管理层收购:融资、定价、风险防范与信息披露

Financing, Pricing, Risk Prevention and Information Revealing in Management Buy-Out

管理层收购是当前我国企业界和资本市场上最受瞩目 ,同时也是争议最多的的热点问题之一。作为一种创新的制度安排 ,管理层收购对中国的最大意义就是可以作为一种产权改革的重要手段 ,有助于使中国最优质的上市公司资源的配置不断实现帕累托改进。本文重点分析了管理层收购中的融资、定价、风险防范和信息披露等问题 ,并提出相应的对策。

Management buy-out (MBO) is one of the most attractive and debatable topics in enterprises and capital market of China. As an innovative system, the significance of MBO for China is that, as an important measure for property right reform, it can help allocate resources of the best companies and realize Pareto-optimality. This paper mainly probes into problems in funds financing, pricing, risk prevention and information revealing in MBO. The author also suggests some solutions to these problems accordingly.