杠杆收购(LBO)与税收:美国经验与启示

全球经济衰退背景下,中国企业的兼并重组势在必行.杠杆收购作为资本市场并购的重要方式必然是理论界与实务界关注的热点领域.文章以美国杠杆收购与税务问题为主线,探讨了杠杆收购的内涵、杠杆收购的税收成本与收益、杠杆收购的非税成本与收益等问题,最后指出了对我国杠杆收购业务的启示.

LBO and Tax: American Experience and Inspiration

In the background of global recession, the mergers and ac-quisitions of Chinese corporation is imperative. As an important way of M & A, leveraged buy-out must be the focus of practical and theoreti-cal circles. Baaed on the problem of American LBO and tax concerned, the article discusses the connotation of the leveraged buy-out, the tax costa and benefits of the leveraged buy-out, and the non-tax coats and benefits of tax coats and benefits. At last the article puts forward the inspiration to the leveraged buy-out business in china.