一、杠杆收购的基本概念杠杆收购(Leverage buy-out),也译为融资购并,是指收购方以目标公司的资产和未来的现金收入做抵押,以债务资本为主要融资工具,收购目标公司全部或部分股权,然后通过对目标企业的资产出售或重组和发行债券来获得资金以偿还负债的运作过程。优势企业杠杆收购的动因源于以下几点:(1)消除代理成本。(2)杠杆收购对参与者各方均可带来利益。对被兼并公司来说,杠杆收购为他们提供了改变整体经营战略的 First, the basic concept of leveraged buyouts Leverage buy-out (Leverage buy-out), also translated as financing mergers and acquisitions, refers to the acquisition of the target company's assets and future cash income as a security, debt capital as the main financing tool for the acquisition of the target company All or part of the shares, and then through the sale of assets of the target business or restructuring and bond issuance to obtain funds to repay the debt of the process. Advantage of the reasons for the leveraged buyouts from the following points: (1) eliminate agency costs. (2) Leveraged acquisitions can bring benefits to all parties involved. For mergers, leveraged buyouts provide them with a change in their overall business strategy