【摘要】：管理層收購是一種改變公司所有權(quán)結(jié)構(gòu)、控制權(quán)結(jié)構(gòu)、和資本結(jié)構(gòu)的收購交易。在西方發(fā)達(dá)國家,如美國、英國等,管理層收購已經(jīng)有將近40年的歷史,總的來說,無論是業(yè)界還是學(xué)界對(duì)管理層收購總體給予了較為積極的評(píng)價(jià)。中國的管理層收購起步較晚,處于發(fā)展的初期,卻“被要求”承擔(dān)起更多的責(zé)任,比如推進(jìn)國企改革、解決國企經(jīng)營效率低下、明晰產(chǎn)權(quán)、完善激勵(lì)機(jī)制等等,然而對(duì)管理層收購中一些核心的問題卻并沒有得到應(yīng)有的重視。本文著重研究和分析了在中國國有企業(yè)改革進(jìn)程中進(jìn)行的一次典型的管理層杠桿收購的案例 四川全興集團(tuán)(以下簡(jiǎn)稱“四川全興”)管理層收購。本文綜合運(yùn)用了規(guī)范研究和實(shí)證研究的方法,并通過調(diào)查研究、定性研究、定量研究、模擬分析、比較研究等多種途徑,去深度挖掘本案例的特點(diǎn)。首先,本文回顧了國內(nèi)外關(guān)于管理層收購的主要理論文獻(xiàn),特別是關(guān)于管理層收購的條件、動(dòng)因、和影響,從理論角度來論證管理層收購是否對(duì)提升企業(yè)價(jià)值、提高企業(yè)經(jīng)營績(jī)效起到積極的作用;接著,本文重點(diǎn)分析研究了本案例,分別從中國現(xiàn)代企業(yè)制度改革的背景、中國式管理層收購的特點(diǎn)、政府角色、案例企業(yè)所處的行業(yè)特性、管理層背景、案例企業(yè)的股權(quán)結(jié)構(gòu)、收購實(shí)施全過程、企業(yè)財(cái)務(wù)狀況、融資結(jié)構(gòu)等角度全面分析本次管理層收購中的一些特點(diǎn)和問題,試圖以此案例為鏡,折射出我國管理層收購的普遍共性;最后,本文采用多種方法,對(duì)本案例中管理層收購的價(jià)格以及企業(yè)的真實(shí)價(jià)值進(jìn)行了研究和測(cè)算,從而演算管理層付出的對(duì)價(jià)和企業(yè)真實(shí)價(jià)值之間的差異。作者希望通過本文的研究,提出中國的管理層收購活動(dòng)中有關(guān)企業(yè)價(jià)值流失的問題,只有將管理層收購進(jìn)一步市場(chǎng)化、透明化,減少行政審批、增加公開競(jìng)爭(zhēng),才能使管理層收購得以發(fā)揮其應(yīng)有的作用。
[Abstract]:MBO is a buyout transaction that changes the ownership structure, control structure, and capital structure of a company. In western developed countries, such as the United States and Britain, MBO has a history of nearly 40 years. In general, both the industry and academic circles give a more positive evaluation on MBO as a whole. China's MBO started late and was in the early stages of development, but it was "asked" to take on more responsibilities, such as promoting the reform of state-owned enterprises, resolving the inefficient operation of state-owned enterprises, clarifying property rights, perfecting the incentive mechanism, and so on. However, some core issues in MBO have not received due attention. This paper focuses on the study and analysis of a typical case of management leveraged buy-out (MBO) in the process of reform of state-owned enterprises in China, Sichuan Quanxing Group (hereinafter referred to as "Sichuan Quanxing"). This paper uses the methods of normative research and empirical research, and through investigation, qualitative research, quantitative research, simulation analysis, comparative research and other ways to dig out the characteristics of this case. First of all, this paper reviews the main theoretical literature on MBO at home and abroad, especially on the conditions, motivation, and influence of MBO, and demonstrates whether MBO can enhance the value of enterprises from a theoretical point of view. Improving the business performance of enterprises plays a positive role; Then, this paper focuses on the analysis of this case, from the background of China's modern enterprise system reform, the characteristics of Chinese-style MBO, the role of the government, the industry characteristics of the case, the background of management, In this paper, the ownership structure, the whole process of the acquisition, the financial situation and the financing structure of the case enterprises are analyzed comprehensively, and some characteristics and problems in the MBO are analyzed in order to use the case as a mirror. It reflects the commonness of MBO in our country; Finally, this paper uses a variety of methods to study and calculate the price of MBO and the real value of the enterprise in this case, so as to calculate the difference between the price paid by the management and the real value of the enterprise. Through the research of this paper, the author hopes to put forward the problem of the loss of enterprise value in the MBO activities in China. Only by making MBO more market-oriented, transparent, reducing administrative examination and approval, increasing open competition, In order to enable MBO to play its due role.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F426.82;F271

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本文編號(hào)：2304611