【作者】 王维；

【导师】 何炼成；

【作者基本信息】 西北大学 ， 工商管理， 2004， 硕士

【摘要】 管理层收购(MBO)是“目标公司”管理层利用借贷资本收购，进而控制，重组“目标”公司，获取预期收益的一种特殊形式的杠杆收购。MBO起源于国外家族企业出售股权，在保持公司核心能力的剥离、重组中，在国外私有化运动中MBO被广泛运用。而国内的MBO在改革开放为其准备了发生条件后，借不断深化的企业改革契机，以马克思主义理论为基石成为明晰产权，降低代理成本的有效手段。知识经济条件下，管理资源的专属性，人力资本理论、企业家精神对MBO作了新的阐释。 操作上，国外的MBO在中介机构参与下，MBO的策划、实施、定价、整合都已成熟规范，形成了不同的交易匹配类型。而由于既存的政策制度约束，国内MBO的操作、融资、定价程序都处于创造性探索中，国外MBO中的失败倾向值得我们借鉴。然而具有中国特色的MBO在国有资产退出一般竞争领域的大背景下有着深远积极的重要意义。更多还原

【Abstract】 Management Buy-outs is abbreviated to MBO. Through employing capital by loan, and in order to get expected profit from controlling or even reforming the Goal Company, MBO was carried as a especial type of LBO( Leveraged Buy-outs) by the manager of the Goal Company. Foreign MBO originated from selling the shares of Family Enterprise by the family. Foreign MBO has been utilized widely in peeling off assets or reforming the company for keeping its core-capable, and in the overseas privatization. By contrast, based on Marxist theory, home MBO has been growing to an efficient method of clearing property right or reducing cost of agent, which recurred to the good chance in deepen enterprise reform persisted, since the arising conditions have been created in open and reform. In the Knowledge-intensive Economy, MBO could be explained further by the special source of management, human capital theory or spirit of entrepreneur.On operations, different style of suited dealing in foreign MBO has come into being in planning, carrying, evaluating and reforming the Goal company, under the medium financial institution participate in them. However, the experience exist in the failing trend of foreign MBO recent years should be used for reference to exploring the operation, financing and dealing procedure in home MBO, which was carried under the constraint of old established system and policy. But, under the State OwnAssets seceding from the competitive general business fields, Chinese MBO would be significant for the long run.更多还原