管理层收购(MBO):一般含义和特殊含义——兼评超产权论的管理层收购模型

MBO's Common and Special Meanings——Affixation Comment on MBO Model Based on Over Property Right Theory

在一般含义上,MBO是通过改变产权结构,提高绩效的产权交易手段和资本运作方式进行的,转型国家MBO具有效率提高和财富转移的双重特征。企业家人力资本补偿使MBO具有在中国的特殊含义。智力资本出资是时代赋予MBO的新内涵。超产权论的MBO模型脱离了MBO的基本含义和它在中国的特殊含义。

Commonly, MBO is property right dealing measure by changing property right structure to improving performance, as weU as capital wielding measure. MBO takes on characters both improving performance and transferring wealth in changing type countries. In China, MBO takes on special measnings including compensating for enterpriser＇s human capital etc. Taking intellect capital as capital is MBO＇s new connotation. MBO model based on over property right theory deviates its basic meanings and special meanings in China.