MBO的实现方式及融资选择

The Realization Mode of MBO and the Funds to Implement the MBO

虽然目前国内对MBO的法律法规有所松动,国内一些上市公司也在实践着MBO。但是,MBO是一项技巧性强,牵涉各方利益的系统工程,并无统一模式,而且在中国实现MBO最核心的两个问题：适合的收购主体和收购资金的来源这两个问题都没有很好解决,因此,本文通过对已实行的案例进行分析,可或多或少为今后其他公司选择实施MBO的实现方式和融资方面提供可借鉴的经验。

The Chinese laws and rules against the MBO are not as strict as what they are used to be. And a few domestic publicly traded companies have already put the MBO in effect. However, as a systematic engineering which connects several interest owners, MBO has no unique model. At present, two key problems which hinder the realization of MBO are proper buyers and the funds to implement the MBO. So, analyzing the real cases will provide some useful experience for other companies which want to try the MBO in the future.