管理层收购（MBO）的国际比较研究-国民经济学专业论文.docxVIP

摘 摘 要 MBO作为一种产权改革手段，自被引进我国，就被赋予了建立国有资本的退出 机制、推动产业结构和企业结构调整、中小企业和民营企业明晰产权等特殊的使 命。但中国现在所操作的MBO比较原始，实施中存在法律政策不完善、信息披露 不及时、目标公司不合理、收购价格不科学、融资渠道单一等诸多问题。 论文首先阐述了典型国家和地区MBO的发展现状和经验借鉴。国外MBO实践 经验对我国MBO实施的借鉴作用可概括为：政策环境支持，高素质的企业家，定 价方法科学规范，融资手段多样、发达中介机构的广泛参与等。接着，论文对国 内外MBO的典型案例进行了分析和研究。 在此基础上，论文从收购背景、政策环境、目标企业、定价方法、融资体制 等五个方面对中外MBO做了全面系统的对比分析，找出了两者的差异及原因，并 结合我国特有的经济环境和经济轨迹，提出了相应的对策措施。这些对策主要包 括：从健全法律法规、加强信息披露、培育中介机构等方面来完善我国MBO的政 策环境；在国有资产决定退出的领域内对M B 0的目标企业进行界定；以净资产 值为基础，综合考虑管理层贡献和公司控制权两个因素，通过市场机制来为目标 公司正确定价；通过培育机构投资者、创新融资工具和优化配套金融制度、建立 有效的融资的撤出渠道等来解决融资问题。 关键词：管理层收购 国际比较 定价 融资 对策 AbstactSince Abstact Since being introduced inIo our country，the MB0，a meallS of reformation of the PR，has been given to the special missions：establishing the withdrawing mechanism of state—owned capital，pushing the adjustment of industrial structure and enterprise structure，clearing in meaning the PR ofprivate，medium or small enterprises．But the MBO in China are now comparatively primitive，put into practice with many prob— lems：the laws and policies are not perfect，the publish of information is not time， target firms are not reasonable，the pricing of MBA are not scientific，financing chan— nel is single and etc． First，this dissertation presents a comparative analysis of MBO practice in typical model nations and regions．The following foreign experiences in MBO practice call be used by China for reference：Policy environment supporting，the high quality entre— preneur，the scientific method of pricing，various financing means，extensively part participation of tagency and etc．Then，t11is dissertation provides analysis and research on typical cases of MBO in China and foreign countries． In a word，it presents a comprehensive and systemic analysis on MBO in China and foreign countries，from the followly fire aspects：the background of MBA，the policy environment，the objective firms，the pricing methods，the financing system， find out differences of MBA and the causes of them，and combinating special eco． nomic environ