摘要
融资方式是各界对我国上市公司MBO中最为关注的核心问题之一。文章区分非流通股东和流通股东两类主体,对MBO后上市公司迫于管理层还款压力而进行高额派现对不同类型股东财富的影响机理进行了解析,发现MBO后高额派现对管理层有利,而对广大外部中小流通股东不利。
Financing mode in management buy-outs is one of the main problems about which many people are concerned. Distinguishing non-current stockholders and current stockholders, the paper takes a theoretical analysis on the effects of the companies' high cash dividends after MBO on different stockholders' wealth because of the pressure of debt on the managements. It finds that high cash dividends are profitable to the managements, but are disadvantageous to the current stockholders.
出处
《华东经济管理》
2005年第4期136-138,共3页
East China Economic Management
关键词
管理层收购(MBO)
融资方式
股东财富
理论分析
management buy-outs (MBO)
financing mode
stockholder's wealth
theoretical analysis
