杠杆收购的历史

杠杆收购的历史分析



杠杆收购（leveraged buyout，简称LBO）是指公司以外部贷款，股权质押等杠杆资本或贷款支持，由公司本身购买股权或全部资产而不必筹集足够资金，外部资金投资实际控制所有权及管理权，获得控制权的行动。杠杆收购是一种特殊的融资结构，既是投资者以尽可能少的资金带来最大收益，也是增加公司市值以改善其股权结构防止控股权被外部买家获得的重要形式。总而言之，运用杠杆收购，可以有效规避聆听购买事件的竞争活动，扩大公司的规模，以及达到偿还货币或信贷期限的用途。

Historically, leveraged buyouts can be traced back to the 1980s. At that time, due to the low interest rate and aggressive lending environment, buyouts were rampant in the United States. During that time, LBOs were driven primarily by the tax benefits and financial engineering that could be generated from debt financing. The most famousLBO of the period was the RJR Nabisco deal, which was led by the investment bank of Shearing. The buyout totaled $31.4 billion, the largest LBO in the history of Leveraged Buyouts.

Subsequently, the leveraged buyout market in the United States went into decline in the 1990s. This was partly caused by the high-profile bankruptcies and leveraged restructurings which resulted from overleveraged structures. High-profile bankruptcies such as those experienced by Campeau Corporation and Integrated Resources made public stock markets and banks more cautious of buyouts, particularly those done with leverage.

In the 21st century, LBO activity initially soared, driven largely by lowinterest rates and the availability of financing. However, following the 2008 financial crisis, leveraged buyouts slowed significantly due to tightened debt financing standards. Banks and other lenders became more cautious about lending for buyouts, setting tougher terms and generally higher capital requirements for such deals. In recent years, however, the leveraged buyout market has once again bed on the rise, fueled by low interest rates, readily available financing and increased demand from institutional investors such as private equity firms.

In conclusion, the leveraged buyouts have played an important role in economy and capital markets. Its evolution has gone through a lot of ebbs and flows, however, its utilization is still a great way to provide investments firms and companies with the greatest boost in value. Leveraged buyout transactions will continue to be an important component of the US and global economy and capital markets in the future.