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在20世纪八九十年代,杠杆收购成为西方国家一个主要的收购方式,在促进公司治理结构调整与改善公司经营状况起到了重要的作用。由于我国的资本市场发展还不健全,法律市场严格管制,企业本身发展不够完善以及收购后的整合措施不完善,使得杠杆收购在我国企业并购未被广泛使用。本文通过对杠杆收购的概念及特征,分析收购后的整合内容以及整合过程存在的问题并提出相应的对策和建议。一、杠杆收购的特征(一)杠杆收购的筹资结构是混合筹资结构
In the 1980s and 1990s, LBO became a major acquisition method in western countries and played an important role in promoting the adjustment of corporate governance structure and improving the company’s operating conditions. Due to the imperfect development of our country’s capital market, strict control of the legal market, the imperfect development of the enterprise itself and the imperfect integration measures after the acquisition, the leveraged buyout has not been widely used in our country’s M & A. By analyzing the concept and characteristics of leveraged buyout, this paper analyzes the post-acquisition integrated content and the existing problems in the integration process and puts forward corresponding countermeasures and suggestions. First, the characteristics of leveraged buyouts (a) the leveraged buyout structure is a hybrid financing structure