文档介绍：I 摘要管理层收购(MBO) 自20世纪 80年代作为一种便利的有权转换和融资机制在英国出现以来,被视为降低公司代理成本、完善公司治理结构、提高经营管理效率的有效手段,并在西方各国得到快速发展和广泛应用。在我国,作为一种制度创新,管理层收购(MBO) 已经成为我国企业改革的热点问题之一,开始受到广泛的关注。在线媒体行业是新兴产业之一。随着新浪的飞速发展和国内外知名在线媒体进驻中国网络,新浪公司由于体制方面的原因,在经营管理方面积累了诸多严重问题,这些问题已经严重制约了新浪自身的壮大和整个在线媒体行业的发展,因此必须在公司的深化改革进程中加以彻底有效的解决。管理层收购(MBO) 为新浪的体制改革提供了一条有效途径,应当积极的加以探索,以完成高质量的在线媒体改制。论文中对新浪公司管理层收购的原因、意义、融资途径和收购程序等问题都展开了较为详尽的论述。本篇论文研究的根本目的在于通过分析新浪成功地实行管理层收购的主要原因—成功的融资途径,进而揭示对于我国企业而言,可以借鉴的管理层收购的融资途径。关键词:新浪; 管理层收购;融资 II Abstract Since the 1980 ’s, asa way ofc onvenient convert right and financing mechanism, management buyout has been regarderd as an effective method in reducing the corporater ’ high agency costs, consuming the corporaters ’ govemance and increasing the efficency in administration and management. Therefore, MBO has greatly widespreaded and been well used in the Western nations. In China, asa system innovation, M BO has e one of the most important points and received extensively notice. Online media industry isone of the emerging industry. sina developed rapidly and the well-known domestic and foreign online work s tationed in of the reasons from the perspective of system,pany has accumulated a lotof serious problems on the part of problems have seriously restricted the Sina itself and the development of the entire online media industry. so it has tobe pletely and effectively. Management Buy-outs (MBO) provides a eff ective way for Sina system reform, Sina should explore actively,in order plete high quality online media research attend to meticulously discuss the reasons, senses, financing ways and acquisition programs and other issues of pany Management Buy-out. The basic goal of this thesis,is to analyse the ess of sina MBO from the main reason of essful financing way, adopted to help our country enterprise to draw lessons from the management buy-out financing way . Keywords : SINA; MBO ; Financing III 目录 .......................................................