【作者】 邹德英；

【导师】 江孝感；

【作者基本信息】 东南大学 ， 管理科学与工程， 2004， 硕士

【摘要】 本文立足于我国的现实环境,探讨我国上市公司管理层收购的定价问题。目前我国实施的管理层收购大都采用每股净资产作为定价依据,缺乏合理性。针对这种现状,本文提出了一种崭新的定价思路,并且按照该思路对定价方法进行了深入研究。全文分七个部分:第一部分是导论部分。指出了本文的研究背景、研究意义、研究定位、研究方法、研究思路以及本文的创新之处。第二部分是管理层收购的概述部分。主要介绍了管理层收购的含义,包括其定义和基本特点;管理层收购的理论基础,并分析了其动因;介绍了管理层收购的历史和发展概况。第三部分分析了管理层收购在我国的发展和现行的定价方法。本文认为,目前我国实施的管理层收购都是采用每股净资产作为定价依据,这种定价方法缺乏合理性,由此带来国有资产的大肆流失和中小股东利益受损。本文提出了在采用现金流量折现法评估得出上市公司股权价值的基础上,考虑到管理层的历史贡献,然后将其转化成购买力,最后确定收购定价的定价思路。第四部分探讨了上市公司股权内在价值的评估方法。指出了现金流量折现法是评估上市公司股权价值的科学方法。对上市公司商誉的评估方法也进行了详细介绍。在此基础上得出了管理层收购的股价计算方法。第五部分探讨了管理层历史贡献衡量的问题。管理层的历史贡献是管理层收购转让定价中必须考虑的一个因素。本文提出了采用多层次模糊分析法量化管理层的历史贡献,将其量化结果转化为一定的购买力,最后确定基本的转让价格。第六部分探讨了转让定价过程中其他问题,包括谈判过程和定价过程中的法律和制度保障问题。第七部分是本文的结论和尚待进一步探讨的问题。更多还原

【Abstract】 This paper focuses on the pricing problem of management buy-outs(MBO) in the present situation of China. Compared with the present pricing way which is not reasonable, a relatively reasonable method is brought out. There are seven parts in this paper.Part one is the introduction, which states the background , significance, orientation, approaches, logic route and possible originalities of the research in this paper.Part two introduces the brief concepts of MBO, including its definition, basic characteristic, and basic theory. The motive of MBO is analyzed and its developing history is also introduced in this part. Part three analyzes the developing progress of MBO in China and its present pricing way. This paper argues that it is not reasonable of the present pricing way for the price is decided according to the Net Asset Per Share. As a result, many State-owned assets are lost and the benefits of minor stockholders are damaged. The author considers that the price of MBO should be based on the value of a company which is evaluated through Discounted-Cash-Flow method . Furthermore the history contributions of the managers should also be considered and be converted to buy capability, then the price can be decided. Part four is about the evaluation methods of the listing company’s value. In this paper, Discounted-Cash-Flow method is considered to be more scientific. Furthermore, the evaluation methods of the intangible assets are also be introduced in detail. Based on the things above, a relatively scientific pricing method of MBO is determined.Part five focuses on the problem of the managers’ history contribution. Managers’ history contribution is a necessary factor considered during MBO pricing process. In this paper, Multi-hierarchy Fuzzy method is applied to make the managers’ history contribution quantified. This result can be converted buy capability. Thus, the final price is determined.Part Six is about some problems else on MBO, including the negotiation process and the law or rules on MBO.Part Seven is the conclusion of the paper. This part also puts forward some issues needed to study further.更多还原