一、上市公司杠杆收购1,杠杆收购的意义与特征在并购过程中,收购人需要寻找筹集收购所需要资金的途径。这时,收购人利用目标企业企业价值的方法筹集资金,即以目标公司的将来现金流(predictable cash flow)或者目标公司的财产为担保筹集所需要的资金。这就被称为LBO交易(杠杆收购)。LBO交易的特征有四方面:第一,收购人作为收购工具设立特殊目的公司(SPV)~①,而特殊目的公司通过多种融资渠道筹集收购所需的资 First, the leveraged buyouts of listed companies 1, the significance and characteristics of leveraged buyouts In the process of mergers and acquisitions, the acquirer needs to find ways to raise funds needed for the acquisition. At this moment, the purchaser uses the method of the target enterprise’s enterprise value to raise funds, that is, to raise the necessary funds with the target company’s future cash flow (predictable cash flow) or the target company’s property as a guarantee. This is known as the LBO transaction (leveraged buyout). There are four characteristics of the LBO transaction: First, the purchaser sets up a SPV for acquisitions ① and the SPV raises the capital required for the acquisition through various financing channels