论杠杆收购的利润来源
被引量：1
The Source of Profits in Leverage Buyout
摘要
一、杠杆收购作用的金融学解释
杠杆收购是公司结构重组的特殊形式.传统的杠杆收购是由一小群投资者通过外部融资获得一家上市公司股票或资产,一般说来,采用杠杆收购的投资者与投资银行或商业银行有联系,可以筹措到大量资金来收购企业.
出处
《世界经济文汇》
CSSCI
北大核心
2001年第3期11-15,共5页
World Economic Papers
参考文献15
-
1[1]Braddock Hickman, Corporate Bond Quality and Inverstor Experience, Priceton University Press, 1958
-
2[2]S. N. Kaplan. "The Effects of Management Buyouts on Operating Performance and Valuse, "Journal of Financial Economics, November 1989, pp. 217 - 254. A.J. Smith, "Capital Ownership Structure and Performance: The Case of Management Buyouts", Journal of Financial Economics. September 1990. pp. 143 -165
-
3[3]M. C. Jensen, "Discussion on LBO Conference", Journal of Applied Corporate Finance, Summer 1990. pp. 6 -37
-
4[4]W. F. Long and D. J. Ravenscraft, "The Aftermath of LBOs", Working Paper, University of North Carolina, April 1991
-
5[5]参见 :Tim C. Opler, "Operating Performance in Leveraged Buyouts: Evidence from 1985 - 1989", in Patrick A. Gaughan,Readings in Mergers and Acquisitions , Blackwell, 1994,p. 77
-
6[7]Ronald Masulis, "The Effect of Capital Structure Change on Security Prices: A Studey of Exchange Offers", Journal of Financial Economics, Vol. 139(1980) ;" Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes",Journal of Finance, Vol.8(1980)
-
7[8]Morey W. McDaniel, "Bonddolders and Corporate Govenance", Business Lawyer( 10 March 1986), pp. 413 -460
-
8[9]Smith and Warner, "On Financial Contracting: An Aualysis of Bond Govenants", Journal of Financial Economics, Vol. 7(1979), pp. 117-119
-
9[10]M. C. Jensen and W. H. Meckling, "Theory of the Film:Managerial Behavior, Agency Costs and Ownership Structure,"Journal of financial Economics, Vol. 3(1976) , p. 305
-
10[11]Scott, "On the Theory of Conglomerate Mergers," Journal of Finance, Vol. 32( 1977), pp. 1240 - 1241
