浅析管理层收购——透过上市公司典型案例看MBO

Some Thoughts On Management Buyout--Analysis Through Some Typical Moots to Understand MBO

管理层收购作为一种特殊的并购方式,在中国掀起浪潮。本文在介绍管理层收购定义的基础上,结合典型案例总结了管理层收购在优化产权结构、降低代理成本等方面的作用,并进一步分析中国实行管理层收购的原因和特点。在此基础之上,本文归纳出管理层收购目前存在的五个主要问题,如定价风险、融资风险等,针对每个问题提出各自的解决办法。在解决定价风险、寻找合理定价方法中,作者认为“贴现现金流量法”是比较符合中国实际的。

On the basis of demonstrating the definition of management-buyout, the present paper uses some typical moots to summarize the effect of management-buyout, and then analyzes the reason why China pursuit management-buyout and the trait of management-buyout in China in the same way. Based on this, this paper also finds something else in today's management-buyout and induces five major problems in management-buyout at the present time, and then properly for some methods of resolving these problems. In the end, the paper gives some views on the developing-prospect of the management-buyout in China. The management-buyout is useful in reforming the system of the enterprise, and also it has some bad effects. Therefore the author thinks China should pay more attention to the development of MBO in order to perform it better.