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suance of bonds to finance a large number , which acquired the entire equity interest or assets of the company 's behavior . " Leverage " refers to the financial structure of the company's capital ratio of debt to equity .

Seen from the figure : in between senior debt and common stock , is " mezzanine financing (Mwzzanine level financing)" marketable securities . Senior debt is usually bank loans, general corporate assets as collateral to borrow from banks , accounting for about 60% of the acquisition of funds ; mezzanine financing accounted for about 30 %, due to this part of the bond interest rates are high , longer duration , risk, also known as "junk bonds " ; ordinary shares are acquired by own funds , accounting for 10%.

LBO is characterized by full use of the Bond role in the leveraged buyout , the acquirer of about l0% of the share capital in order to dominate the remaining approximately 60% of the senior debt and mezzanine debt of about 30% . These liabilities consist primarily of the acquired company's assets or cash flow to repay , followed by the investor's investment . The main reason is that the lever works developed credit system and capital markets.

Assets of the company restructuring performance is asset restructuring of listed companies results achieved . To examine the asset restructuring of listed companies are to succeed , we need a set of appropriate evaluation methods .

I think , as net profit , earnings per share and similar profit targets include many one-time non-operating income , corporate earnings management also affect the value of these indicators , which uses these profits can not be completely correct evaluation indicators listed companies asset restructuring performance .

Asset quality is a listed company to maintain the sustainable development of the fundamental , therefore, to correctly evaluate the performance of asset restructuring of listed companies , mainly to see the quality of assets through asset reorganization whether it has been substantially enhanced . If the listed company to restructure its assets through asset quality has been significantly improved , even if no access to its profitability significantly improved , as the company won the sustainable development potential , profitability in the future will certainly rise , we still believe that the asset restructuring of listed companies to be successful . Conversely , if some listed companies after the reorganization of assets , although its profits on the income statement items have been significant improvements in temporary , but its asset quality has undergone a substantial deterioration , loss of a guarantee of sustainable development , then the asset restructuring of listed companies were unsuccessful .
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