我国上市公司管理层收购的规范运作研究

【作者】 路伟；

【导师】 赵景华；

【作者基本信息】 山东大学 ， 企业管理， 2005， 硕士

【摘要】 管理层收购(MBO)产生于20世纪70年代的美国,它伴随着欧美国家金融市场的创新之风诞生、并迅速成长起来,并成为过去二十年来西方国家在公司结构和法人治理方面深刻变革和巨大变化的一股潮流。在我国“国有企业有所为有所不为”的政策背景下,从1999年第一家实施MBO的四通开始,几年时间内MBO在我国企业界掀起了一股热潮。MBO在西方是一种极具市场化特征的操作方式,有政策环境支持,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,而我国现阶段的MBO,是在市场发育不全、相关法律不配套等条件下进行的,我国企业的管理层收购,特别是上市公司的管理层收购,在运作过程中出现了很多的问题,这些问题的存在阻碍了MBO在我国的进一步发展,我们只有解决这些问题才能促进MBO在我国的健康发展。 本研究主要针对我国上市公司管理层收购实践中出现的问题,提出对策建议,以便有效的引导和规范我国管理层收购运作行为,使其能够健康有序的发展。以更好地激励企业内部管理者,降低代理成本,改善企业的经营状况,增强我国企业在全球市场一体化过程中的竞争力。 本文从历史的、国际的和现实的三维视角,对上市公司管理层收购的理论、机制和实践多个层面进行了全面、深入的研究。论文共分六章。第一章是绪论。介绍了论文的研究背景和意义、研究思路和方法和研究内容。第二章是理论综述。对国内外相关研究成果进行回顾和评述,指出了学者们在此领域作出的贡献和存在的不足,点明本论文研究的意义和价值所在。第三章是管理层收购概述。首先对管理层收购的概念、特征、程序等基本内容进行介绍,以便于从概念上对MBO有一个简单而清晰的认识;然后对中外MBO在运作过程中的相同之处和不同之处进行了对比分析,以帮助我们找到差距,借鉴国外的成功经验。第四章是我国上市公司管理层收购的现状及问题研究。首先,对我国MBO的发展阶段进行了划分;然后,对我国上市公司MBO进行了实证分析,并以此为基础具体分析了我国上市公司MBO在定价、融资、信息披露以及治理结构等方面存在的问题。第五章是规范发展我国上市公司管理层收购的对策建议。本章主要在定价方法、融资方式、更多还原

【Abstract】 Management Buyout evolved in America in 1970s. It emerged and grew up with the wind of innovation of financial markets in European countries, and became a strong stream in the revolution of organizational structure and corporate governance in the last twenty years in western countries. In China, from SiTong began to carry out MBO in 1999, MBO has already become a new tendency of mergers and acquisitions in the capital markets. It has been proved that MBO is a good method for the reform and reunited of state-owned enterprises. But because the capital markets are still immature and laws and rules are not perfect, a ray of problems and obstacles emerged when our corporations implemented MBO, such as trade ways, financing methods, means of payment, etc. The only way for us is to probe MBO which fits for our country, and to standardize its operation. The study about the listed companies’ MBO is meaningful and important both for theoretical and realistic fields.This paper mainly countered the problems in the practice of our listed companies’ MBO, and then put forward suggestions, in order to guide and standardize MBO in our country. So that MBO can develop perfectly, then encourage the managers, improve the profit and strengthen the competence in the course of globalization.In historical, international and realistic views, this paper makes a profound study in several aspects of MBO such as the theories, the mechanisms and the realistic issues. It consists of six chapters. Chapter one is an introduction, which has stated the background of the selected title, significance of the research, research crew and the methodology employed in the study and the content. Chapter two reviews the domestic and international research comment. Chapter three introduces the concept, feature and procedure of MBO, then use an international comparative method to analyze the similar and different of MBO among our country and foreign countries. Chapter four employs the empirical method to analyze the present situation andexisting problems of the listed companies’ MBO in our country. Chapter five offers a series of policy recommendations of standardizing and developing MBO of listed companies in our country.Through the research of the article, we got the following conclusions:Firstly, as a system innovation of corporation governance, MBO has broad prospects in our country. It resolved many deep problems which bothered our enterprises’ reform.Secondly, through the empirical analysis about the listed companies in our country from 1999 to 2004, serious problems have been found, such as the price of trade, financing channels, supervision and disclosure of information. In the view of theory, MBO is fit for the reform of our state-owned enterprises. But under present conditions, corporations should be careful to carry out MBO.Thirdly, this paper put forward some policy recommendations on the development of MBO. For instance, corporations can raise money through trust companies; the price of trade should be made more scientifically and reasonably; information disclosure and supervision of MBO should be strengthened.更多还原