【作者】 程果；

【导师】 李豫湘；

【作者基本信息】 重庆大学 ， 会计学， 2007， 硕士

【摘要】 管理层收购(MBO)产生于20世纪70年代,它伴随着欧美国家金融市场的创新之风诞生并迅速成长起来,成为过去二十年来西方国家在公司结构和法人治理方面深刻变革和巨大变化的一股潮流。MBO作为发达市场经济国家企业杠杆收购的一种成熟方式,在强化公司治理结构中的管理层激励等方面被寄予了无限的厚望。中国的MBO起源可以追溯到20世纪80年代后期,现在已经成为我国企业资产重组和资源重新配置的重要途径。在实践中解决MBO遇到的障碍,探索更适合我国国情、我国资本市场具体环境的MBO模式是目前市场关注的焦点。因此,对管理层收购进行系统研究具有十分重要的现实意义。本文在系统阐述MBO的定义、理论和发展状况的基础上,以1996年~2004年之间实施MBO的我国上市公司作为研究样本,结合SPSS统计软件和相关性分析、会计指标分析以及因子分析技术,对MBO实施过程的绩效表现进行了系统的实证分析,进而探讨其形成原因,并提出了相应的对策和建议。本文研究的主要内容及结论如下:①阐述了MBO的定义、模式等内容,归纳了有关MBO现象的基本理论;介绍了国内外MBO的实践进展情况,并对中外MBO实践差异情况进行了分析比较。②上市公司MBO经营绩效的实证研究。本文采用了上市MBO公司41个有效样本前后7年的有效数据,从两个角度予以考察,相应的分为独立的两个部分,其中第一部分采用会计指标分析法从赢利能力、经营能力、成长能力和偿债能力四个方面对上市公司实施MBO的前后整体财务绩效进行对比分析,并采用T检验方法来验证分析结果;第二部分引入因子分析法对MBO企业的经营绩效进行综合评分比较来进行实证研究,同时采用T检验和Z检验来验证实证结果。研究发现,样本公司实施MBO前后的经营绩效并没有显著变化。因此本文认为:短期内管理层收购没有改善我国上市公司的经营绩效。③针对实证研究发现的问题,提出了相应的建议和对策。如做好MBO后的企业整合、改革开放MBO融资渠道、完善MBO信息披露机制、加强MBO制度监管、采用合理方式对MBO目标进行定价等措施,保障和推动上市公司早日实现经营体制的改革和经营效率的提升,促进MBO的发展。更多还原

【Abstract】 Management Buyout evolved in 1970s. It emerged and grew up with the wind of innovation of financial markets in European countries, and became a strong stream in the revolution of organizational structure and corporate governance in the last twenty years in western countries. As a mature method of Leverage Buy-out in developed market, MBO took a huge hope in the corporate governance structure.In china, Management Buyout (MBO) has been experiencing for almost one decade, whose implement has become one of the most important forms of asset restructure and resources re-collocation in China. Solve the obstacles and hence explore a more suitable model is the major concern in the market. So a qualitative and quantitative study of MBO in Chinese market will have an important and practical meaning.In this paper, we took the listed companies as our samples to discuss the MBO’s characteristic in China. The sample companies should have experienced the MBO between 1996-2004. By the qualitative and quantitative methods as well as the SPSS software, and using the analytic approach of the accounting index, Factor Analysis method, we discuss, such as:①T he definition of MBO, the basic theory of MBO and the main controversies,etc.②Using the analytic approach of the accounting index, Factor Analysis method to analyze and adopt sure method of inspection ( T examining method and Z examining method) examine results of MBO. Through empirical research, we find that there are no reasons to support the performance of the target companies after MBO superior to which before MBO. It is indicated that the performance of target companies were not improved.③Corresponding proposal and strategies aimed at improving the MBO’s practice , such as improving the pricing way, opening the channel for nominating the independent director for the board, reforming the mechanism of information releasing, financing as well as the supervision system, etc.更多还原