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公司并购重组的一种经典型式：杠杆收购
杠杆收购是公司并购重组的一种经典型式，它将公司并购重组的很多重大思维、理念和金融技术涵纳于一身，有着“集成”和标本的意义，值得我们剖析。杠杆收购盛行的背景 杠杆收购是80年代盛行的公司重组新概念，风靡一时。其产生背景大体如下：其一、开始于60年代一直延续到80年代早期的长期通胀，给美国公司带来两方面的结果。一方面，通胀导致公司q-ratio下降。q-ratio是指公司市值与公司资产之重置成本的比率。当q-ratio小于1时，意味着收购公司比购置资产便宜和合算，遂可能引发收购行动。从1965年至1981年，美国产业公司的平均q-ratio从1.3下降到0.5。这为一波收购浪潮准备了基础。另一方面，持续通胀令公司债务及利息负担持续降低。在通胀环境下，负债本身就会提高公司的资本回报率。这无疑会刺激人们充分甚至过分运用财务杠杆。那些尚有较大财务杠杆空间的公司，遂成为人们收购的潜在目标。
其二、一系列的税制改革刺激了公司重组活动。
其三、与当初出于反垄断目的的偏激态度不同，80年代美国政府对公司之间的水平合并和垂直合并采取了较为容许的态度。
其四、1982年开始美国经济持续增长，公司盈利增长很快。在这种环境下，只要目标公司有健康的现金流量，或公司资产能溢价处理掉，收购就会有利可图。
杠杆收购的相关金融工具 在上述背景下，杠杆收购呼之欲出。投资银行家们应运开发出一系列金融工具—垃圾债券(junk bonds)、桥式融资(bridge financing)、私募（private placements）、风险资本(venture capital)、商人银行(merchant banking)等，令到杠杆收购风靡华尔街。
垃圾债券，由Drexel Burnham Lambert银行的Michael Milken所发明，其发展之快，业务之多，很快就将Drexel Burnham Lambert银行从一家小公司推向了接近Bulge-Bracket的地位。其它投资银行纷然效仿、趋之若骛。至1989年，美国垃圾债券的市值达到2000亿美元，垃圾债券数量达到2000余只，大约800家公司发行了垃圾债券，涉及上百个行业。许多垃圾债券安排有reset provision条款，或者被设计成“延期支付工具”（deferred-payment instruments）。这些安排和设计旨在强化投资者持有该等债券的收益从而促进债券的发行和销售，但对发行人来说则意味着要支付较高的利息。
根据这类 reset provision条款，一只债券如果不能在一个规定的日期之前以面值或高于面值的价格出售，那么该只债券发行人必须向债券持有人支付比原来较高的利息。“延期支付工具”（deferred-payment instruments）最普遍的是二种：一是payment-in-kind(PIK) ；二是deferred-coupon bond。 所谓payment-in-kind(PIK)，是这样一种债券：它的发行人以债券向它的持有人支付利息（类似于公司以送股方式向股东派发红利），以此取代现金付息。待债券到期时，本息一次性兑付。而deferred-coupon bond是指：投资者以折扣价格购买债券，折扣额相当于债券寿命期间内若干年的利息总额。
私募是指债券不对大众公开发行，无须在SEC登记，而是以双方合约的方式直接将债券卖给一些大投资者，主要是保险公司、退休基金等机构投资者。在对发行人资产的请求权顺序上，私募债券和垃圾债券介于银行担保贷款与股东之间，因而通过私募和垃圾债券所筹集的资金，在杠杆收购活动中，通常被称做“夹层资金”（mezzanine money）。私募及垃圾债券的投资者，除了获得较诸担保债务更高的利息外，也经常获得发行人的一部分equity—叫做equity kicker。
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过桥融资是指收购方在筹集到足额的收购资金之前，由投资银行先向收购方提供的过渡性贷款。投资银行虽然也收取利息，但它提供过桥融资的主要动机是为了获得相应并购项目的财务顾问收入及相关的承销收入。在过桥融资的帮助下，收购活动可以进展得更快，收购成功的可能性也会增大。最好是要赶在目标公司采取反收购策略之前或赶在其他买方出价竞买之前完成收购行动。这是投资银行在杠杆收购业务活动中的一个重要考虑。通常情况下，桥式贷款作为一种过渡性安排，有着快借快还的特点。但有时候项目进展不顺利，过桥融资也可能转变为“问题贷款”，令投资银行身陷其中。80年代末，第一波士顿在顾问Campeau公司成功收购Allied Stores,Inc.案中，就在过桥融资方面遭受过重大损失。
过桥贷款通常由收购者日后公开发行新的高利风险债券所得款项和收购完成后收购者出售部分资产所得偿还。资本市场出现异常情况或收购方发生意外变故，都可能导致收购方原定的再融资计划不能如期实现，作为贷款方的投资银行承担了这些额外风险，因此，其要求的利率一般较高。而且，过量发放贷款会带来投资银行信用评级被调低和融资成本上升的不良后果，投资银行不得不控制过渡贷款总量。
风险资本（venture capital），顾名思义，是专于追求高回报敢冒高风险的资本。它们在杠杆收购中相当活跃，既积极购买私募和垃圾债券（垃圾债券的正式名称就叫做高收益债券或高风险债券，与风险资本的本性天生合拍）为杠杆收购提供大量资金；又经常作为收购团伙（buyout group）中的成员，买进目标公司的部分股票。在商人银行（merchant banking）业务中，投资银行以自有资金买入目标公司的部分股票，成为收购方的一分子。这类业务风险远大于过桥融资。
杠杆收购的融资体系 杠杆收购是一种高度负债的收购方式，收购方用于收购的资金通常90%以上是从发行高息债券和银行贷款中筹措的。这种收购方式直接引发了美国八十年代的第四次购并浪潮。这一神奇的收购方式之所以在八十年代风靡美国，除了当时存在有利于这一购并方式生存的宏观经济条件外，其巧妙的融资体系功不可没。
成功的融资体系不但能帮助杠杆收购者筹集到足够的资金来完成交易，而且还能降低收购者的融资成本和今后的债务负担，是杠杆收购取成功的关键因素。在杠杆收购的多层次的融资体系中，华尔街的投资银行家们创造出了许多前所未有的融资工具。尽管在我国目前的金融市场中，尚无法运用，但其独具匠心的设计方法仍值得我们仿效和学习。图表2-5所列示的是较为典型的杠杆收购融资体系。
（1）优先债。优先债处于杠杆收购资本结构中的最上层，融资资金一般占收购资金的60%左右。其债权人可以从现金及资产出售的价款中优先受偿，因此这样的债权人一般是不愿承担财务风险的商业银行，其他金融机构如储蓄机构、财务公司、保险公司等也时有参与。由于优先债权人对收购得来的资产有一级优先权，而且，商业银行等债权人对贷款额度的设定均持审慎态度。优先债权人所面临的风险最低，但是，风险的降低也意味着收益的减少。优先债权人所能获得的最高收益率一般在杠杆收购融资体系中处于末位。
在优先债中，商业银行的贷款所占比重较大，商业银行在杠杆收购中提供贷款时多遵循以下规则：第一，按基准利率，如伦敦银行同业拆借利率，再加上一个百分率定出贷款利率；第二，贷款期限不超过7年，平均贷款期限不超过3至4年；第三，按应收帐款和应收票据的80%、存货的50%、厂房机器设备的25%这些比例设定贷款额度，以有效控制坏帐风险。在某些情况下，商业银行还会提出一些附加的约束性条款，如对收购者发行其他债券和支付股息等做出限制。通过这些设定，以控制贷款风险。
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