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MBO 融资的基本特征西方管理者收购实务中,管理层通常先设立一家“纸上公司”(Paper Company),专事收购目标公司,该公司的资金来源一般由投资银行借给的“过桥贷款”(Bridge Loan)和管理层的自有资金组成,收购成功后,以目标企业的资产重组变现或通过“再融资”偿还“过桥贷款”。(一)管理层收购的融资渠道MBO 能否成功的关键在于收购资金的筹措,资金来源主要有权益资金和负债资金两大类。权益资金主要由管理层和风险投资商提供,管理层为了掌握控制权一般
Basic Characteristics of MBO Funding In Western management buyout practices, management usually sets up a Paper Company specializing in the acquisition of a target company whose source of funds is generally lent by an investment bank. Bridge Loan “and management’s own funds. After the acquisition is successful, it will be realized through the reorganization of the assets of the target company or repayments of” bridge loans “through” refinancing ". (I) Financing channels for MBO The key to the success of MBO lies in the financing of the acquisition. The sources of funding are mainly equity funds and debt funds. Equity funds are mainly provided by the management and venture investors, and in order to gain control of the general management