论我国MBO的现状、问题、对策及发展前景毕业论文.docVIP

毕业论文 （20_ _届） 论我国MBO的现状、问题、对策及发展前景 摘 要 MBO，Management Buy Out (管理层收购)，作为上市公司企业产权改造的一种手段，在国内越来越受到关注，从四通在1999年完成MBO并揭开了中国MBO的序幕后，MBO就在实践中不断的得到发展。然而反对MBO的呼声从未停止过。那么，随着经济的继续发展，MBO何去何从，本文将对以上市公司为主体的MBO现状、问题、对策及发展前景进行浅析，利用企业理论来分析，作为两权融合企业制度标志的MBO在我国的产生及发展，在此基础上讨论MBO对国有企业产权改革的启示以及展望MBO在我国发展的前景。 本文通过文献资料法、案例分析法等方法发现，目前我国MBO主要存在这些问题：定价普遍偏低、融资渠道不明、收购主体不合法、均采用协议转让，暗箱操作严重、大量设置排他性措施、国有资产所有者代表不能严格按照法律规定办事。解决对策分别是：健全相关立法，规范游戏规则；市场化运作MBO，建立公正的收购价格；加强监管，提高MBO过程的信息透明度；完善资本市场，拓宽融资渠道；发展中介机构，规范操作行为。MBO在我国发展前景有利也有弊，但是MBO未来将会使国有企业所有者缺位得到改善、MBO的融资安排问题将会得到解决。 关键词：Abstract MBO (buy-outs) enterprise property right reform as a means, in the country, more and more attention from the stone in 1999 and complete MBO uncovered the prelude, Chinese MBO in practice constantly develops. However against MBO calls has never stopped. So, along with the economy continues to develop, MBO treacherous, this paper using enterprise theory to analyze, as two right fusion enterprise system in our country, MBO marks the generation and development, on the basis of discussing MBO property rights reform of state-owned enterprises and its prospects of enlightenment MBO in Chinas development prospects. Through literature, case studies and other methods that, at present mainly in the MBO of these issues: the pricing is generally low, financing is unknown, the acquisition of the main illegal, are subject to the transfer agreement, severe black-box operation, a large number of measures to set up exclusive state-owned assets on behalf of the owner can not act in strict accordance with the law. Solutions are: sound-related legislative, regulatory rules of the game; market operation MBO, to establish a fair purchase price; strengthen supervision and improve the MBO process, transparency of information; improve the capital market and broaden the financing channels; the development of intermediary institutions and standards act. MBO development prospects in China there are advantages and disadvantages, but the MBO will en