管理层收购及其在中国的应用研究-国际金融专业论文.docxVIP

同，主要表现在：动机不同、操作方式不同、收购资金来源不同、收购定价不同等。 同，主要表现在：动机不同、操作方式不同、收购资金来源不同、收购定价不 同等。 其次，本文分析了我国企业实施MBO中遇到的主要障碍和问题，主要包括以 下方面：融资困难是制约MBO发展的主要障碍；由于我国目前法律规定过严， MBO收购主体的合法性有可能存在问题；舾O收购价格的公允性以及如何信息披 露等等。 再次，针对我国企业实施MB0中遇到的问题，提出了一些解决对策：政府应 出台更多政策，改善MBO的法律环境和政策环境；培育机构投资者，优化MB0 融资体制：运用信托解决YLB0困境；合理确定MB0中的收购价格；加强MB0信 息披露等等。通过分析可以看出，管理层收购将成为我国企业兼并重组市场中 活跃的金融工具之一，将为国有资本从一般竞争性领域退出提供途径，并成为 国企改革的重要突破12之一。 内容提要(英文) ABsrrRACT I．Purpose end Significance of the Dissertation MBO is a new merge and acquisition operation。which came into being in 1980’s in American．Management Buy-Out is the term applied when a business is sold to the existing management team．The main problems for the buy-out team will be securing the necessary finance． Management Buy-Outs 8re always accompanied by financing．MBO not only moves forward the fourth merge tide in American，but also has gmat influence on the company operation，finance．1aw，and other fields． In china，state-owned companies and most of collective companies are short of proprietor，the property fight of the company is not perspicuity，and the managers outstanding achievement could not be returned effectively．Since 2000。a few Chinese listed companies began to carry out MBO．As one effective tool to clear property right， and spirit manager，more and more companies have begun to carry out MBO．So it is．significant to study MBO in domestic． 2 IT．Structure IT．Structure and logic Thls article has five chapters．In the foreword it looks back MA history in the jntemationaI capital market．The first chapter mainly introduces the co雌pt锄d characteristic of MBO，and sets forth the origin and development of MBO overseas，and ．nt巾ducing the procedure of MBO．The second sets forth three domestic cases，and in overSeas’ analyses case data，contrasts the different between MBO in domestic and The third introduces the obstacle and question about MBO in China．the forth put some soIvinQ Ior the question，and the fifth analyses development foreground of MBO in the future． Ⅲ．Main point and Inn