我国上市公司管理层收购研究

【作者】 杨棉之；

【导师】 周亚娜；

【作者基本信息】 安徽大学 ， 企业管理， 2004， 硕士

【摘要】 随着国有企业改革进程的加快，资本市场的不断发展，越来越多的上市公司在明晰产权和强化激励的要求下正逐步实施管理层收购，通过股权激励等制度安排使企业管理层获得控制权，实现管理层自身利益与企业经营的有效统一，有利于提升企业运作质量和创造价值的能力。国内外企业的实践证明，管理层收购是企业产权改革的理想选择，是完善公司治理结构的有效途径，是企业家价值的最佳通道，是国际惯用的激励模式。近几年来，在实践中，我国上市公司管理层收购正处于起步阶段。在理论上，对上市公司管理层收购尚缺乏系统的研究。深入地进行上市公司管理层收购的研究，体现了理论与实践的与时俱进，富于鲜明的时代性，有利于优化上市公司股权结构，提高证券市场的融资效率和运作效率，促进证券市场的规范与发展。 本文的主要内容包括：第一部分，系统地介绍管理层收购的起源、内涵、特点及意义：第二部分，从委托—代理和公司治理结构的角度，对管理层收购进行深入的理论分析：第三部分，详细地阐述上市公司管理层收购的运作模式、基本步骤和主要风险，并通过上市公司管理层收购的典型案例，剖析了实际运作中的收购主体、收购定价、融资安排和信息披露等关键因素；第四部分，指出了上市公司管理层收购在实际运作过程中存在的问题，并提出进一步规范和发展上市公司管理层收购的建议和对策。 本文主要是从管理学的角度，着重对上市公司管理层收购的理论与实务操作进行系统性研究，并力求与相关领域的研究结合起来，使其研究更具有应用前景。更多还原

【Abstract】 With the rapid progress of state-owned enterprise’ reform, the constant development of capital market, more and more listed companies implement MBO progressively in clearing property right and strengthening incentives, arrange to make the enterprise’ management obtain control power through encourage system, realize the effective unity between the managements own interests and enterprise operation, help to promote quality of enterprise operation and ability of creating value. Practice of domestic and abroad enterprises prove, MBO is the ideal choice of reforming enterprise’s property right, is the effective way of perfecting corporate governance, is the best way of realizing entrepreneur’s value, is the international and habitual incentive mode. In recent years, in practice, Chinese listed company’s MBO is at the starting stage, in theory, MBO still lack systematic research, carrying on the MBO research deeply, has reflected that the theory and practice of MBO kept pace with time, imbued with distinct era, MBO play a vital role on optimizing equity structure of listed company, improving the financing efficiency and operating efficiency of securities market, promoting the norm and development of securities market.The main content of this paper includes: First part, produce the systematic introduction of the origin, intension and major characteristics of MBO; Second part, proceed thorough the theoretical analysis from both client-agency and corporate governance aspects; The third part, operating model, basic step and main risks of MBO are explained in detail, through the typical case, analyzing key factors, such as acquisition entity , acquisition pricing , offering arrangement and information disclosure etc.; The fourth part, make pros and cons analysis on MBO, furthermore, put forward the related suggestions and counter-plans on developing MBO.This paper is mainly in terms of management, focuses on the systematic study in theory and practice of MBO, makes efforts to combine with relevant research, makes its research have prospect of using even more.更多还原