文档介绍：硕士学位论文
论文题目:论我国实施MBO的可行性及其信托解决方案
学科、专业: 企业管理
硕士生:
指导教师:
答辩日期:
内容摘要
管理者收购(MBO)兴起于上世纪八十年代,它通过管理层购买公司的大部分股份或资产,实现管理层对决策控制权、剩余控制权和剩余索取权的接管,从而降低代理成本。由于我国拥有大量的需要从一般竞争性领域退出的国有企业,作为推动国企改革的途径之一,MBO在中国有着广阔的市场。
本文从MBO的特点出发,结合MBO的相关理论,分析了所有权与经营权分离给现代企业带来的额外成本,并根据相关的数学模型提出只有当制度安排使经营者收入的高低完全依赖于企业剩余时,才能使企业的代理成本最低。据此本文结合中国的实际情况,在有关法律政策的基础上就MBO在我国推行的可行性作了深入探讨。同时特别就目前中国企业在实施MBO过程中的一些政策上的限制,结合信托公司自身优势,从以往MBO的收购主体不合法、融资困难等方面提出了我国MBO的信托解决方案。
最后为了说明起见,本文以大连市一家拟实施MBO的非上市公司为例,就其中的具体操作细节如还款资金的来源、还款期限、股权转让价格、涉及的法律问题以及信托公司在其中的作用等多方面做了详细论述,并得出结论认为信托公司是目前解决我国企业实施MBO所面临诸多难题的最有效的机构。
关键词:管理者收购可行性信托解决方案
Abstract
Management Buy-outs(MBO)emerged in the eighties last century. It can reduce agency's cost and lower down the restraint to manager's power effectively through the realization of the takeovers of decision-making rights of control,residual rights of control and residual claim right by the way of manager's purchase of pany.
Proceeding from characteristic of MBO, this thesis cites the relevant theories of MBO and analyses the extra cost to modern enterprises caused by the separation of ownership and management. And with the relevant mathematics model, the author proposes lowest agency cost occurs only when managers’ e totally depend on enterprise surplus through institutional arrangement. So on the basis of it, this thesis makes a deep discuss on the feasibility of MBO in bing relevant legal policies with the reality of China. Then taking the advantages of pany, the thesis puts forward the trust solution on MBO in our country on the respects of the illegal MBO purchase subject, financing difficulty etc. because of the restriction on some policies in the course of implementing MBO of Chinese enterprise at present.
In order to state, the thesis also takes the example of one un-pany planning to implement MBO in Dalian and discusses such details of operation as the sources of refund, refund time, the price of stock right transfer, the legal question involved and the function of t