论MBO在我国的发展及展望-金融学专业论文.docxVIP

摘要摘要 摘要 摘要 本文介绍了MBO的概念和发展形式。MBO的发展是存传统并购理论基础 之上发展起来的，本文总结了发展MBO的十大理论基础。 MBO首先是从西方国家发展起来的，本文详细论述了在曲力洲家实施 MBO的动机，收购方式，操作步骤和交易情况，指出MBO的发展促进了西方 国家资本市场的的活跃，但同时也看到MBO收购作为一种杠杆收购存在相当 的风险。 我国在从计划经济转轨到市场经济中存在了诸如产权不明晰、代理成本较 高等一系列问题。在引入管理层收购这种方式后，逐渐显示出其在明晰产权、 降低代理成本、激励高管人员的积极性等方面的作用，但是在实践th山 现 了～些比较严重的问题，特别是在收购价格、信息透明度等问题颇有争议。 本文通过对已经楼施或正在着手MBO计划的公司进行比较分析，发现了 其中的若干特点，找出成功实施MBO企业的共同特征。通过对中外管理层收 购的比较显示出由于我国的特殊国情，两者还有相当的差别，从中也看到，小 足。 展望今后，随着经济体制改革的进一步深化，迫切需要规范臼6U MBO的 一些具体操作，解决实践中存在的问题。 要点是通过运用西方较先进的MBO 定价模型，并建立全国统一的产权交易市场来规范MBO收购价格；加强股份 公司制度建设，完善信息披露制度；开展金融创新，拓宽融资渠道；I|lJ时舭强 对MBO实施各个环节的监管。通过不断实践，MBO在我国仍有较大的发展。≯ 间，它将成为是产权重组的有效方式，是解决国有股减持有效方式之一。 关键词：管理层收购，产权，代理，激励 摘要Abstract 摘要 Abstract In this paper，we introduce the concept ofMBO and the forms．The development ofMBO is built on the rock oftraditional theory ofacquisition．We summarize ten theories about MBO． MBO originate from the west countries．We discuss in detail about the motion， the style，the procedure and the trade of MBO in the West．And point out lha!lhe Management buyout accelerates the development of their capital market However。 as lever—acquisition，it faces venture． Changing from traditional plan economic to the market economic，we face some difficult such as ownership and agency—costs。As the MBO being used in China，it has showed great advantages in clarifying ownership，reducing agency—costs and encouraging managers，However，it expose the disadvantages such as purchase price，inforuaation transparency． According to analysis，we find out sonle characters of stock companies that have finished MBO or are planning MBO．we also find out the mutual feathm’ofthe companies that carry out MBO successthlly。There are many differences between the West and China．We have to learn With the development of economic reform．it is urgent that well—disciplined manipulate be formulate。’Fhe main points are as follows： Firstly。we should apply the advance fixed—price mode of MBO in the强’e峨， Secondly，we should built up unified property trading market in