杠杆收购及其目标和特征

杠杆收购（Leveraged Buyout, LBO），简而言之，即借钱买公司，是指以少量的自有资金，以被收购企业的资产（Assets of the Acquired Company）和将来的收益能力作抵押（Used as Collateral ），筹集部分资金用于收购的一种并购活动。当企业全部资产收益率大于借入资本的平均成本时，企业净收益和普通股收益都会增加。这种方式也有人称之为高度举债的交易（Highly-Leveraged Transaction, HLT）或靴带交易（'Bootstrap' Transaction）。所有规模的企业均可成为杠杆收购交易（Leveraged Buyout Transactions）的对象。

杠杆收购基本目标是让买下的公司产生足够的现金，以偿还债务，且通过再次卖出，获得资本利得（Capi

月亮是谁家的？

嫦娥是帝喾的女儿，也称姮娥，美貌非凡。《准南子·览冥训》有言，“羿请不死之药于西王母，姮娥窃以奔月，怅然有丧，无以续之”。嫦娥奔月得以成月神，可月亮又是谁家的呢？

Several years ago, a multilateral treaty came into effect among some 45 countries, including most of the major developed countries of the world. The treaty, known as the 'Outer Space Treaty,' forbids any member state from claiming 'any planet, satellite, asteroid, or other celestial body' as part of the territory of the member state. State A, which is not a party to the treaty, recently sent a spacecraft to the earth's moon. The crew members of the craft unfurled the flag of State A and claimed a 1,000 square kilometer surface area of the moon to be part of the territory of State A. Several sma