文档介绍：摘要
管理层收购近年来随着上市公司的兴起成为热门话题,我国上市公司实施MBO也进入一个小高潮,其背景是国有经济的战略性重组与收缩所引发的国企产权改革。
我国在实施MBO的过程中,经常出现的财务问题包括三个方面:融资方面,融资渠道和融资资金的来源是否合法;定价方面,定价机制、定价的透明度和对管理层的历史贡献计量是否科学;最后是风险方面,管理层在收购中的一些道德风险和一些财务风险等等。针对定价问题,本文建议完善管理层收购的相关立法体系、管理层收购定价市场化、给企业管理层的历史贡献以恰当的补偿;对融资问题的建议包括争取较低的收购价格来解决管理层资金需求的压力,通过抵押贷款、信托基金等方式来解决资金的来源问题,还要采取恰当的战略投资模式;针对风险问题,建议规范信息披露和加强管理监管。
关键词:MBO;融资;定价;风险
Abstract
In recent years Management Buy-Outs (MBOs) has e a hot issue. Also in China MBOs in the panies have reached a small climax. The background is the implementation of the strategic anization and contraction in state-owned enterprises aiming for property rights reform.
In the process of implementing MBO of our country, some financial problems appear including three aspects: financing, financing channels and financing the origin of capital is legal or not; in pricing, pricing aspect, the question is pricing transparency and contribution to the history of measurement for management whether science; Finally, the problems of management risk are some of the purchase of moral hazard and some financial risk. For pricing problems, this paper suggests perfecting management buy-out legislation system, management buy-out pricing marketization and the historical contributions for enterprise management in the pensation; The proposal includes on the financing problems for lower acquisition price to solve the capital demand pressures of the management, through mortgages , trust fund, and other ways to solve problems of capital source, but also take appropriate strategic investment mode. Aiming at risk problem, to standardize information disclosure and strengthening management oversight is the best way.
Key Words: Management Buy –Out; Financing; Risk; Pricing
目录
一、引言 1
二、管理层收购的特征和动因及其财务问题 1
(一)管理层收购的概念、特征和动因 1
(二)国外对管理层收购的研究 4
(三)国内对管理层收购的研究 5
三、管理层收购中的财务问题 7
(一)融资问题 7
(二)定价问题 8
(三)风险问题 10
四、解决管理层收购中财务问题的对策 12
(一)融资问题的对策 12
(二)定价问题的对策 15
(三)风险问题的对策 17
五、结论 18
参考文献 20
致谢 22
一、引言
在我国,随着经济体制改革的深化以及国企