can be a way of broadening the financing channel on the annexation between the enterprises in our country.