摘要
管理层收购在国外实施的历史并不算很长,在国内尚属于新鲜事物。所谓"管理层收购"(ManagementBuy-Out,缩写为MBO)又称"经理层收购",是指目标公司的经理层利用杠杆收购这一金融工具,通过负债融资,以少量资金投入收购自己经营的公司。应该说"管理层收购"是"杠杆收购"(LeveragedBuy-Out,缩写为LBO)的一种。杠杆收购是利用借债所融资本购买目标公司的股份,从而改变公司出资人结构、相应的控制权格局以及公司资产结构的金融工具。
The Management Buy-Out （MBO） has not very long history of implementation in foreign countries; therefore it is still a new thing in our country. The so-called Management Buy-Out, known as MBO, also known as the ＂Manager Buy-Out＂ , means that the target company＇s managers use leveraged buyout to purchase their own business of the company through debt financing and a small amount of funding. It should be said that ＂Management Buy-Out＂ is a kind of Leveraged Buy-Out, known as LBO. Leveraged buyout , a kind of financial instruments, means that the target company＇s shares is purchased by debt financing, which thereby changes the investor structure of the company, the corresponding pattern of control and the structure of the company＇s assets.
出处
《经济研究导刊》
2008年第9期75-76,共2页
Economic Research Guide
关键词
管理层收购
问题
结果
目标
Management Buy-Out
Problem
Result
Target
