摘要
由于国有企业产权模糊,所有权与经营权分离带来的问题比私有企业要严重得多,因此,国有企业的管理层收购比私有企业等非国有企业管理层收购有更深远的意义。本文分别从非现金利益消费的分析视觉、金融合同理论分析视觉、所有权结构、激励与效率的分析视觉以及公司治理结构的分析视觉对国有企业管理层收购进行经济学分析。当然,这些分析(或理论假说)是否成立还有待实证检验。
The property right of state - owned enterprises is unclear, and the seperation of ownership and management brings about more problems than private enterprises. Therefore, it is more significant for the MBO of state - owned enterprises than the MBO of non - state enterprises such as private enterprises. This article conducts a series of economic analysis in the following aspects： the consumption of non - cash interests, financial contract theroy, ownership structure, incentives and efficiency, and corporate governance. After all, these analyses are still to be tested in practice.
出处
《财经科学》
CSSCI
北大核心
2005年第5期147-152,共6页
Finance & Economics
关键词
管理层收购
所有权结构
在职消费
治理结构
MBO
ownership structure
company- paid consumption
corporate governance
