管理层收购是结果还是目标

管理层收购在国外实施的历史并不算很长,在国内尚属于新鲜事物。所谓“管理层收购”（ManagementBuy-Out,缩写为MBO）又称“经理层收购”,是指目标公司的经理层利用杠杆收购这一金融工具,通过负债融资,以少量资金投入收购自己经营的公司。应该说“管理层收购”是“杠杆收购”（LeveragedBuy-Out,缩写为LBO）的一种。杠杆收购是利用借债所融资本购买目标公司的股份,从而改变公司出资人结构、相应的控制权格局以及公司资产结构的金融工具。

Is Management Buy-Out the result or target

The Management Buy-Out (MBO) has not very long history of implementation in foreign countries; therefore it is still a new thing in our country. The so-called Management Buy-Out, known as MBO, also known as the Manager Buy-Out , means that the target company's managers use leveraged buyout to purchase their own business of the company through debt financing and a small amount of funding. It should be said that Management Buy-Out is a kind of Leveraged Buy-Out, known as LBO. Leveraged buyout , a kind of fina...