对我国管理层收购定价问题的探讨

Discussion of Pricing in Management Buy-out

合理的收购价格是管理层收购成功与否的关键。我国现行的以每股净资产作为定价基础的做法是不合理的;由于管理层的历史贡献难以货币化,因此在定价时不应考虑管理层的历史贡献。为使MBO定价公平、合理,可以采用自由现金流量模型确定目标企业的价值,并建立市场化的定价机制。

The reasonable price is a key factor in the management buy-out（MBO）. In this paper, we discussed the irrational pricing method based on net assetsper share in china at present. It is the right way to neglect the management historic contribution in pricing for its difficulty of monetization. For the sake of fair, reasonable pricing in MBO, we suggested a free cash flow model to fix on the enterprise value and establish marketable pricing mechanism.