MBO对财务的影响及其信息披露.docVIP

本科毕业论文 MBO对财务的影响及其信息披露 作 者 蒋美华  内 容 摘 要 近两年暗流涌动中的MBO在中国如火如荼的展开，这种新的资本游戏赢得了市场人士的频频喝彩，而正当有人大胆预测2003年是中国的“MBO年”时，财政部却紧急叫停MBO。顷刻间，众多正在酝酿MBO的企业犹如囚禁之鸟，体验“冰火两重天”。这究竟是缘何呢？ 文章将就此首先系统介绍MBO的基本理论；其次分别从财务活动和财务关系两个角度分析MBO对财务的影响；而后针对MBO操作中的信息披露规范问题加以论述；最后指出在中国目前的现实环境下，若任其发展而不加以规范，必然会引发各种问题，因此当前MBO须慎行。 文章包括四个部分： 第一部分,简要介绍MBO的基本含义、实施动因以及实施MBO应具备的主客观条件。 第二部分,先从财务活动(即MBO的操作流程)的角度分析其对财务的影响，再从财务关系(即MBO的参与主体)的角度分析其对各有关参与方的财务影响。 第三部分,针对MBO现实操作中的一大风险隐患——信息披露问题进行阐述，并指出现行法律法规中关于MBO信息披露的规范应予以完善的部分。 第四部分,简要透视了MBO在我国未来的发展前景，论述了我国目前实施MBO存在的几大问题，并相应提出了对策建议。 从财务活动和财务关系两个角度分析管理层收购对财务的影响，并尝试着从多个角度创建管理层收购信息披露的完整体系是本文的创新之处。 关键词：管理层收购(MBO) 公司治理 代理成本 信息不对称 产权结构 信息披露  Abstract In recent two years, MBO has already been in vogue in China, this new capital game has gained a lot of cheers from the market personage. However, when someone predicted “2003 would be ‘the MBO Year of China’ ” boldly, the Ministry of Finance suspended the approval of MBO urgently. This made many enterprises who wanted to implement MBO puzzled. Why this is on earth? This essay introduces the basic knowledge of MBO, expounds its implementation course, and analyzes its effect on the concerned participants; then expounds the information disclosure system of MBO; finally, discusses some issues arisen from it and puts forward some feasible suggestions. There are four parts in all. Firstly, it gives an introduction of MBO in aspect of its meaning, intention, as well as the condition needed. Secondly, it elaborates the implementation course of MBO, and analyzes its effect from the financial activity angle and the financial relationship angle. Thirdly, it expounds the information disclosure system of MBO, which is a hidden trouble in MBO. Fourthly, it concludes the opinion that MBO has many hidden dangers at present, because of lacking needed environments. So we should treat it carefully presently. But as the gradual perfection of the legal and market environments, it will make positive effect in defining property righ