什么是杠杆收购？ leveraged buyout

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题：     请问什么是杠杆收购？
   
回答： 杠杆收购的英文全称为Leverage Buy－Out（缩写为LBO）。杠杆收购是指收购公司利用目标公司资产的经营收入来支付收购价金或作为此种支付的担保。如此一来，收购公司就不一定必须拥有巨额资金，而只需少量现金（用以支付收购过程中必需的律师、会计师等费用），加上以目标公司的资产及营运所得作为融资担保、还款来源所贷得的金额，即可收购任何规模的公司。

网络上查询Leveraged Buyout在 英文的定义结果
A fund investment strategy involving the acquisition of a product or business, from either a public or private company, utilizing a significant amount of debt and little or no equity (usually a ratio of 90% debt to 10% equity).
www.ventureeconomics.com/vec/glossary.html

A takeover of a company, using a combination of equity and borrowed funds (or loans). Generally, the target company’s assets act as the collateral for the loans taken out by the acquiring group. The acquiring group then repays the loan from the cash flow of the acquired company. For example, a group of investors may borrow funds, using the assets of the company as collateral, in order to take over a company. ...
www.wallingfordcapital.com/glossary.htm

The act of purchasing the controlling interest in a company with borrowed money that is secured by the assets of the company that is bought out.
www.tiaa-cref.org/pubs/html/financial_terms/kl.html

The acquisition of a company in which the purchase is leveraged through loan financing, rather than being paid for entirely with equity funding. The assets of the company being acquired are put up as collateral to secure the loan.
www.wrhambrecht.com/ind/private/glossary/

A transaction to acquire a company or business from either a public or private entity, utilizing a significant amount of debt and perhaps very little equity. Often, post-LBO companies are private entities owned in part by their managers. Collateral for the debt financing is the assets of the acquired company.
www.invescoprivatecapital.com/pvtcap/glossary.html

An ownership change that is mostly financed by loans from banks, investors, and others.
www.prenhall.com/rm_student/html/glossary/l_gloss.html

A buyout in which the purchaser borrows funds to buy the stock of a company and then uses the resources of the company to repay the loan.
www.promitheas.com/glossary.php

A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds.
www.clrfn.com/extras/glossary/exglostext.html

The purchase of controlling interest in a corporation using borrowed funds.
www.crfonline.org/orc/glossary/l.html

A takeover of a company, using a combination of equity and borrowed funds (or loans). LBO funds are important players in the US private equity markets. Leveraged buyout funds have generated returns by acquiring profitable, stable businesses in more mature sectors of the economy, or businesses characterized by high cash flows.
www.ventureglobe.com/glossy.html

Corporate takeover that involves using debt to buy a company, usually with very little equity or cash used in the down payment. Purchase of a company often done by the management.
www.powerinvestor.com/Glossary/L.htm

The buyout of a company with borrowed money, often using that company's own assets as collateral. LBOs were the order of the day in the heady 1980s, when successful LBO firms such as Kohlberg Kravis Roberts made a practice of buying up companies, restructuring them, and reselling them or taking them public at a significant profit. LBOs are now somewhat out of fashion.
webuser.bus.umich.edu/Organizations/FinanceClub/resources/glossary.html

The purchase of a company by a small group of investors financed largely by debt, often in the form of high yield or "junk" bonds.
www.citibank.com/corpbank/securities/glossaryl.jsp

A takeover of a corporation in which the acquirer uses borrowed funds. The target firm's assets are commonly used to secure the acquirer's loan. However, they may also use their own assets as collateral. A company's management might also use this technique to takeover their own company--that is, the management takes the company from being publicly owned to privately owned. In most LBOs, shareholders will receive a premium above the security's current market value.
www.rbfcu.org/rbsg/dictionary_l.htm

Takeover of a company or controlling interest in a company, using a significant amount of borrowed money, usually 70% or more of the total purchase price, often using the company's own assets as collateral.
www.freebuck.com/reference/glossary/l.htm

a going private transaction in which the funds for the purchase are largely obtained through the issuance of debt, often "junk bonds." The purchasing group frequently includes incumbent managers.
oldfraser.lexi.net/publications/books/gamble/glossary.html

A leveraged buyout is a restructuring action whereby the managers of the firm and/or an external party buys all of the assets of the business, largely financed with debt, and takes the firm private (Hitt, Ireland and Hoskisson, 2002).
oase.uci.kun.nl/~furrer/CS03/DefinitionsCS.htm

a buyout using borrowed money; the target company's assets are usually security for the loan; "a leveraged buyout by upper management can be used to combat hostile takeover bids"
wordnet.princeton.edu/perl/webwn

A leveraged buyout (or LBO) occurs when a financial sponsor gains control of a majority of a target company's equity through the use of borrowed money or debt. Typically this money is borrowed through a combination of prepayable bank facilities and/or public or privately-placed bonds, which may be classified as high-yield or junk bonds. Often, the financial sponsor will use the target company's free cash flow to repay the borrowed debt. ...
en.wikipedia.org/wiki/Leveraged_buyout

[ 本帖最后由 wendytian 于 2006-2-20 22:22 编辑 ]

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