【作者】 唐宇凌；

【导师】 熊海斌；

【作者基本信息】 湖南师范大学 ， 产业经济学， 2003， 硕士

【摘要】 MBO即“管理层收购”，从上世纪八十年代开始，迅速席卷全球。在国退民进、国有股减持、国企改革、企业家阶层崛起的大背景下，MBO必将成为我国企业产权改革一种重要形式。但是对我国经济转型时期MBO的特点、定价问题(MBO的核心)、融资问题(MBO的瓶颈)缺乏深入的研究。在定价方面，国内理论界还停留在建立信息披露、引入竞争阶段，实践中定价不合理导致国有资产流失的现象屡见不鲜；在融资方面，国内理论界大多停留在介绍西方融资模式上，实践中则普遍遇到融资困难和不规范融资的困惑。因此，对经济转型时期我国MBO进行深入分析，特别是解决定价和融资问题是十分紧迫的任务。 本文研究方法是搜集数据和比较分析。研究思路是：在总结国内外MBO理论与实践的现状和经济转型时期我国MBO的特点的基础上，分析经济转型时期出现的问题，顺应管理层收购的内在规律的要求，提出了“市场化管理层收购定价模式”和“管理层收购稳健信贷额评判数学模型”两个创新性见解，以期规范和促进我国经济转型时期管理层收购发展。 本文的主要贡献有两处：1、提出“市场化管理层收购定价模式”，用于解决我国经济转型时期MBO合理定价问题，是一种操作模式创新；2、提出“管理层收购稳健信贷额评判数学模型”，用于判断管理层收购融资中的信贷额是否适度，是一种理论创新。更多还原

【Abstract】 "MBO" (Management Buy-Out), was first pioneered in the 1980’ s and has rapidly engulfed the whole world. It will surely become an important way to reform the enterprises property right in China in the context of privatizing state industries, decreasing state property rights, the reform of the state-run enterprises and the growing up of management. At present, it lacks thorough research on the characteristics, the pricing and the financing problems in MBO in China during the economic transition. In respect of pricing, Chinese scholars still remain on the level of establishing information publishing system and introducing competitions. In the field of practice state capitals are commonly found lost resulted from the unreasonable pricing. In terms of financing, they still remain on the level of introducing the financing models of western countries. Practically, there is a common puzzle about the difficulties of financing and the illegal financing. Therefore, it is an urgent task to thoroughly study on MBO in the economic transition of China, especially the problems of pricing and financing.The methodology adopted by this paper includes data collection and comparative analysis. On the basis of the summarizing the current situations of MBO’ s theory and practice both at home and abroad as well as the characteristics of MBO in the transition ofChina, the thesis analyzes the problems existing during the transition period and creates a new market-orientated pricing model in MBO and a mathematical model of evaluating financial possibility of the volume of credit.The author’ s two main contributions are as follows: firstly, raising "the new market-orientated pricing model in MBO" , which is used to form the reasonable price in MBO during the economic transition, is an operation innovation; secondly, putting forward the "mathematical model of evaluating financial possibility of the volume of credit" , which is used to judge the rationality of the volume of credit, is a theoretical innovation.更多还原