摘要
在国企产权制度改革的诸多途径中,管理层收购因定价问题和融资问题而备受争议。目前国内MBO信托融资有四种模式,即单纯提供收购主体模式、单纯提供融资模式、股份收购模式、与战略投资者合作模式,剖析各自的优缺点,在创设双向资金信托、要求管理层自有资金投入以及信托公司负责筛选项目三个原则下,MBO是一种切实可行的信托融资模式。
Among the numorous ways of property system reform in state- owned enterprises, management buy-outs （MBO） has received many concerns because of its pricing and financing modes. The paper analyzes the advantages and disadvantages of the current MBO trust financing modes, including the mode of buy - out object, the mode of financing, the mod of share buy - out and the mode of cooperation with strategic investment partners. With the three principles of creating bilateral - capital trust, money in- put of management and trust companies in charge of selecting projects, the paper puts forward a feasible MBO mast financing mode.
出处
《商业研究》
北大核心
2006年第20期152-155,共4页
Commercial Research
关键词
管理层收购
融资
信托
management buy-outs （MBO）
finance
trust
