管理层收购及其在中国的应用-金融学专业论文.docx

提 提 要 管理层收购开始于20世纪70年代的英国，其后逐渐在西方发达国家与东 欧转型经济国家乃至亚洲都获得了重要的发展，迄今已经有20多年。在实践方 面已日趋成熟，出现了许多成功的案例，对管理者、企业组织、金融市场都产 生了重要的影响。不可否论，一种实践要获得推广还需要理论上的证明，而在 这方面，西方学者也对管理层收购进行了比较完各的分析，可以说管理层收购 的逻辑推演也已经得到大家的认同。 但是，在中国，管理层收购是近几年才开始发展起来的，其中有很多理论 与实践问题需要我们进行分析与总结。本论文首先介绍、总结了西方管理层收 购理论与实践，然后在结合中国的具体实践上提出了自己的观点。本论文第一 章介绍了管理层收购的基本概念，包括基本含义、基本特点、动因分析以及在 国外的发展实践，在此基础上，论文在第二章阐述了国外进行管理层收购的基 本操作程序；论文第三章首先介绍了管理层收购在中国的发展实践，接着分析 了管理层收购在中国的市场前景，最后提出了在中国实施管理层收购存在的各 种问题，并且相应的给出了解决办法：为了对管理层收贿实践有一个更加准确 的把握，本文最后一章介绍了国内实施管理层收购的两个典型成功案例，一个 是上市公司粤美的的管理层收购，另一个是民营企业四通公司的管理层收购。 2 AbstractManagement Abstract Management Buy—outs(MBo in brief)first emerged in England in Iate 1 970s．And MBO has gtown rapidly in western developed countries．eastern European transitory countries and Asia for more than twenty years．There are also plenty of successfuI cases in its matudng history．MBO has been making great impact on manageB，corporate organization and financiaI market．It js welI known that the spread of an idea needs Iheoretical iustification，on which western MBO researchers have done a very good iob． MB0 has been welI accepted． However,as MBO has developed for only severeI years jn China．there are many theoretical and practical problems to deal with．This thesis firstly introduces and summarizes the western theories and practice about MBO． then advances its own opinions on the MBO practice in China。In this thesis． the first chapter of this thesis introduces fundamentaI concept of MBO． including its definition．characteristic and cause as welI as its development and practice in foreign countries；and the second chapter discusses the operation process of MBO in overseas；then the third chapter presents the practice of MBO in China firstly,and then analyzes market potential of MBO in China．at last brings forward the existing problems jn China and also makes some suggestions to solve such problems．For a thorough understanding of MBO．the Iast chapter introduces two typical MBO cases： MB0 of Iisted company。、ruemeidi”and pr