我国企业管理层收购（MBO）应用的分析.pdf

管理层收购的经验，提出了我国管理层收购中存在的问题，主要是国有资产流失 问题、MBO的定价问题、MBO的融资问题和MBO的信息披露问题，同时分析了 问题存在的原因，主要为我国特殊的MBO实施背景、法律法规制度的不健全和市 场环境的不成熟和不完善。本章为第五章中建议的提出打下基础。 第五章我国企业MBO的建议和结论，这一章共包括两个部分，几点建议和结 论。本章也是整个论文的核心和结论所在，本人结合前面对我国管理层收购的实 例的分析和国外的管理层收购经验的借鉴，并针对第四章中提出的问题和分析的 原因提出了四点自己的建议，包括对充分发挥MBO的本质作用、对国有企业分不 同情况实施管理层收购、对健全完善我国MBo法律法规及健全完善我国MBo市 场环境四方面的建议，以期能对我国管理层收购的开展有所启示。 关键词：管理层收购(MB0) 应用 分析 2 Abstract Management Buy—out(MBO)is onc kind of Leveraged Buy-out，was bom in the mature capital market of westem in the late seVemies of the tv旧ntieth，and obtains the widespread application．In succession，MBO is used in me deVeloping counⅡy for me refoml of State—owned enterprise．They haVe obtained me good purchase result．MBO sprallg up in t11e end of 1990s in our counq．MBO ill Sitong Group is the矗rst ex帅ple in ollr count珥A惋r it，Meidi，W砌iale，Yutong，Shen缸gda and Anhuishuili a11d so on also have impleInented MBO．MBo haS already begun to take sh印e in 01lr colllltry a11d has obtained thc certaill purcIme result．But MBO is sll￡feI证g tlle circuitous pmcess． Therefore，a11alyzing t11e application sitlla瞳ion of MBO in Our cOunny，seeking for t11e existing problem a11d taking the eXperience of westem coun廿)r for walllin舀w11ich、vill have tlle very strong practical si嘶矗caIlce for diSplaying恤胁ction of MBO in ollr state—owned enterprise refom．Meallwllile，this paper may e戚ch tlle tlleoIy system of MB0 and gllide tlle coH℃ct dcvclopmem direction ofMBO in ollr colllI时．This p印er is divided five pans a10ng this idea． Ch印ter one is也e summary of MBO．It曲cludes four pans：the concept of MBO， tlle t11eory basis ofMBO，the panicip鼬t and me啪y of^d[BO，and me sigIlificallce of MBO．111is chapter o侬腮the theory basis f．or t11e next chapter aIld makes readers 1111derstalld t11e conc印t and si鲥ficaIlce ofMB0． Ch印ter two is tlle comp撕son of MB0叩eration between westem coun廿y and chma．rIHs ch印ter includes eight parts：血e comparison forback舢d锄d motiVation of MBO，the comp捌son for implementa廿on environment of MBO，tlle comp撕son for ta唱et ente印r