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在企业管理层收购过程中,如何合理合法地解决管理层收购股权所需的资金是一大难题。通常情况下,管理层收购是一项大规模的资本运作,股权交易所需的大部分资金需要来源于外部融资,能否较为有效地利用多种金融工具进行融资是收购成功的关键因素。因此要在管理层收购的融资方式中设计多样化的金融工具,使不同的金融工具对应不同的风险偏好者,笔者认为:通过信托和私募基金融资方式是解决企业管理层收购资金来源问题较为理想的方式。
In the process of corporate management buyout, how to reasonably and legally solve the management funds needed to acquire shares is a big problem. Typically, MBO is a large-scale capital operation. Most of the capital required for equity trading needs to be sourced from external financing. The ability to use more than one financial instrument more efficiently is a key success factor for acquisitions. Therefore, we should design diversified financial instruments in MBO to make different financial instruments correspond to different risk appetiters. According to the author, it is preferable to solve the problem of financing sources of MBO by means of trust and private equity financing The way.