杠杆收购(LBO)所具有的特点似乎为我国国有资产的“有进有退”提供了一条光辉大道,但细究起来才发现,其作用被我国的特定经济环境限制在一个很小的范围之内。杠杆收购是80年代中美国盛行的一种公司接管方式,其突出的特征就在于接管方仅用很小比例的自有资金就能实现对目标公司的收购。通常的做法分为四个阶段:第一阶段为资金的筹措阶段。首先由公司的最高层管理人员和/或接管专家们领导的收购集团组建执行收购的空壳公司。他们提供约占收购 The characteristics of LBOs seem to provide a glorious avenue for China’s state-owned assets to “retreat” and “retreat”. However, after careful study, it was discovered that its role was limited to a very small area by the country’s specific economic environment. within. Leveraged buyout is a way of corporate takeover that prevailed in the United States in the 1980s. Its outstanding feature is that the takeover party can acquire the target company only with a small percentage of its own funds. The usual practice is divided into four phases: The first phase is the financing phase. First, the acquisition group led by the company’s top management team and/or takeover specialists forms the shell company that performs the acquisition. They provide about an acquisition