用别人的钱，买下别人的公司
Borrow to buy a company, then let the company repay the debt. How is that possible?
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
I tell the story of the leveraged buyout (LBO), one of Wall Street's classic wealth games, with as little jargon as I can. The question at its centre: how can someone borrow to buy a company and then have the acquired company repay the debt? From there you can see how private equity works.
这一章，我带你走进华尔街最经典的财富游戏之一：LBO——杠杆收购。
我会尽量不讲术语，重点讲那个最让普通人觉得不可思议的问题：
为什么有人可以借钱买下一家公司，然后让被买下的公司自己偿还债务？
从这里，你就能理解 Private Equity（私募股权）。
This book is general education, not investment, tax or lending advice.