管理层收购即“MBO”是国外上世纪80年代流行起来的一种收购方式,主要是公司管理层通过增加公司的财务杠杆来完成收购的行为,所以也称为“杠杆收购”。管理层只用少量的自有资金,而大部分利用借债方式筹集资金以进行收购。一般情况下,管理层动用的自有资金只占收购资金的10%～2 MBO, a management buyout that became popular in the 1980s in the United States, is mainly a “leveraged buyout” in which the management of the company completes the takeover by increasing the company’s financial leverage. Management uses only a small amount of its own funds, while most of them use debt to raise funds for the acquisition. Under normal circumstances, the management of the use of its own funds only accounted for 10% of the acquisition funds ~ 2