论我国实施mbo的可行性及其信托解决方案-企业管理专业论文.docxVIP

AbstraetI Abstraet I Abstract Management Buy—outs(MBO)emerged in the eighties last century．It call reduce agency’S cost and lower down the restraim to manager’S power effectively through the realization of the takeovers of decision·making rights of control， residual rights of control and residual claim right by the way of manager’s purctmse ofthe company． Proceeding from characteristic ofMBO，this thews cites the relevant theories of MBO and analyses the extra cost to modem enterprises caused by the separation of ownership and management．And with the relevant mathematics model，the author proposes lowest agency cost OCCUrs only when managers’income totally depend on enterprise surplus through institutional arrangemem．So on the basis of iL this thesis makes a deep discuss on the feasibility of MBO in China combing relevant legal policies with the reality of China．Then taking the advantages of trust company，the thesis puts forward the trust solution on MBO in our country Oil the respects of the illegal MBO purchase subject,financing difficulty ete．because of the restriction Oil some policies in the course ofimplementing MBO ofChinese enterprise at present． In order to state，the thesis also takes the example of oue un-public company planning to implement MBO in Dalian and discusses such details ofoperation as the soulces of refund，refiand time，the price of stock right transfer，the legal question involved and the fimction ofthe trust company in it．And at last the author draws the conclusion that the trust company is the most effective mechanism to solve the MBO difficulties that many enterprises face in China at present． Keywords：Management Buy—outs Fcasibility Ttust nle solution 1绪论 1绪论 1 1绪论 1．1选题背景 在发达的市场体制下，如何解决企业的代理(agency)问题，除了企业的 并购与重组这一最为常用的方式外，MBO也是一种十分有效方式。 MBo即管理层融资收购，于20世纪80年代开始盛行于西方。它通过目 标公司的管理层购买本公司股份的方式进而达到重组本公司的目的。也就是 说，现代公司起源是通过所有权与经营权分离实现的，而MBO则是试图通过 所有权与经营权合一来化解企业的代理问题。由于它的这一特殊性质，使得 与其它传统方式相比，MBO更能有效直接地激励约束管理人员。所以在西方 MBO在20世纪帅年代以后得到了迅猛的发展。仅仅在欧洲MBo从1992