| 杠杆收购的投资增值机制——价值放大与价值创造 |
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| 引用本文： | 刘松.杠杆收购的投资增值机制——价值放大与价值创造[J].科学管理研究,2011,29(1):87-91. |
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| 作者姓名： | 刘松 |
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| 作者单位： | 英国牛津大学工商管理学院,英国,OX1,1HP |
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| 摘 要： | 杠杆收购模式因其实现投资增值的能力而被私募股权投资大量使用.基于简化的数值示例,浅析杠杆收购的投资增值机制,认为:通过改善自由现金流创造价值,以及通过金融操作放大估值是杠杆收购实现投资增值的两种途径.
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| 关 键 词： | 杠杆收购 投资增值 价值放大 价值创造 |
Value-adding Mechanism of Leveraged Buy-outs——Amplification and Creation |
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| LIU Song.Value-adding Mechanism of Leveraged Buy-outs——Amplification and Creation[J].Scientific Management Research,2011,29(1):87-91. |
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| Authors: | LIU Song |
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| Institution: | LIU Song(The University of Oxford,Said Business School,OX1 1HP,UK) |
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| Abstract: | This paper,based upon a numerical analysis,discusses value-adding mechanism of leveraged buy-outs(LBOs),arguing value added comes from creation and amplification effects,which the former improves free cash flow of the target company,while the latter levers and amplifies value created. |
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| Keywords: | Leveraged buy-out Value-adding Value amplification Value creation |
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