中国上市公司MBO现象的理论分析.docVIP

中国上市公司MBO现象的理论分析 ——以美的公司为例 【摘要】我国上市公司加入世界贸易组织以来一直面临长期不断的机遇与挑战，要想在竞争日趋激烈的世界经济领域占有一席之地，上市公司必须从各个方面完善公司的治理结构，提高自身在世界市场上的竞争力。MBO（管理层收购）作为上市公司改革的一个重要措施表现出其日益重要的作用。本文阐述了我国上市公司的定义以及存在的问题，详细叙述了MBO的具体内涵和实施的方式及意义，并从美的公司的实际情况出发，深入研究了其实施MBO的背景，探讨了其实施MBO的过程，用理论数据分析了其MBO的成效以及存在的问题，最后根据美的公司MBO的启示提出在特定的经济环境下我国实施MBO应采取的方式以及发挥MBO应有的效果需要注意的问题，由此对我国国有企业的改革提出相关建议。 【关键词】上市公司 管理层收购 股权转让 美的公司 Theoretical Analysis of the phenomenon of MBO in Chinese Listed Companies ----take the Midea Company for example 【Abstract】 Since our country to be listed has joined World Trade Organization to face the long-term unceasing opportunity and the challenge, if wants to hold the small space day by day in the competition intense world economics domain, to be listed must from each aspect consummation companys management structure, enhance oneself in the world market competitive power. MBO (Management Buy-outs) an important measure which reforms as to be listed displays it day by day vital role. This article elaborated our country to be listeds definition as well as the existence question, narrated the MBO concrete connotation and the implementation way and the significance in detail, and embarks from Midea Companys actual situation, deep research it has implemented MBO the background, discussed it to implement MBO the process, has analyzed its MBO result as well as the existence question with the gross data, finally according to Midea Companys MBO enlightenment proposed that our country implemented the way which under the specific economic environment MBO should adopt as well as displays the question which the MBO proper effect needed to pay attention, from this put forward the related proposal to our country State-owned businesss reform. 【Key words】Listed Companies Management Buy-outs Equity Transfer Midea Companys 前言 随着我国经济体制改革的不断深入，MBO作为优化企业改革的一个重要措施在我国的企业竞争中扮演着一个重要的角色。在现代的经营体制下。我国大部分公司存在着所有权与控制权相分离的状况，不可避免的存在着经理人与股东之间的利益冲突问题，由于经常有两者目标不一致的情况出现，使我国一些公司面临着经营和管理上的隐患，这一点在上市公司中表现得尤为突