毕业设计（论文）新浪MBO融资方式的分析.docVIP

毕业设计（论文）--新浪MBO融资方式的分析 Abstract Since the 1980’s, as a way of convenient convert right and financing mechanism, management buyout has been regarderd as an effective method in reducing the corporater’ high agency costs, consuming the corporaters’ govemance and increasing the efficency in administration and management. Therefore, MBO has greatly widespreaded and been well used in the Western nations. In China, as a system innovation, MBO has become one of the most important points and received extensively notice. Online media industry is one of the emerging industry. sina developed rapidly and the well-known domestic and foreign online media network stationed in China Network.because of the reasons from the perspective of system,Sina company has accumulated a lot of serious problems on the part of management.These problems have seriously restricted the Sina itself and the development of the entire online media industry. so it has to be settled completely and effectively. Management Buy-outs MBO provides a effective way for Sina system reform, Sina should explore actively,in order to complete high quality online media reform.The research attend to meticulously discuss the reasons, senses, financing ways and acquisition programs and other issues of Sina company Management Buy-out. The basic goal of this thesis,is to analyse the success of sina MBO from the main reason of successful financing way, adopted to help our country enterprise to draw lessons from the management buy-out financing way . Keywords: SINA; MBO; Financing 目 录 1.引 言 1 2.MBO融资的基本理论 3 2.1 MBO的基本概念 3 2.2 MBO的融资手段 3 2.3 MBO的融资过程 4 2.4 我国企业MBO的融资途径 5 3.新浪MBO融资的研究背景 6 3.1 相关公司背景 6 3.2 MBO 的动因 7 3.3 MBO 实施过程 9 4.新浪MBO融资的案例分析 10 4.1 新浪MBO融资的影响因素分析 10 MBO融资的可行性 10 MBO融资受到的制约 11 4.2 新浪MBO融资的主要方式 11 4.3 新浪MBO融资的效应分析 12 MBO融资引发的风险分析 12 MBO融资对业绩的影响 13 5.新浪MBO融资的启示和建议 14 5.1新浪MBO融资的启示 14 5.2拓宽我国企业MBO融资途径的建议 15 参考文献 17 致 谢 18 1.引 言 管理层收购 MBO 发源于英国,自20世纪80年代开始,MBO在英国逐渐风靡起来。作为一种便利的有权转换和融资机制,MBO是一项了不起的制度