Leverage Buyout

目录(Table of Contents)

1.杠杆收购概述(Overview of Leveraged Buyouts)

2.杠杆收购机制分析(Mechanics of an LBO Analysis)

3.LBO最佳范例(LBO Best Practices)

4.TXU案例研究(TXU Case Study)

5. LBO建模(LBO Modeling)

6.课后作业(Homework Assignment)

附录(Appendix)

1.杠杆收购概述Overview of Leveraged Buyouts

杠杆收购(LBO)概述Overview of Leveraged Buyouts

杠杆收购是指通过举债和股权投资，来实现对一家公司的收购或拆分的活动，其中举债在整个

过程中占主要部分。

An LBO is the acquisition of a company or division of a company using debt for a majority of

the purchase price and equity for the remainder.

买方（杠杆收购的发起人或股权的发起人）通常是通过公共或私人债券和银行贷款借入债务，然后通过私人基金来提高

持有公司的股权比例

The buyer (the LBO Sponsor or Equity Sponsor) borrows the debt portion of the purchase price, typically through public

or private bonds and bank loans issued by the company, and contributes the equity portion typically through a private

fund

债务主要用来提高公司的营运现金流，并且以营运现金流来偿还

Debt is serviced and repaid with the company’s operating cash flows

买方后来出售全部或部分公司股份，实现初始股权投资的利润

-发起人出售股份通常是通过 a）首次公开发行 或 b）出售给战略投资者或另一家杠杆收购公司

The buyer later sells all or a portion of the company and realizes a return on its initial equity investment – Sale of

Sponsor equity typically through a) an initial public offering or b) a sale to a strategic buyer or another LBO firm

杠杆收购交易的重点是经营所产生的现金流和使用现金来偿还债务，从而增加了股本价值

The LBO transaction focus is on cash flows generated by operations and the use of the cash to pay down debt,

thereby increasing equity value

此外，改善经营，提高公司价值

Additionally, improvements in operating performance can increase value

假设该企业价值不变，因为债务还清，价值回归股东，从而产生股权收益

Assuming the enterprise value remains unchanged, as debt is repaid, value reverts to the equity holders, thereby

generating equity returns

权益报酬率：一个实际的例子Return on Equity: A Practical Example

假设现在购买房子的价格是1,000,000美元，分别是 250,000美元的权益和750,000

美元的负债。在未来五年内，除支付利息开支，用租金偿还500,000美元的债务。假

设房子的价值仍然为1,000,000美元，则购买房子五年后，房子的权益已经提高为

750,000美元。

Assume a home is purchased today for $1,000,000. The purchase is financed with

$250,000 of equity and $750,000...