管理层收购的中外应用比较（The application of foreign MBO）.doc

管理层收购的中外应用比较（The application of foreign MBO） Abstract: This paper analyzes the MBO theory from the perspective of institutional economics, and from MBO Factors of change, analysis of the MBO system changes the income and cost, MBO formal and informal constraints and real Analysis of three aspects of implementation mechanism in the Anglo American countries why MBO is Pareto improvement, while in China it is more The performance of the Kaldor Hicks improvement or transfer of wealth in the form of. And it is pointed out that MBO is still in our country In the initial stage of development, we must accelerate the construction of the MBO system. Key words: MBO system economics Management buyouts (MBO, Management, Buyout) is a leveraged buyout, is refers to the enterprise Management of the loan capital or acquisition of the equity trading behavior of enterprises. MB0 produced in the United States Home a revolt against the modern enterprise system, it is the pursuit of highly concentrated ownership and management. A The MB0 change of this system is a system innovation of the existing system is not balanced. Is there The system is not balanced, because in some specific circumstances of the principal-agent system arrangement of net income is less than System arrangement and system structure of MB0, causes the enterprise management to under the existing system is not good Benefit (i.e. external profit) and the motivation of institutional change. About MB0 to create external profit theory mainly has the following several aspects: The theory of agency cost. Modern enterprises increasingly large scale, has led to the separation of ownership and control. thigh Between the two interest East and the main body of management exist incentive compatibility, but also has the lazy and machine management S motivation, therefore the shareholders and management of information than in the contrarian, transaction fees and commission Agent cost is not only inevitable, but also with the equity d