杠杆收购是一种收购方主要以负债融资作为主要融资方式进行收购的一种并购活动,它起源于20世纪70年代的西方资本主义国家,到了20世纪80年代,西方规模庞大的杠杆收购案例迅速增加,相对而言,我国杠杆收购的发展比较缓慢。杠杆收购是一种不同于传统并购方式的新型并购,随着我国资本市场的不断发展和完善,国内学者对杠杆收购的研究也越来越多。本文首先介绍了杠杆收购的基本原理和特征,然后指出杠杆收购在我国市场中存在的问题,并提出了相应的政策性建议,包括:加快法律法规建设,深化经济体制改革;拓展融资途径,使融资结构更加合理;树立企业长远发展目标,改善经营效率等。 Leveraged buyout is a merger and acquisition activity in which acquirers mainly take debt financing as the main financing method. It originated in western capitalist countries in the 1970s. By the 1980s, western large-scale leveraged buy-out cases were rapidly Increase, relatively speaking, the development of China’s LBO is relatively slow. Leveraged buyout is a new type of merger and acquisition that is different from the traditional merger and acquisition. With the constant development and improvement of the capital market in our country, there are more and more domestic scholars studying the leveraged buyout. This article first introduces the basic principle and characteristics of the leveraged buyout, and then points out the problems that the leveraged buyout has in our country’s market, and puts forward the corresponding policy suggestion, including accelerating the construction of laws and regulations, deepening the reform of economic system, expanding the financing way Financing structure is more reasonable; establish long-term development goals of enterprises, improve operational efficiency and so on.