对杠杆收购在我国可行性的法律分析

作为实现产权流动工具的LBO在以美国为首的西方国家非常流行，它对美国企业的发展起到了很大的促进作用。尽管我国市场经济发展时间尚短．但无论政府还是市场，都对企业通过产权流动实现优势资源组合，从而促进企业迅速发展寄予很大希望。《中共中央关于完善社会主义市场经济体制若干问题的决定》也提出要实现产权的流动。因此从法律的角度探讨LBO作为一种金融工具在我国企业产权流动中的可行性具有重要的现实意义。

A Legal Analysis of LBO in China

LBO is a popular instrument in Western countries especially in USA, by which property rights are transferred from one to another. It plays an important part in helping the growth and development of many different kinds of American enterprises. Despite of the rather short history of the market economy in China, both the government and the market have been restructuring and expanding Chinese enterprises. The report of the Third Session of the Sixteenth Central Committee of CPC also emphasizes the importance of the transfer of the property rights. This article analyses the feasibility of taking LBO as a financial instrument in promoting the property rights transfer in an eye of law and gives systematic measures on the full use of LBO.