管理层收购在我国的实践分析-会计学专业论文.docxVIP

内容提要管理层收购(MBO)作为一种资本运作的工具和手段，在上世纪90年代术被 内容提要 管理层收购(MBO)作为一种资本运作的工具和手段，在上世纪90年代术被 引入我国。MBO对于解决民营企业所有权回归、降低委托代理关系以及国有资产 在竞争性领域内战略性推出等问题上提供了新的思路与尝试。但鉴于我国所处的 经济发展阶段及市场制度环境等与发达资本市场国家存在着差异，因此管理层收 购在我国呈现出一定的中国特色，同时也存在着诸如国有资产流失的现象。在去 年，管理层收购伴随着一场“国有企业产权改革路径”的大讨论更是引起社会各 界的广泛关注。 本文试从理论和实践两个角度对管理层收购进行研究和分析。首先，通过对 相关的经济学理论的回顾和描述来解析管理层收购的理论支持与依据；其次，本 文在收集大量案例和数据的基础上对国内实施管理层收购进行了实证分析和初 步的总结与归纳；最后，运用比较分析法对国内外在MBO实践中呈现的差异性作 了多方面对比。在上述分析和研究的基础之上，作者认为MBO作为资本运作工具 的一种，需要从法律、市场、制度等方面对其进行规范和约束，使管理层收购能 够健康的发展，为我国企业改革探索新的途径。 关键词：管理层收购 国有企业产权改革 国有资产流失 AbstractAs Abstract As nleans of capital operation Manager buy-out(MBO)has been introduced to china in 1990’S．MBO affords new way to think about and trim for the returning of the individual firm’S ownership，the lowering cost of principal—agent relation and the state owned assets’strategic withdrawing from competitive fields in economy． However,China iS in a different stage of economy development well as the institution and environment of market compared to market-developed nations．MB0 in China shOWS some certain Chinese characteristics and at the meantime jt some lost of state owned assets．In the year 2003．MBO Was highly paid attention due to a discussion of‘the road ofthe reforming ofSOEs’properties”． My thesis tries to analyze and research the MBO from theory and practice． Firstly,through a review and description ofrelevant economic theory on the issue we will clarify the theory basis of MBO．Secondly,by the effort of acctunulation of plenty of cases and data,we will make practical analysis on the MBOs which hayed happened in China and come to a primary conclusion．At last．on廿le former basis of the alialysis and studying．we will say that a means ofcapital operation MBO needs regulating and binding in terms of law,market，institution etc．Thus we can assure the MBO will develop effectively and will be a new profitable road guiding the reforming ofthe SOEs． key words：MBO reforming ofsoes’properties the loss ofState assets 首都经济贸易大学硕士学位论文 首都经济贸易大学