【作者】 田谧；

【导师】 师萍；

【作者基本信息】 西北大学 ， 会计学， 2008， 硕士

【摘要】 管理层收购(MBO)这种新型的杠杆融资方式,在国外被普遍使用并且得到广泛认可。而在我国,管理层收购作为一种产权制度改革的方式,却遇到了法律法规、操作方式等方面的种种问题。我国的管理层收购能否真正提升企业的绩效,能否起到长期激励的效应,管理层收购中存在哪些问题以及如何在实践中解决所遇到的问题,这些都成为了目前理论界和实际部门关注的焦点。本文参考了大量理论基础和研究现状之后,将MBO的动因归结为:对其持肯定态度的财富创造论和对其持否定态度的财富转移论。通过对国内外实施MBO的公司的特点对比,从宏观和微观两方面提出了我国管理层收购中存在的问题。在实证方面,本文选取了2000——2005年间实施MBO的49家上市公司作为样本,从盈利能力、成长能力、营运能力、偿债能力、现金能力、费用比率六个方面选取20个财务指标,利用主成分分析法、财务指标分析法、相关的统计方法对企业实施MBO的效率在[-1,+2]时间窗内进行实证分析,建立企业实施管理层收购前后的绩效综合评价模型。通过一个较长时期的分析及趋势比较,研究了管理层收购对目标公司绩效的影响。实证研究得到的结论是:我国MBO对企业绩效的影响程度较低,企业绩效在MBO期间没有发生实质性变化。MBO并没有为企业创造财富,反而使企业的盈利能力和财务状况恶化。本文从理论与实证两方面出发,对我国管理层收购提出了相应的对策及建议:强化市场约束,完善现有的法规监管体系;严格审查收购主体资格;合理选择实施MBO的目标企业;建立合理的定价机制;规范融资行为与拓宽融资渠道;加强上市公司MBO活动中信息披露的透明度等,并且指出了进一步研究的方向。更多还原

【Abstract】 Management Buy-outs (MBO), as a new type of leverage financing is widely used in foreign countries and has been widely recognized. While, MBO as a new way to reform the system of property rights has encountered laws, regulations and operating methods in china. The issues such as: Can MBO really improve the performance of enterprises in china?Can MBO play a long-term incentive effects in china? Are there any obstructions for MBO and how can we solve the problems?Those issues attract more and more attention through the world.This paper based on huge numbers of theoretical and research status, summed up some of wealth creation theory and transfer of wealth theory. Through the compare of MBO’s implementation between china and abroad, we raise a point of the problems during the process of the Management Buy-outs based on macro and micro aspect. The paper also has been selected 49 listed companies which carried out MBO during 2000-2005 as a sample. The paper has selected 20 financial indicators from profitability, growth capacity, operation capacity, solvency, cash capacity, the cost ratio six areas, the paper analysis the efficiency of the implementation of MBO within [-1, +2] the time window by Using principal component analysis, financial indicators analysis and a statistical method, through this way, we established the scoring model which can value between before and after the performance management buyouts comprehensive. Through a long period of time observe and trend analysis the impact on the operating performance of the MBO target company. Through theoretical and empirical research, we concluded that MBO impact on the performance of enterprises are comparatively low in china, the corporate performance during the MBO has not undergone any substantial change. MBO does not create wealth for the company but has increased the risk. Based on theoretical and empirical research on Chinese MBO, we point out the corresponding policies and proposals: strengthening the market restriction and improve the existing laws and regulations monitoring system; rigorous censoring acquisition main qualification; reasonable choosing the target enterprises which will carry out the MBO; establishing a rational pricing mechanism; regulating financing behavior and broadening the financing channels; strengthening the information disclosure level of the target company which carry out MBO.更多还原