文档介绍：华中科技大学
硕士学位论文
MBO与管理层效率的实证研究
姓名:杨鹏
申请学位级别:硕士
专业:工商管理
指导教师:夏新平
20041028
摘要
中国处于市场化经济迅猛发展的阶段企业产权的改革显得日益重要而且急迫
近年来被越来越多的中国企业运用以作为产权改革的一个重要手段在不脱离
当前中国经济环境的条件下本文对中国企业管理层实施的行为和动机进行了
剖析重点探求了与管理层效率之间的关系在发现中国当前行为中存在
的问题的同时为正确引导在中国的定位和发展做出了有益的探索
理论结合实际是本文的研究方法实证分析是本文的研究手段本文从介绍
的形成和发展入手分析了的实质以及生存和发展的土壤和动力本文同
时对定价和融资这两大的关键要素做了进一步剖析在实际经济生活中在
西方得到了健康而有序的发展在中国的运用过程中却产生出各种各样的问题引
发了本文对中性以及融资的可行
性的质疑
解答这些疑问的最好方法是实证研究让数据说话让事实说话在实证研究工
作中本文抽取数据来源相对可靠的若干中国上市公司作为命题的样本来源选择
规模和财富两大指标体系作为标尺在对毛纺制造业塑料制造业和家电制造业三
种不同行业中实施的企业和未实施的企业进行横向比较分析后本文得出
了在当前中国的经济环境下中国企业实施的与管理层效率没有相关性甚
至是负相关性这一最终结论

关键词管理层收购管理层管理层效率实证研究

II
Abstract
The economy of marketalization in China is rapidly and swiftly developing, the
demand for reform on the ownership is very urgent. Management Buyouts (hereinafter as
MBO), a main method to change the ownership pany,has been widely taken by
more and more Chinese corporations. The essay analyses the motivation and behavour of
MBO in the current Chinese economic background and place the target on disclosing the
relationship between MBO and Efficiency of Administration. The essay also points out
some representative problems underlying in MBO operations and tries to guide the
orientation and development of MBO in China.
Practice-Joint-Theory is the study measure of this essay while empirical study is the
technique. The essay construes the existing surroundings and developing impetus of MBO
after introducing its history of the development. This essay also consists of Pricing and
Financing, two key factors of MBO. As a matter of fact, MBO operation in China leads to
many kinds of economic issues while it has won healthy and orderly development in the
western countries. That is why the essay at the same time forward its doubts on the
panies about their motive rationality, pricing equity and finance feasibility wh
en exercising MBO.
The most effective way to remove the d