管理层收购mbo中的企业价值评估分析word格式论文.docxVIP

优秀毕业论文 精品参考文献资料 The Study on Corporation Valuation in MBO Specialty: Accounting Name: Yang linna Instructor: Zhang jianru Abstract In the 1970s and 1980s, MBO originated in Europe and United States, which was a new capital operation to influence the company Mergers and Acquisitions.MBO offers a new idea and method for Chinese enterprises reform of property rights, which was obtained much attention because it can achieve the goal that is the combination of operators and owners.MBO has the important practical reference for Chinese reform of property rights, but still need to be constantly explored and improved in the practice. Base on the relevant theory, this paper reviews stages of MBO in China, reveals its problems and points out the core issue of whether it can implement successfully is that fairness of corporation valuation. The main reason that the loss of state assets occurs frequently is unreasonable pricing of the ownership transfer. Through in-depth analysis of pricing situation and problems of MBO in China, the paper compares pros and cons of various corporation valuation models, attempts to build a new model with characteristics of MBO which combines the discounted future free cash flow model and the B-S option pricing model and tests the new model and method in the practical case of MBO. In addition, on the basis of utilizing the valuation model, the paper draws the advantages of market-oriented pricing mechanism in developed countries and puts forward suggestions of the transfer ownership pricing. The aim is to perfect pricing valuation mechanism in MBO, approve option price scientifically and make option pricing theoretically reasonable and practical actionable by MBO that a new capital operation in China. Key words: MBO,Corporation valuation,Internal value,Real options value  西安建筑科技大学硕士论文 西安建筑科技大学硕士论文 目 录 1 绪 论 1 1.1 研究背景 1 1.2 研究意义 3 1.3 国内外研究文献综述 4 1.4 研究框架与主要内容 6 2 管理层收购（MBO）相关理论 8 2.1 管理层收购的概念和特征 8 2.2 管理层收购的动因分析 9 2.3 中外管理层收购比较