| In the second half of the year 2015,the private equity funds,the industrial capital and the insurance capital had set off a wave of purchasing in the A-share market due to the dual influences of “stock market disasters” as well as the relaxation of the upper limit on the stock investment of the insurance capital.On one hand,the “shortage of assets”led to the capital supply side making desperate attempts to pursue high-yielding projects for competitive reasons.On the other hand,financial innovations generated regulatory vacuums in the financial market.Under such context,companies started to adopt “Ponzi” financing to launch leveraged buy-outs without restraints,of which the most typical one should be the “Baoneng” acquisition of Vanke,the financing structure of which was so complex that asset management products nested in multi layers.There were more than 20 financial institutions drawn on in an attempt to raise a huge purchase fund which was mainly based on the brokerage funds,the bank wealth management fund and the universal premium.Based on the theory of financial fragility,this assay analyzed the financing risks which was occurred during the process of the leveraged buy-out of the “Baoneng” company in an attempt to illustrate that excessive debts will gather enterprises' own risks in the process of leveraged buyouts,while the complex financing mode will make risks become hidden and more contagious,which,undoubtedly,have increased the likelihood of the events such as the “Black Swan” and the “Grey Rhinoceros”.Therefore,in the face of financial innovation,the government must strengthen its supervision in order to guard against the systemic risks. |
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