文档介绍：杠杆收购在中国企业中的应用研究
【摘要】综观当今世界,兼并收购已经成为了企业扩大经营规模,占领市场份额的有效手段。世界上众多的知名企业都是通过这一方式取得了如今所具有的霸主地位。而随着中国经济与世界经济逐渐接轨,我国的许多企业都认识到了并购对企业做强做大的意义。然而,在实际的运作中,我发现传统的并购方式存在着致命的缺陷,比如现金收购模式下的资金匮乏和股权收购模式下的权利稀释等。这些瓶颈使得我国企业在扩张的道路上变得十分艰难。此时,一种全新的并购模式出现在了我的眼前,那就是杠杆收购。在这一并购模式下,企业不仅能够筹措到足够的现金头寸用于当前的收购行为,还能避免原有股东的权利遭到稀释,可谓一举两得。但是,必须认识到:杠杆收购在带来巨大收益的同时还蕴藏着巨大的经营风险和财务风险,这些风险使得并购企业稍有不慎就会面临破产。因此,我想通过分析杠杆收购在资金筹集和资本结构安排上的优势和其所伴随着的风险,以及在并购之后对公司业绩的影响来得出杠杆收购在我国是否可行的结论。
 
关键词:资金筹措,资本结构,风险,可行性
 Abstract
 In today’s world, merger and acquisition has e an efficient way for pany to enlarge its trading scale. We can see many world panies gaining today’s status through this way. With the opening of Chinese market to the outside world, more and panies of our country have realized the importance of merger and acquisition. However, when carrying out the method of merger, we found many disadvantages of the traditional acquisition. Such as lacking of cash flow in the acquisition using cash, while decrease the right of the share holders in the acquisition using equity. At this very moment, a new way of merger and acquisition appeared beside us. That is we called Leveraged Buyouts. Under this mode, pany who wants to merger can not only gain enough cash flow for the acquisition, but also maintain the rights of the share holders. However, we should realize that the result Leveraged Buyouts bringing us is not only the large amount of benefit, but also various of adventure. If pany hasn’t been managed in care, the result will be bankrupt. So I’d like to discuss about the advantage and disadvantage during the process of Leveraged Buyouts here, and thereby get the conclusion of whether the acquisition way---Leveraged Buyouts is suitable in pany.
 
Key words: cash raising, capital structure, adventure, feasibility
 目录
 
一、序言················································4
二、文献回顾·············································5
三、杠杆收购的融资安排及其在并购中所具有的优势   ·········6
四、杠杆收购对我国企业的风险  ····························8
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