LBOs in Theory and Practice, Learning Outcomes of a Crisis  

作　　者：Plastiras Athanase Cappelle Collete 

机构地区：[1]ESCEM School of Business and Management, France [2]Credit Agricole Corporate and Investment Bank, USA

出　　处：《Journal of Modern Accounting and Auditing》2011年第9期909-919,共11页现代会计与审计（英文版）

摘　　要：The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO （management buy-outs）. For a long time LBO （leveraged buyout） has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO＇s are just a partial answer to the agency problems very present to the literature.

关 键 词：agency theory leveraged buyout （LBO） financial crisis risk taking behavior 

分 类 号：F271[经济管理—企业管理] O31[经济管理—国民经济]