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公司简报之LBO的译法及其相关内容

LBO 杠杆收…

原标题:公司简报之LBO的译法及其相关内容。

LBO 杠杆收。

公司简报之LBO的译法及其相关内容

购融资并购。

杠杆收购(英语:Leveraged Buyout又作LBO)是一种收购的方式其本质即是举债收购指收购者仅有少许资金借由举债借入资金来收购其他资本较大的公司有如运用杠杆原理以较小的力量抬起重物一般。

融资收购通常以将收购的公司或未来的现金流做担保有时获利不如预期因此风险极大。

杠杆收购又称融资并购举债经营收购(美)是一种企业金融手段是指公司或个体利用收购目标的资产作为债务抵押收购另一家公司的策略。

交易过程中收购方的现金开支降低到最小程度。

换句话说杠杆收购是一种获取或控制其他公司的方法。

杠杆收购的突出特点是收购方为了进行收购大规模融资借贷去支付(大部分的)交易费用。

通常为总购价的70或全部。

同时收购方以目标公司资产及未来收益作为借贷抵押。

借贷利息将通过被收购公司的未来现金流来支付。

杠杆收购的主体一般是专业的金融投资公司投资公司收购目标企业的目的是以合适的价钱买下公司通过经营使公司增值并通过财务杠杆增加投资收益。

通常投资公司只出小部分的钱资金大部分来自银行抵押借款、机构借款和发行垃圾债券(高利率高风险债券)由被收购公司的资产和未来现金流量及收益作担保并用来还本付息。

如果收购成功并取得预期效益贷款者不能分享公司资产升值所带来的收益(除非有债转股协议)。

在操作过程中可能要先安排过桥贷款(bridge loan)作为短期融资然后通过举债完成收购。

杠杆收购在国外往往是由被收购企业发行大量的垃圾债券成立一个股权高度集中、财务结构高杠杆性的新公司。

在中国由于垃圾债券尚未兴起收购者大都是用被收购公司的股权作质押向银行借贷来完成收购的。

A leveraged buyout (LBO) is one company’s acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans along with the assets of the acquiring company. The use of debt which normally has a lower cost of capital than equity serves to reduce the overall cost of financing the acquisition. The cost of debt is lower because interest payments often reduce corporate income tax liability whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity and as a result the debt serves as a lever to increase the returns to the equity.。

The term LBO is usually employed when a financial sponsor acquires a company. However many corporate transactions are partially funded by bank debt thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO) management buyin (MBI) secondary buyout and tertiary buyout among others and can occur in growth situations restructuring situations and insolvencies. LBOs mostly occur in private companies but can also be employed with public companies (in a socalled PtP transaction – Public to Private).。

As financial sponsors increase their returns by employing a very high leverage (i.e. a high ratio of debt to equity) they have an incentive to employ as much debt as possible to finance an acquisition. This has in many cases led to situations in which companies were “overleveraged” meaning that they did not generate sufficient cash flows to service their debt which in turn led to insolvency or to debttoequity swaps in which the equity owners lose control over the business to the lenders. 相关例句如下可供参考:。

LBOs have become attractive as they usually represent a winwin situation for the financial sponsor and the banks: the financial sponsor can increase the rate of returns on its equity by employing the leverage; banks can make substantially higher margins when supporting the financing of LBOs as compared to usual corporate lending because the interest chargeable is that much higher. Banks can increase their likelihood of being repaid by obtaining collateral or security.。

杠杆收购很有吸引力因为它们通常代表着金融保荐人和银行的双赢局面:金融保荐人可以运用杠杆来提高其股本回报率;与通常的公司贷款相比银行在支持杠杆收购融资时可以获得更高的利润因为收取的利息要高得多。

银行可以通过获得抵押品或证券来增加偿还的可能性。

In corporate finance a leveraged buyout (LBO) is a transaction where a company is acquired using debt as the main source of consideration. These transactions typically occur when a private equity (PE) firm borrows as much as they can from a variety of lenders (up to 70 or 80 percent of the purchase price) and funds the balance with their own equity.。

在企业融资中杠杆收购是一种以债务为主要对价的公司收购交易。

私募股权公司尽可能多地从各种贷款机构借款(高达购买价格的70或80)并用自己的股权为余额融资的时候通常会发生此类交易。

LBOs are conducted for three main reasons. The first is to take a public company private; the second is to spinoff a portion of an existing business by selling it; and the third is to transfer private property as is the case with a change in small business ownership. However it is usually a requirement that the acquired company or entity in each scenario is profitable and growing.。

杠杆收购有三个主要原因。

首先是将一家上市公司私有化;第二是通过出售现有业务来剥离一部分业务;第三是转让私有财产就像小企业所有权的变化一样。

但在每种情况下通常均要求被收购的公司或实体是盈利且增长的。

相关知识拓展:。

在具体应用杠杆收购一般是按以下步骤进行。

第一阶段:杠杆收购的设计准备阶段主要是由发起人制定收购方案与被收购方进行谈判进行并购的融资安排必要时以自有资金参股目标企业发起人通常就是企业的收购者。

第二阶段:集资阶段并购方先通过企业管理层组成的集团筹集收购价10的资金然后以准备收购的公司的资产为抵押向银行借入过渡性贷款相当于整个收购价格的5070的资金向投资者推销约为收购价2040的债券。

第三阶段:收购者以筹集到的资金购入被收购公司的期望份额的股份。

第四阶段:对并购的目标企业进行整改以获得并购时所形成负债的现金流量降低债务风险。

(更多内容可查看https://qidulp/article/p/1681)。

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