文档介绍：摘要
国企改革一直是我国经济体制改革的难点所在,“所有者缺位”问题始终束缚着改革的步伐,产权不清导致我们无法建立真正的现代企业制度,这势必造成国有企业效率低下、国家包袱沉重的现象。在这个大背景下,作为解决国有企业“所有者缺位”问题以及国有资本退出的一种有效渠道,MBO ( Management Buy-out,即管理层收购)在我国应运而生。1999年,四通公司的改制被业内人士认为是我国第一起MBO案例,此后,我国的MBO便如火如荼地展开。
MBO到底是“改革利器”还是“害群之马”?一时间,MBO在支持者与反对者激烈的争论声中陷入了困境。一方面,MBO的确解决了一些企业的效率问题;另一方面,也有人提出MBO是侵蚀国有资产的工具,它使管理层一夜暴富,身价百万,对于其他一些利益相关者来讲,是极大的不公平。应该承认,中国企业MBO过程中出现的问题确实很多,但我们不能因噎废食,不能因为MBO一出现问题或发现问题就怀疑、反对甚至停止,我们只有在MBO过程中不断地解决问题,完善其运行机制,MBO在中国才能够不断地推进,也才能够在国有企业产权改革和提高企业经营绩效方面发挥其应有的作用。
本文在阐明MBO融资对MBO成功的重要性的基础上,结合具体案例分析和总结我国目前MBO融资中存在的财务风险以及其管理存在的问题,并提出进一步提高MBO融资中财务风险管理水平的对策。
关键词:管理层收购;融资;财务风险
Abstract
State enterprises reform has been the difficulty lies in China's economic reform, "Owner Absence" the pace of reform has always been tied, unclear property rights, we can not establish the true causes of modern enterprise system, this will inevitably result in inefficient state-owned enterprises, the heavy burden of the phenomenon of state. In this backdrop, the state-owned enterprises as a solution, "the owner of Absence" and the withdrawal of state capital is an effective channel, MBO in China came into being. In 1999, Stone was pany's restructuring of the industry that is the first case from the MBO, after the MBO in China will be in full swing.
MBO in the end is the "weapon of reform “or "black sheep"? For a time, MBO supporters and opponents in a heated debate sound into a corner. On the one hand, MBO did some business efficiency to solve the problem; the other hand, it was suggested that MBO is a tool for erosion of state assets, which allows management to get rich, worth millions, for a number of other stakeholders, this is a very Great injustice. Should be recognized that the process of Chinese enterprises MBO did a lot of problems, but we can not unworthy, not because of a problem or find MBO question suspect, oppose or even stop, we have only been in the MBO process and solve problems, improve their operating mechanisms, MBO in China can continue to