期刊名称：The Latin American and Iberian Journal of Law and Economics
印刷版ISSN：2519-1217
出版年度：2016
卷号：2
期号：1
页码：3
出版社：ALACDE
摘要：This research first aims to perform a thorough review of the main features, characteristics, and current legal regime in Argentina of the capital structure and funding of the Leveraged Buy Out. Then, it focuses on a debt economic analysis, insolvency and motivations, rational and non-rational, used by managers when deciding a merger or acquisition in order to be able to conclude whether the use of this tool, in a given macroeconomic environment, generates real incentives to maximize value for all parties involved in this process (shareholders, employees and creditors), or if it inevitably leads to bankruptcy due to the weight of debt injected to the acquired company. We rely on categories from the neoclassical school and also through a new category called behavioral finance, developed from theories of the behavioral school which assumes the inefficiency of markets and the irrationality of economic agents. The research focuses on transactions in Argentina by non-public companies during the period 1993-2013 to demonstrate that the accurate use of this financial instrument, in companies that meet some financials under certain circumstances (e.g., lack of moral hazard, opportunistic behavior or adverse selection between the buyer and seller) and in an appropriate macroeconomic environment, can mitigate the risks generated by increased borrowing in the target company. The research aims to banish the fallacy promoted in Argentina after the 2001 crisis that, based on the Exxel Group’s failed experience with their latest purchases, leverage buy out necessarily leads to bankruptcy. Finally, a deep revision of leverage buy out’s current regulatory framework and an analysis of the jurisprudence will be conducted to diagnose legal system efficiency in order to determine if the interests of all parties are adequately protected. Resumen El presente artículo pretende en primer lugar realizar una revisión integral de las principales características, modalidades, estructura de capital y financiación que puede adoptar la compra apalancada de empresas, desde la óptica del ordenamiento jurídico vigente en Argentina, para luego concentrarme en el análisis económico del endeudamiento, la insolvencia y de las motivaciones, racionales y no racionales, que siguen los hombres de negocios al momento de decidir una fusión o adquisición, con el propósito de poder concluir si la utilización de esta herramienta en cierto tipo de compañías target, con cambios en el management y el control, y dentro de un contexto macroeconómico determinado, genera verdaderos incentivos que permiten maximizar el valor de todas las partes involucradas en este
关键词：Compra apalancada de empresas; valuación; análisis económico del derecho; endeudamiento; insolvencia; eficiencia; finanzas conductuales; gerenciamiento y control; Grupo Exxel.
