杠杆收购财务风险源与风险防范.docVIP

PAGE 杠杆收购财务风险源与风险防范 ———KKR收购RJR的启示 【摘要】KKR收购RJR后，KKR全资控股的RJR纳贝斯科就开始面临一场财务危机，其高达90％的负债成为这场危机的导火线。这警示我们应充分认识杠杆收购伴随的财务风险并采取有效的风险防控措施十分重要。本文认为杠杆收购伴随着选择目标风险、目标企业价值评估风险、资本结构变动风险三大类财务风险，通过对KKR收购RJR分析得出启示，相应地提出了相关的杠杆收购财务风险防控措施。 【关键词】杠杆收购 财务风险 风险防控 【Abstract】After KKR buyed out RJR with debt financing leverage，RJR NABISCO has faced with a severe financial crisis. Up to 90% of liabilities be the crisis fuse. This warning we must realize the financial risk which associated with leveraged buyouts, and take effective risk control and prevention measures is very i