【作者】 姚成杰；

【导师】 魏成龙；

【作者基本信息】 河南大学 ， 国民经济学， 2003， 硕士

【摘要】 管理层收购作为一种企业重组方式，正在我国兴起。方大、美的、宇通等企业陆续进行了管理层收购，同时，私营企业、中小企业的管理层收购也潜流涌动，以至于业内人士预测2003年为“MBO年”。实践之树常青，理论总是灰色的，管理层收购实践带来了一系列理论问题：管理层收购怎样从企业并购中产生？MBO在我国是否可行？我国管理层收购的现状如何？有哪些问题？怎样规范？等等，本论文试图回答上述问题。按照逻辑顺序，本文分为五章：第1章：管理层收购是企业并购形式演进的结果。本章按照企业并购——杠杆收购——管理层收购的演化过程来分析管理层收购的产生。第2章：对管理层收购的一般性研究。本章首先对管理层收购进行理论解释， 既而分析管理层收购的意义及在我国的可行性。第3章：管理层收购的参与者通常包括管理层、目标公司、战略投资者、贷款人、中介机构，本章分析了参与各方在管理层收购中的作用及应具备的特征。第4章：管理层收购的操作方式及程序。首先分析收购资产、收购股票、综合证券收购等管理层收购的方式；然后分析管理层收购中融资、收购、整合等环节，重点对融资问题进行了分析。第5章：本章先通过几个案例分析我国管理层收购的特点，然后重点讨论了我国MBO中存在的问题，并给出了本文的观点。本文的创新体现在以下几点：第一，管理层收购源于西方，能否洋为中用是一个关键问题，本文对我国管理层收购的可行性进行了论证；第二，在分析管理层收购的目标公司时，通过一个简单的模型，对沪深市场中的A股上市公司进行筛选，得出较适合进行管理层收购的企业；第三，对于管理层收购定价时是否考虑管理层历史贡献的问题，争论较多。本文认为我国目前处于过渡时期，对于为企业做出巨大贡献又未得到合理报酬的管理者，在MBO定价时应适当考虑其历史贡献更多还原

【Abstract】 As a pattern of restructure, MBO (Management Buy-outs) is on the upgrade in China. Many large enterprises such as Fangda, Media, Yutong, have experienced MBO. At the same time, MBO in private enterprise and small and middle enterprise springs up. So some experts predict that 2003 is the year of MBO. The practice of MBO causes a series of theoretic problems: What’s MBO? Why appear in China? How operate it generally? What should be noticed in MBO of Chinese firm? This paper tries to solve the problems. According to the logical sequence, this paper is divided into five chapters:Chapter one: MBO is the gradual progress results of enterprise M&A. Firstly, this chapter gives summarize of M&A theory; then the chapter analyzes the emergence of MBO, according to the process of evolution: M&A-LBO-MBO.Chapter two: It is a general studying about MBO. This chapter, firstly, explains MBO theoretically. Then it analyzes the significance of MBO. Finally, this chapter discusses the feasibility of MBO in China.Chapter three: The participant of MBO usually includes: management group, targeted company, strategic investor, creditor and intermediary. This chapter analyzes the function of participant of MBO.Chapter four: Operation way and procedure of MBO. This chapter analyzes such some ways of MBO as purchasing assets, purchasing stocks, and acquiring securities. Then it analyzes some segments of MBO such as financing, purchasing and integration, and emphasis is placed on financing.Chapter five: This chapter analyzes the characteristics and problems of MBO of Chinese company though some cases, and puts forward the viewpoint of author.If this paper has innovation, it should embody in following several points:Firstly, it is a key problem to make MBO serve China, this paper has proved the feasibility of MBO in our country.Secondly, by analyzing companys of A-share market of shanghai and shenzhen through a simple model, this paper selects enterprises which is suitable for carrying on MBO.Finally, this paper thinks that pricing of MBO should consider the managements’ contribution in the transitional period of our country更多还原