浅探杠杆收购战略在我国运用的可行性

企业购并是国外特别是美国企业成长和发展的一个重要手段。在一百多年的企业发展历史上,在完全市场经济的条件下,美国企业、金融界进行了大量的创新,开发了丰富的金融工具。其中杠杆收购战略就是创新工具的一个典型例子。尽管我国开始市场经济的时间较短,但是金融界和政府部门一直在改革和创新具有中国特色的金融市场。探讨杠杆收购战略在我国运用的可行性,可以为我国的企业购并注入新的活力。

The feasibility of leveraged buyout strategy in our country

In the United States, the merger and acquisition (M&A) has a history over 100 years, while it is still a fairly new subject in our country. Since the economic reform is still underway and, different from that of U. S. , the principal part of China's socialist market economy is state ownership, continuous effort is required to develop applicable M&A strategy in China. The thesis aims to analyze the status-quo, opportunity and challenge confronting with the enterprises in our country and to verify the feasibility and implication for them to adopt leveraged buyout strategy in the M&A.