中国版管理层收购(MBO)问题的可行性探讨

The Exploration of Feasibility on the Issue of MBO in China

MBO自从上世纪末引入我国,就一直是各方关注的焦点。特别是在国资委为防止国有资产流失的进一步蔓延,叫停大型国有企业MBO,更是让这一话题再度升温。文章通过介绍MBO的概念、特点以及我国MBO的发展现状,从盈利能力、持股比例和股利政策等财务角度分析其带来的影响,并在肯定MBO的积极作用的同时,针对MBO在我国现实执行过程中的种种问题提出若干建设性意见。

Since its introduction into China at the end of last century, MBO has been a hot topic attracting the eyes of various interested parties. This is especially true when the State-owned Capital Supervision and Administration Commission of the State Council, for fear of suffering more losses of state-owned assets,compelled all the large state-owned enterprises to stop MBO, which resuits in this concept becoming more topical. This thesis analyses the actualities of China＇ s MBO by defining the concept of MBO and describing its development and relevant features. From the financial perspective of the profitability, stockholding percentage and dividend policies, it recognizes the impacts an enterprise＇ s MBO may have. While confirming the positive roles of MBO, it provides several constructive suggestions concerning the practical problems existing in the execution of MBO.