mbo式收购重塑企业家主权（MBO type acquisition remodeling entrepreneur sovereignty）.docVIP

mbo式收购重塑企业家主权（MBO type acquisition remodeling entrepreneur sovereignty） The modern enterprise system to the function of the entrepreneur is divided into two parts, a part of the function to the shareholders, which assume business risk and residual income; the other part is to make the occupation manager, engaged in the operation and management of specific. This contract arrangement leads to principal-agent problems, the risk takers and the choice of action is the principal, who is the agent, the risk and responsibility of asymmetry, the objective function and the difference of principal and agent has high agent cost, shareholders and managers this arrangement is not a complete sense of the entrepreneur. In reality, we are lack of evidence to separate the two function of the entrepreneur, if a person has the property and ability of enterprises directly, so, what is the reason to separate ownership and management? Why do you have to delegate your power to others? Why should we share our interests with others? Only when the function of taking the risk and obtaining the remaining income is combined with the function of management, can the entrepreneur be effectively realized and be a complete entrepreneur. In fact, is not a form of business organization in history is the beginning of the modern corporate system, but experienced a business partnership, business enterprise to the company business process of historical evolution, this is one from the ownership and management of unified ownership and management separation process, but also from a entrepreneur sovereignty to the shareholder sovereignty process, the evolution of the system that reflects a business organization to adapt to the market economy and the process of evolving, its principle is to choose more efficient allocation of resources of the organization. In the highly developed capital market today, the market uncertainty of enterprise management decision-making ability of the increasingly high demand, disper