非LBO的中国式并购贷款——中国资产杠杆化的开端

Non-LBO China-Style Loan for M&A——A beginning of leverage assets in China

中国2008年底公布实施并购贷款后,为中国企业并购融资开辟了新的途径,是中国资产杠杆化的开端。虽然中国的并购贷款与海外实施多年的杠杆收购不尽相同,但究其根源,是中国金融创新的成果,是中国金融制度与国际接轨的重要里程碑。

After the Loan for M＆A was issued in December 2008,the corporations find a new financing channel from banks of China.Although the Loan for M＆A is not as same as LBO,it begins the leverage assets in China.It is an achievement of financial innovation and a landmark which shows Chinese financial principals to be in line with international standards.