论私募股权基金杠杆收购与债券市场的发展

近几年来,我国本土私募股权基金的并购活动比较活跃,但是其发展还存在一定的障碍,主要表现在债券融资市场尚未成为融资主渠道。本文通过分析美国杠杆收购活动中融资结构的变迁,指出开发债券市场有利于发展我国私募股权基金的杠杆收购活动。

A Study on PE's LBO and Development of Bond Market

In recent years,China-registered PE funds become more active in leveraged buyouts(LBO),but they also faces many particular obstacles,which mainly lied in policy package and bond markets.In this paper,through analyzing the United States' financing structure in LBO activities,the author finds that a developed bond market is conducive to LBO.The author suggests that China's LBOs should be carried out on the basis of effective supervision and well-developed bonds market,which means China should gradually open u...