管理层收购的定价探讨

Pricing Analysis for Management Buyouts in Chinese Listed Companies

针对当今我国关于管理层收购定价环节中的风险问题,需要深入了解管理层收购在我国国有企业改革中的地位和作用。目前,我国围绕管理层收购关注和争论的主要问题是管理层收购价格的合理性,只有了解我国在收购国有企业中的作用,才能深刻了解我国上市公司管理层收购的定价现状以及上市公司以净资产为定价依据的局限性。因此,采取选择合适的资产评估机构,重视公司价值评估,选择合理的定价模式,才能最大限度地规避管理层收购过程中的定价风险。

At present, pricing risk always exists in the process of the management buyout. It is necessary to deliberately investigate position and role of management buyouts in state - owned enterprise reform in China. The main concerning and debating issue in management buyouts is the reasonableness of the purchase price. The status of the pricing was investigated and the limitations of net - assets - based pricing in the listed companies were discussed. It is of great importance to choose a suitable assessment insti- tution for the company＇s value evaluation. Reasonable pricing model could minimize the pricing risk in the process of management buyouts.