国有中小型企业管理层收购的问题及对策研究-管理科学与工程专业论文.docxVIP

太原理工大学硕士研究生学位论文融资渠道，优化融资机制；收购后，还要大力进行企业资产重组。 太原理工大学硕士研究生学位论文 融资渠道，优化融资机制；收购后，还要大力进行企业资产重组。 目前，国有资产管理体制的完善、企业家长期激励机制的改进和 对“全流通”的期待成为我国国有中小型企业管理层收购的新动力， 加上政策环境的进一步改善，法律法规的进一步健全，使我国国有中 小型企业的管理层收购必将走上良性发展轨道，促进国有经济结构的 战略性调整和经营状况的改善。 关键词：管理层收购，投资者保护，定价，融资，经理人市场 II RESEARCH RESEARCH ON PROBLEM oF MBo IN SMALL AND MEDI UM—SIZED STATE—OWNED ENTERPⅪSES AND COUNTERMEASURES ABSTRACT MBO originated from western countries which have the well-developed capital markets．It is ode sort of LBO。It is a behavior that the company’S internal managers buy company stock through their own capital or exterior fmancing and make the control power transfer from big stockholders to managers Because MBO is still a newborn thing in China，the laws and the system for its actualization haven’t been wholesome，the procedures and the price set methods haven’t been standardized，the financing measures haven’t been perfect，the instance of damaging the country，stockholders， staff members and creditors happens now and again．But it has many positive effects on the small and medium—sized state-owned enterprises．It helps to push the property rights reform，solve the problem of owner miss!ng，internal manager control，agent cost reduce，accelerate the industrial structure adjustment of stated-owned enterprise，have something III 太原理工大学硕士研究生学位论文to 太原理工大学硕士研究生学位论文 to do and have something not to do，improve the company’s efficiency and outstanding achievements．Therefore，after repeated swings，the govemment decided to give green light to the MBO in the small and medium．sized state—owned enterprises at last． But definitely at the same time，we have to realize that we have many problems to be solved during this process．We need to take all sorts of measures to guide the MBO and make the negative effect minimum．Before the MBO，we should distinguish different purposes of it and encourage capable managers whose purpose is to improve the company’s efficiency to start the MBO．During the MBO，we should strengthen opening informatio