管理层收购困境中的债权人回收率文献翻译.docVIP

原文： Secured Creditor Recovery Rates from Management Buy-outs in Distress 1. Introduction Considerable attention has been devoted to the role of debt in management (MBOs) and leveraged buy-outs (LBOs). High leverage has been argued to play an important role in committing management to improve efficiency (Jensen, 1986). MBO loan agreements tend to contain more covenants than general corporate lending agreements with specialist secured creditors also engaging in close monitoring (Citron, Robbie and Wright, 1997). Buy-out specialists may increase monitoring that substitutes for tighter debt terms