中国管理层收购的定价问题研究

Study of the Pricing of MBO in China

管理层收购作为一种企业重组的工具,自引进我国的那一天起就受到了众多的非议,其中MBO的定价问题是这些争议的焦点。文章将从MBO定价的依据问题、对管理层的补偿问题与定价标准问题等多方面对中国的MBO定价机制进行研究,得出MBO定价不必以净资产值作为定价的惟一标准,定价中应当适当考虑管理层的历史贡献,并参照公司控制权交易理论,通过市场机制为我国企业的MBO正确定价。

As an essential tool in industrial restructuring of an enterprise,MBO,since its entrance into China,has aroused many arguments.One of the hot argument is the pricing of MBO.This paper studies MBO pricing mechanism in China from the perspec-tives of the pricing standards and compensation for management.The conclusion is that the pricing of MBO should not necessarily take net assets value as the sole standard,and instead,the pricing of enterprises in China should be made through market mecha-nism by taking due consideration of the contributions made by management,while referring to masterdom deal theory.