Ii-LBOs kunye neNkathazo yabo kwi-Economics yase-US

Le ngxaki yezeMali ingayenza iCrisis Crisis Financial

Ukuthengwa okunqatshelweyo xa enye inkampani iboleka imali eninzi ukuthenga enye. Umthengi oqhelekileyo uboleka imali ngokukhupha izibophelelo kubalimi-mali, i- hedge funds , kunye neebhanki . Njengazo naziphi na ezinye izibophelelo, umthengi uya kufaka impahla yakhe njengobuncwane. Kodwa i-LBO ikuvumela ukuba ibeke impahla yeenkampani enqwenela ukuyithenga njengento yokubambisa.

Oko kuvuleka kuvumela inkampani encinane ukuba ibole iimali ukuthenga inkampani enkulu kakhulu ngaphandle kwengozi enkulu.

Yonke ingozi ithathwa yinkampani ejoliswe kuyo. Kungenxa yokuba ityala lifakwa kwiincwadi zalo. Ukuba kukho inkathazo yokuhlawula ityala, ixabiso layo liza kuthengiswa kuqala kwaye liya kuhlaselwa. Incinci, ukufumana inkampani ihamba ngebala.

Ezi ziqhelo ziqheleke zenziwa ngamashishini abucala abucala athengisa inkampani kawonkewonke ukuba iyithathe ngasese. Oku kunika ithuba lokuba umthengi enze utshintsho olufunekayo ukwenzela ukuba ikhampani ekujoliswe kuyo inenzuzo. Emva koko uza kuthengisa inkampani efumanekayo kamva kwipropati, ngokuqhelekileyo ngokuyifumana kwakhona kwi-IPO. Kufana ne-flipper yeenkampani kunezindlu.

Ityala kufuneka linikeze isivuno esiphezulu sokunciphisa umngcipheko. Iintlawulo eziphakamileyo zenzalo zodwa zihlala ziwanele ukwenzela ukuba i-bankruptcy yenkampani ethengiweyo. Kungenxa yoko, nangona isivuno salo esihle, ukuthengwa kwempahla ekhwelisiweyo kukhupha izinto ezibizwa ngokuba yizibopho ezingenanto . Babizwa ngokuba yi-junk ngenxa yokuba izinto ezininzi zisoloko zanele ukuhlawulela ityala, kwaye ngoko ke abo babolekisa nabo bayalimala.

Ngaba kukho nawuphi na ukhuselo oluvela kwi-LBOs?

I- Federal Reserve kunye nabanye abalawuli bebhanki bakhupha izikhokelo ngo-2013 kwiibhanki zabo ukulawula ingozi ye-LBO. Bancenga amabhanki ukuba aphephe ukuxhasa i-LBOs eyayivumela ukuba ityala libe ngaphezu kweesithandathu izihlandlo zonyaka zenkampani ejoliswe kuyo. Abalawuli baxelele iibhanki ukuba ziphephe ii-LBOs ezazisetyenziselwa ukuhlawula ixesha lokuhlawula okanye azibandakanyi izivumelwano zokukhusela iindleko.

Abalawuli bangenza ibhanki ibe yi-$ 1 yezigidi ngosuku xa bengathobeli.

Kodwa ukuthotyelwa kwezi khokelo akusiyo ngqo. Abaninzi bamabhanki bayakhalaza ukuba izikhokelo azicacanga ngokufanelekileyo. Kukho iindlela ezahlukahlukeneyo zokubala umvuzo. Ezinye iinkqubo zinokulandela amaninzi, kodwa kungekhona zonke, izikhokelo. Amabhanki afuna ukuqinisekisa ukuba zonke zigwetywa ngokufanayo.

Amabhanki anesizathu sokukhathazeka. I-Fed iye yavumela ezinye iibhanki ukuba zigqithise izinga eliphakanyisiweyo kwiimeko ezithile. I-Fed iphela ijongene neebhanki zangaphandle, i-Goldman Sachs kunye noMorgan Stanley . I-Ofisi yoMphathi-mali weMali ilawula iibhanki zesizwe. Oku kuquka iBhanki yaseMelika, iCitigroup, JP Morgan Chase kunye ne-Wells Fargo.

I-LBO Inobungozi

Iibhanki ezininzi ziye zawutyeshela imimiselo. Ngenxa yoko, ama-40 ekhulisa ama-equity ama-equity equity amashishini abucala ayedlula amanqanaba amatyala aphakanyisiweyo. Leyo iphakamileyo ukususela ngoxinzelelo lwemali ka - 2008 . Ngo-2007, iipesenti ezingama-52 zemali-mboleko yayingaphantsi kwamanqanaba ancetywayo.

Abalawuli bayaxhalabisa ukuba, ukuba kukho naluphi na uhlobo lokuncipha, iibhanki ziya kuphinda zihlanganiswe netyala elibi kakhulu kwiincwadi zazo. Kulo xesha kuphela liza kubakho izibophelelo ezingekho phantsi kwe-junk esikhundleni se- subprime mortgages .

Enyanisweni, kubonakala ngathi sele iqalile.

Ngo-Ephreli 2014, i-LBO enkulu kwiimbali zaba yi-sibhozo enkulu kunazo zonke. Amandla eXesha elizayo lichithwe yi-$ 43 billion yeebhatali ezihlawulwe ukuhlawula ukuthenga kwayo. Aba bathathu baqhekeza i-deal, iKKR, TPG kunye neGoldman Sachs bathenga inkampani nge-$ 31.8 yezigidigidi ngo-2007 baza bathabatha i-$ 13 billion kwiitalente kwinkampani esele ibenayo.

Inkampani ayithengeyo, i-TXU Corp, yayingumsebenzi waseTexas ngokukhawuleza kwemali. Abademon abazange bazi ukuba amaxabiso emandla ayekuza kubonga ngenxa yokufumanisa ioli ye- shale kunye negesi. Bakhokhela i-dollar ephezulu kubanini-zimali ukuba bathathe inkampani yabucala, becinga ukuba ixabiso legesi liza kuphakama. Inkampani yalahlekelwa abathengi abangama-400 000, ekubeni izibonelelo zaseTexas zazingcoliswa. Abanye abatyala imali kufuneka bavumelane ukuxolela imali engama-dollar angama-23 engama-bhiliyoni, ngaphezu kwe-8 billion yezigidigidi.

I-LBOs Ibuhlungu Ukunyuka kweJobe kunye noKhula koQoqosho

I-LBO ezine ezona zikhulu ziye zikhupha:

1. Idatha yokuQala (i-$ 26.5 yezigidigidi) iqeshwe i-CEO entsha ukuyijika.
2. I-Alltel (i-$ 25.7 yezigidigidi) yayithengiswa kwiVerizon ngeeRandi ezingama-5.9 zeebhiliyoni, kunye ne-$ 22.2 yezigidigidi kwiingxowa-mali. Ngokuqhelekileyo emva kokuhlanganiswa okufana nale, imisebenzi ilahleka njengoko iinkampani zizama ukufumana imisebenzi efanelekileyo.
3. I-HJHeinz (i-$ 23.6 yezigidigidi) zivalile izityalo ukuvelisa ukuhamba kwemali.
4. Iimpahla zeofisi ze-Equity (i-$ 22.9 yezigidigidi) zithengiswa ngaphezulu kwesigama sezakhiwo zayo zoshishino ezingama-543.

Le mizekelo emihle yeendlela ii-LBO ezonakalisa ngayo uqoqosho. Abanikazi abatsha kufuneka bafumane iindlela zokwandisa inzuzo ukuhlawula ityala. Indlela efanelekileyo yokwenza oku kukuthengisa izakhiwo, ukuhlanganisa imisebenzi kunye nokunciphisa intloko. Zonke ezi nyathelo zinciphisa imisebenzi, okanye ubuncinci ukuyeka ukukhula komsebenzi. (Umthombo: "Ukuthengwa Okubaluleke Kakhulu Okuthengwayo, Indlela Yobungqina Bokubulala I-TXU," I-Wall Street Journal , ngo-Apreli 30, 2014.)