伊利股份的管理层收购问题研究-经济学院大学本科毕业论文范文模板参考资料.docVIP

摘 要 管理层收购（MBO）作为一种新的杠杆融资收购方式，实施管理层收购在激励内部人员积极性、解决了委托代理问题、改善企业经营状况等方面起到了积极的作用，因而它成为20世纪70-80年代流行于欧美国家的一种企业收购方式。 在我国，由于经济的转型，企业遗留下来的产权问题并没有得到有效的解决和相关法律的不完善，所以采取MBO时遇到的最大挑战就是产权不清晰和采取MBO时收购资金的来源，理论和实物共同关注的焦点便是管理层收购能否真正提高公司的绩效。 本文主要阐述管理层收购的概念、特点、收购方式、动机，并以郑俊怀团队MBO收购伊利股份为例，介绍郑俊怀团队MBO的背景、过程、结局，讲述郑俊怀为什么MBO伊利股份，分析其失败的原因，并试图解释财富创造论和转移论并不矛盾。 关键词：管理层收购；伊利股份；绩效 ABSTRACT As a new kind of leveraged takeover, Management buy-outs （MBO） creates in the 1970s. Because it has positive effects in many aspects, such as encouraging internal personnel’s motivation, reducing agency cost, improve enterprise and so on, it becomes a popular enterprise takeover methods way in European and American countries in 1970 to 1980. Carrying out MBO can realize the unity of ownership and managerial authority and can effectively resolve principal-agent problem, so it is widely used in foreign countries. While in China, because of economic transformation, there left problems of property right and the imperfection of relevant laws. As a result, the biggest challenge when adopt MBO is unclear property right and the source of purchase fund. So our focus of theory or demonstration research should be whether MBO can improve performance of the enterprise or not. While in our country, because of the economic transformation of enterprise legacy of property rights and didnt get resolved effectively and related law is imperfect, so take the biggest challenges encountered MBO is clearly and take property rights are not purchase the origin of capital when MBO, theory and real common focus is buy-outs can truly improve the companys performance. For this problem, theorists give many explanations, thus produced two totally different points of view: wealth creation theory and wealth transfer theory, which has been defined as MBO brings wealth to the enterprise and it leads the wealth of enterprises into private accounts ：what is called devour state-owned assets. This paper mainly expounds