西方国家管理层收购(MBO)对我国的启示

Implications to China of Management Buyout in Western Countries

经过30年的实践,以美国和英国为代表的西方发达国家的MBO运作业已形成完整的理论指导和可行的实践操作经验。西方国家管理层收购的经验,对我国具有重要的借鉴作用。尽管在中国目前现实环境中,有关各方还对MBO操作采取谨慎的态度,但随着国有股减持以不同形式展开,中国市场和国际市场的逐渐接轨,MBO作为一种重要的收购方式必将大张旗鼓地走到前台。

With 30 years of practice, complete theoretical guidance and feasible operating experience have been formed in management buyout operations in developed countries represented by the United States and United Kingdom. Their experience is of great significance of reference to China. Related parties currently still adopt a prudent attitude towards it in China, but with holdings of state-owned shares reduced in different forms and the Chinese market gradually conforming to the international market, management buyout, as an important means of acquisition, is bound to take center stage on a large scale.