论管理层并购在运用.docVIP

论管理层并购在我国的运用 摘要 “管理层并购”这一概念最早产生于欧美，近年来才被引入我国，因此对许多人来说还很陌生。但随着国有股减持的全面展开和公司治理结构的不断深化，这种由杠杆收购发展而来的新模式越来越受到人们的重视，并被广泛运用于国有企业的改革等各个方面，成为我国国有企业改革的几种有效方式之一，是我国目前经济转型的得力工具。但在我国实践的几年中，由于发展条件还不够成熟，产生了一系列大大小小的问题，如：我国管理层并购存在巨大的财富转移问题；并购资金的来源问题；管理层并购在我国运用的效应低下；关于管理层并购在立法上的不健全等。要进一步完善和发展管理层并购 ，完善市场化的定价机制；使管理层并购透明化，合法化；加强对管理层并购后目标公司的整合和监管。管理层并购是我国国有企业产权改革可以借鉴的方法和手段之一，我们应该借鉴国外的成功经验，但它并不是我国国企业产权变革的唯一形式，我们应该在结合我国现实国情积极发展管理层并购的同时积极探索我国国企产权改革的其他途径，以加快我国国有企业产权改革的进程，促进社会主义市场经济的发展。 关键词 管理层并购；问题；解决思路 Abstract MBO the concept of the first produced in Europe and the United States, was introduced in China in recent years, it is still unfamiliar to many people.However, with the reduction of state-owned shares in full swing and the corporate governance structure of the continuous deepening of such a leveraged buyout by a new model developed from the growing attention and was widely used in state-owned enterprises in all aspects of the reform has become Chinas state-owned enterprise reform, one of the few effective ways is the current effective tool of economic restructuring. But in my years of practice, as a result of development is also not mature enough to produce a series of large and small issues, such as: MBO in China there is a huge transfer of wealth; the sources of acquisition financing; MBO in China the effects of the use of the lower; on MBO in the legislation, such as unsound.To further improve MBO and development, improve the market-oriented pricing mechanism; make transparent MBO, legalized; to strengthen the management of the target company after the merger integration andsupervision.Themanagement of mergers and acquisitions in Chinas property rights reform of state-owned enterprises can learn from one of the ways and means, we should learn from the successful experience of foreign countries, but it is not change Chinas enterprises the only form of property rights, we should be realistic in the light of national conditions of Chinas active development management layer at the sam