This article briefly introduces the principle and the character of the leverage buyouts since the rate of finance lever and the risk is high in the LBO, this article gives a game-theory analysis on the financing process between the purchaser and the investor in LBO by using the ROSS model. It is expected that some beneficial proposal to either side can be put forward by parting the equilibrium.in the last, it poses that LBO can be a way of broadening the financing channel on the annexation between the enterprises in our country.