Firm rebirth: Buyouts as facilitators of strategic growth and entrepreneurship
挑战了收购仅用于提高效率的传统观点，提出收购也能创造创业机会并推动增长，将收购分为效率、复兴、创业和失败四类，为企业家、管理者和金融家提供决策参考。
Buyouts, especially leveraged buyouts, have been perceived historically as an organizational efficiency tool to streamline organizational processes, reduce workforces, and decrease unit costs. This efficiency approach has been especially useful with mature firms, where the structure of debt and limits to managerial spending decrease the downside risk and possible failure of the firm. This article illustrates how buyouts can also create entrepreneurial opportunities and allow upside growth. In particular, it focuses on understanding the aspects and circumstances of the entrepreneurial mindsets of managers who seek upside growth through buyouts. These entrepreneurial mindsets provide a wider view of buyouts as a vehicle for renewal that frequently leads to revitalization and strategic innovation. The article provides insights for entrepreneurs, managers, and financiers by articulating four categories of buyout opportunity--efficiency, revitalization, entrepreneurial, and failure buyouts. We specify the conditions under which each may be appropriate, including the governance and financial incentives, and give company examples for each category.