管理层收购（MBO）的国际比较研究
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摘要
MBO作为一种产权改革手段，自被引进我国，就被赋予了建立国有资本的退出机制、推动产业结构和企业结构调整、中小企业和民营企业明晰产权等特殊的使命。但中国现在所操作的MBO比较原始，实施中存在法律政策不完善、信息披露不及时、目标公司不合理、收购价格不科学、融资渠道单一等诸多问题。
论文首先阐述了典型国家和地区MBO的发展现状和经验借鉴。国外MBO实践经验对我国MBO实施的借鉴作用可概括为：政策环境支持，高素质的企业家，定价方法科学规范，融资手段多样、发达中介机构的广泛参与等。接着，论文对国内外MBO的典型案例进行了分析和研究。
在此基础上，论文从收购背景、政策环境、目标企业、定价方法、融资体制等五个方面对中外MBO做了全面系统的对比分析，找出了两者的差异及原因，并结合我国特有的经济环境和经济轨迹，提出了相应的对策措施。这些对策主要包括：从健全法律法规、加强信息披露、培育中介机构等方面来完善我国MBO的政策环境；在国有资产决定退出的领域内对M B O的目标企业进行界定；以净资产值为基础，综合考虑管理层贡献和公司控制权两个因素，通过市场机制来为目标公司正确定价；通过培育机构投资者、创新融资工具和优化配套金融制度、建立有效的融资的撤出渠道等来解决融资问题。
Since being introduced into our country ,the MBO ,a means of reformation of the PR, has been given to the special missions: establishing the withdrawing mechanism of state-owned capital, pushing the adjustment of industrial structure and enterprise structure, clearing in meaning the PR of private ,medium or small enterprises. But the MBO in China are now comparatively primitive, put into practice with many prob-lems : the laws and policies are not perfect, the publish of information is not time, target firms are not reasonable, the pricing of MBA are not scientific, financing chan-nel is single and etc.
First, this dissertation presents a comparative analysis of MBO practice in typical model nations and regions. The following foreign experiences in MBO practice can be used by China for reference: Policy environment supporting , the high quality entre-preneur, the scientific method of pricing, various financing means , extensively part participation of tagency and etc. Then, this dissertation provides analysis and research on typical cases of MBO in China and foreign countries.
In a word ,it presents a comprehensive and systemic analysis on MBO in China and foreign countries,from the followly fire aspects :the background of MBA, the policy environment, the objective firms , the pricing methods, the financing system, find out differences of MBA and the causes of them, and combinating special eco-nomic environment and economic traces of our country, the author puts forward counterplan.These counterplans primarily include:from strengthening laws, enhancing the information to publish, culturing to agency and etc to come to perfect the MBO policy environment on our country;defining objective firms of MBO in realm that the state-owned property is decided to withdraw;with the clean property worth for the foundation, synthesize to consider managers' contribute and the value of control powers with company ,and pass the market mechanism to come for right price of the objective firms;pass growing the organization investor, creative financing tool and optimizing the assistant financial system , establishing the valid withdrawing way of financing etc to resolve the financing problem.
论文首先阐述了典型国家和地区MBO的发展现状和经验借鉴。国外MBO实践经验对我国MBO实施的借鉴作用可概括为：政策环境支持，高素质的企业家，定价方法科学规范，融资手段多样、发达中介机构的广泛参与等。接着，论文对国内外MBO的典型案例进行了分析和研究。
在此基础上，论文从收购背景、政策环境、目标企业、定价方法、融资体制等五个方面对中外MBO做了全面系统的对比分析，找出了两者的差异及原因，并结合我国特有的经济环境和经济轨迹，提出了相应的对策措施。这些对策主要包括：从健全法律法规、加强信息披露、培育中介机构等方面来完善我国MBO的政策环境；在国有资产决定退出的领域内对M B O的目标企业进行界定；以净资产值为基础，综合考虑管理层贡献和公司控制权两个因素，通过市场机制来为目标公司正确定价；通过培育机构投资者、创新融资工具和优化配套金融制度、建立有效的融资的撤出渠道等来解决融资问题。
Since being introduced into our country ,the MBO ,a means of reformation of the PR, has been given to the special missions: establishing the withdrawing mechanism of state-owned capital, pushing the adjustment of industrial structure and enterprise structure, clearing in meaning the PR of private ,medium or small enterprises. But the MBO in China are now comparatively primitive, put into practice with many prob-lems : the laws and policies are not perfect, the publish of information is not time, target firms are not reasonable, the pricing of MBA are not scientific, financing chan-nel is single and etc.
First, this dissertation presents a comparative analysis of MBO practice in typical model nations and regions. The following foreign experiences in MBO practice can be used by China for reference: Policy environment supporting , the high quality entre-preneur, the scientific method of pricing, various financing means , extensively part participation of tagency and etc. Then, this dissertation provides analysis and research on typical cases of MBO in China and foreign countries.
In a word ,it presents a comprehensive and systemic analysis on MBO in China and foreign countries,from the followly fire aspects :the background of MBA, the policy environment, the objective firms , the pricing methods, the financing system, find out differences of MBA and the causes of them, and combinating special eco-nomic environment and economic traces of our country, the author puts forward counterplan.These counterplans primarily include:from strengthening laws, enhancing the information to publish, culturing to agency and etc to come to perfect the MBO policy environment on our country;defining objective firms of MBO in realm that the state-owned property is decided to withdraw;with the clean property worth for the foundation, synthesize to consider managers' contribute and the value of control powers with company ,and pass the market mechanism to come for right price of the objective firms;pass growing the organization investor, creative financing tool and optimizing the assistant financial system , establishing the valid withdrawing way of financing etc to resolve the financing problem.
引文
[1] 胡俞越主编，经理层革命—股票期权制度与经理层融资收购，北京：中国财政经济出版社，2000
[2] Wrighr, M. S. Thompson, B. Chiplin and K. robbie(1991), Buy-ins and Buy-outs, Graham&Trotman
[3] 张维迎，企业理论与中国企业改革，北京：北京大学出版社，1999
[4] 周三多、陈传明、鲁明泓，管理学，第3版，上海：复旦大学出版社，1999
[5] 韩由岚、王绪君主编，管理学基础，第一版，北京：经济科学出版社，1999
[6] 李忠民，人力资本-一个理论框架及其对中国一些问题的解释，第1版，1999
[7] 上市公司收购管理办法／中国证监会，2002年10月8日
[8] 中华人民共和国公司法／全国人大常委会，1993年12月29日
[9] 中华人民共和国证券法／全国人大常委会，1998年12月29日
[2] Wrighr, M. S. Thompson, B. Chiplin and K. robbie(1991), Buy-ins and Buy-outs, Graham&Trotman
[3] 张维迎，企业理论与中国企业改革，北京：北京大学出版社，1999
[4] 周三多、陈传明、鲁明泓，管理学，第3版，上海：复旦大学出版社，1999
[5] 韩由岚、王绪君主编，管理学基础，第一版，北京：经济科学出版社，1999
[6] 李忠民，人力资本-一个理论框架及其对中国一些问题的解释，第1版，1999
[7] 上市公司收购管理办法／中国证监会，2002年10月8日
[8] 中华人民共和国公司法／全国人大常委会，1993年12月29日
[9] 中华人民共和国证券法／全国人大常委会，1998年12月29日
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