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困境投资与宏观的联系较小，而与案例相关律法关联大，因此依赖的不是宏观推断，而是微观的投资与法研考量。困境投资起始假设为违约发生，盈利来自于准确判断信贷工具的重组价值，依据为破产法第十一章。与杠杆收购迥异，困境投资者难以进行尽调，目标企业较弱且经营较差，困境企业资金来源较少(除非是DIP融资)，而是否能获取支点证券及控制重组风险则对投资者而言至关重要。困投比起杠收更难利用IRC的税法减少税支，但普遍不需为购入权益支付LBO常须要的溢价。一种市场中(二级)的有效可能在另一个市场中(LBO)即是无效，艾坎的激进投资其实也是利用二级投资者无控制权进行套利。财富创造的方式除自由现金流外还有很多，如并购协同，控制权，再融资，资本充足，分拆，清算，廉价发行证券融资，或极低利率下的长期无追索权发债。

A Simple Intro to Distress Investing

困境投资与宏观的联系较小，而与案例相关律法关联大，因此依赖的不是宏观推断，而是微观的投资与法研考量。困境投资起始假设为违约发生，盈利来自于准确判断信贷工具的重组价值，依据为破产法第十一章。与杠杆收购迥异，困境投资者难以进行尽调，目标企业较弱且经营较差，困境企业资金来源较少(除非是DIP融资)，而是否能获取支点证券及控制重组风险则对投资者而言至关重要。困投比起杠收更难利用IRC的税法减少税支，但普遍不需为购入权益支付LBO常须要的溢价。一种市场中(二级)的有效可能在另一个市场中(LBO)即是无效，艾坎的激进投资其实也是利用二级投资者无控制权进行套利。财富创造的方式除自由现金流外还有很多，如并购协同，控制权，再融资，资本充足，分拆，清算，廉价发行证券融资，或极低利率下的长期无追索权发债。

困境投资与宏观的联系较小，而与案例相关律法关联大，因此依赖的不是宏观推断，而是微观的投资与法研考量。困境投资起始假设为违约发生，盈利来自于准确判断信贷工具的重组价值，依据为破产法第十一章。与杠杆收购迥异，困境投资者难以进行尽调，目标企业较弱且经营较差，困境企业资金来源较少(除非是DIP融资)，而是否能获取支点证券及控制重组风险则对投资者而言至关重要。困投比起杠收更难利用IRC的税法减少税支，但普遍不需为购入权益支付LBO常须要的溢价。一种市场中(二级)的有效可能在另一个市场中(LBO)即是无效，艾坎的激进投资其实也是利用二级投资者无控制权进行套利。财富创造的方式除自由现金流外还有很多，如并购协同，控制权，再融资，资本充足，分拆，清算，廉价发行证券融资，或极低利率下的长期无追索权发债。

A Simple Intro to Distress Investing

Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...

Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...

Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...

Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...

Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...