管理者收购（MBO）及其在中国的运用-会计学专业论文.docxVIP

————一 ————一 笪篓童燕堕!坚!璺!堕!!i!皇塑笙垩雯 A8STRACT Based on t，aditiona!MA，management buy-outs《MBO)is a new way of MA．With the help of outside financial institutions，managers used a newly established company to acquire its parent company,controlling the shares of the parent company indirectly．In 1980s。MBO was wideiy used弧European and American countries to transfer company’s shares In the process of pdvatization of state-owned economy in UK。MBO played s very }mpo疽ant role． China’s enterprises are facing d强cu挂s鹣a蛀on$。State owned ente攀rises《SOE》are encountering two key problems．The first Roblem is the definiEon of property right and the dropout of state owned shares。The second problem is the optimiza《on of corporate govemance．Some private enterprises are also faced with the problem of property right。 and other family owled enterprises have to deal涮嚣1 the problem of 4second developmentafter the first stage of development．The key to SUCE圯SS of“second developmentis to set up a system that could remain high-level managers and motivate them effectively．To solve problems mentioned above，this dissertation aims at discussing the feasibility of application of MBO in China，the way of implementation。and possible Obs圭acles． This dissertation analyzes theoretic and realistic background of MBO，poin{lng out why MBO carl solve the problem of property right and improve corporate govemance．It introduces the basic concepts。and general procedures of implementation of§羽Bo It emphasizes on how to use MBO to reform China。s state owned enterprises and private enterprises。This dissertation also mentions possible obstacles in the process of MBO in China，and suggests methods to solve the problems．In the end．two typical cases are analyzed to illustrate how to implement MBO in detail． [KeyWords]Management Buy-outs，Reform ofenterpdse 2 管理者收购tMBO)麓j≮番：巾蔺的运埔前言 管理者收购tMBO)麓j≮番：巾蔺的运埔 前言 获简单弱敦投让剩开始，串国韵国有叠韭羧革已经商了20多年的掰变。然 丽早期的改革只是从如{可提高经营效率的层面着手．并求涉及到产投的变动。产： 权问题弊常敏感，却又恪恰是豳扰我国阑有企救的关键悔因素。直到90年代中 期，政府逐渐开始从产投入手，对企业