國(guó)企改制與管理層收購(gòu)研究
發(fā)布時(shí)間：2018-09-06 11:19
【摘要】：目前,對(duì)于國(guó)有企業(yè),國(guó)家一直在探索應(yīng)該怎樣對(duì)其實(shí)行改革,才能讓國(guó)有企業(yè)實(shí)現(xiàn)可持續(xù)性發(fā)展,同時(shí)使國(guó)有企業(yè)提高工作的效率。管理層收購(gòu)是激勵(lì)內(nèi)部人積極性和改善企業(yè)經(jīng)營(yíng)狀況的有效方式,在國(guó)外獲得了廣泛的運(yùn)用。但管理層收購(gòu)在我國(guó)的國(guó)有企業(yè)中會(huì)帶來怎樣的影響,還是值得我們探究的問題。進(jìn)行管理層收購(gòu)是對(duì)國(guó)企改制的一種方式,在管理層收購(gòu)之后,是否能像國(guó)外的公司一樣取得預(yù)期的良好效果,這還是一個(gè)未知的問題。本文就管理層收購(gòu)在國(guó)有企業(yè)產(chǎn)權(quán)改革、公司治理結(jié)構(gòu)完善等方面做了深入剖析。 國(guó)有企業(yè)管理層收購(gòu),是屢見不鮮的話題,國(guó)內(nèi)學(xué)者也針對(duì)這一話題進(jìn)行了大量的探討研究,大部分的研究偏重理論,實(shí)證分析涉及的甚少,關(guān)于失敗的收購(gòu)案例就更少了。本文主旨通過對(duì)xx化工集團(tuán)的管理層收購(gòu)研究,指出該公司在管理層收購(gòu)中出現(xiàn)的問題,提出了針對(duì)這些問題的解決建議,希望對(duì)該公司在接下來的管理層收購(gòu)具有實(shí)際的指導(dǎo)意義,也為后來學(xué)者在這一方面的研究提供實(shí)例指導(dǎo)。 首先,本文就國(guó)內(nèi)外管理層收購(gòu)發(fā)展進(jìn)行了闡述,并對(duì)國(guó)內(nèi)外的發(fā)展情況進(jìn)行了對(duì)比分析。國(guó)內(nèi)管理層收購(gòu)和國(guó)外管理層收購(gòu)產(chǎn)生的背景不同,實(shí)施動(dòng)機(jī)不一致導(dǎo)致管理層收購(gòu)的主體不一致,國(guó)內(nèi)外金融市場(chǎng)的不一致使得他們的融資方式也不同,這些因素綜合導(dǎo)致我國(guó)國(guó)有企業(yè)在實(shí)施管理層收購(gòu)時(shí),不能照搬國(guó)外的經(jīng)驗(yàn)。 其次,本文就管理層收購(gòu)與公司治理的基礎(chǔ)概念進(jìn)行了闡述,并在此基礎(chǔ)上,研究在我國(guó)的國(guó)有企業(yè)管理層收購(gòu)的發(fā)展情況。從多角度考慮的結(jié)果就是管理層收購(gòu)在我國(guó)國(guó)有企業(yè)的改制中,扮演著非常重要的角色,管理層收購(gòu)可以解決國(guó)有企業(yè)存在的所有者缺位、代理成本高、信息不對(duì)稱等問題。但同時(shí),國(guó)有企業(yè)管理層收購(gòu)出現(xiàn)了很多問題,這就需要依靠公司治理來解決,綜合結(jié)論是管理層收購(gòu)并不是萬能的,它需要和公司治理相結(jié)合才能使得國(guó)有企業(yè)改制順利實(shí)施。 最后,就xx化工集團(tuán)的管理層收購(gòu)進(jìn)行了分析,通過對(duì)該公司的管理層收購(gòu)的背景和實(shí)施過程進(jìn)行分析,發(fā)現(xiàn)了該公司在管理層收購(gòu)與其他公司管理層收購(gòu)的不同點(diǎn),也是因?yàn)檫@一不同點(diǎn),導(dǎo)致該公司管理層收購(gòu)未能完全的實(shí)現(xiàn)。該公司在管理層收購(gòu)的停頓具有雙面影響。同時(shí),也將國(guó)有企業(yè)實(shí)施管理層收購(gòu)最容易出現(xiàn)的“一股獨(dú)大”、小股東利益受侵、高層管理者思想未轉(zhuǎn)變等問題呈現(xiàn)在了我們的面前。針對(duì)該公司的問題,本文提出了具體的解決方案,重點(diǎn)強(qiáng)調(diào)了該公司在管理層收購(gòu)中,必須嚴(yán)格的遵照程序,同時(shí)強(qiáng)調(diào)了引入戰(zhàn)略投資者的重要性。
[Abstract]:At present, for the state-owned enterprises, the state has been exploring how to carry out the reform in order to realize the sustainable development of the state-owned enterprises and to improve the efficiency of the work of the state-owned enterprises. MBO is an effective way to motivate the insiders and improve the business situation, and has been widely used in foreign countries. However, how does MBO affect the state-owned enterprises in our country is still a problem that we should explore. MBO is a way to reform state-owned enterprises. After MBO, it is still an unknown question whether the expected good results can be achieved as foreign companies do. This paper makes a deep analysis on the reform of property right of state-owned enterprises and the perfection of corporate governance structure. Management buyout of state-owned enterprises is a common topic. Domestic scholars have also carried out a large number of research on this topic, most of the research emphasis on theory, empirical analysis involved very little, on the failure of the acquisition case is even less. The purpose of this paper is to study the MBO of xx Chemical Group, point out the problems in MBO of xx Chemical Group, and put forward some suggestions to solve these problems. It hopes to provide practical guidance to the company in the next MBO, and also provide practical guidance for later scholars in this area. Firstly, this paper expounds the development of MBO at home and abroad, and makes a comparative analysis of the development at home and abroad. The background of MBO is different from that of foreign MBO. The different motivation of MBO results in different subjects of MBO, and the different financial markets at home and abroad make their financing methods different. These factors lead to the fact that Chinese state-owned enterprises can not copy the experience of foreign countries when implementing MBO. Secondly, this paper expounds the basic concepts of MBO and corporate governance, and on this basis, studies the development of MBO in state-owned enterprises in China. The result considered from many angles is that MBO plays a very important role in the reform of state-owned enterprises in our country. MBO can solve the problems such as the absence of owner, high agency cost, asymmetric information and so on. But at the same time, there are many problems in MBO of state-owned enterprises, which need to be solved by corporate governance. The comprehensive conclusion is that MBO is not omnipotent. It needs to be combined with corporate governance in order to make the reform of state-owned enterprises smooth implementation. Finally, the paper analyzes the management buyouts of xx Chemical Group, and finds out the differences between MBO and other MBOs by analyzing the background and implementation process of MBO. Also because of this difference, the company's management buyouts have not been fully realized. The pause in the MBO has a dual impact. At the same time, the problems such as "one share dominating", the interests of minority shareholders being infringed, and the thinking of senior managers are most likely to appear in front of us. In view of the problems of the company, this paper puts forward concrete solutions, emphasizing that the company must strictly follow the procedure in MBO, and emphasizes the importance of introducing strategic investors at the same time.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F271;F426.72;F276.1
本文編號(hào)：2226190
[Abstract]:At present, for the state-owned enterprises, the state has been exploring how to carry out the reform in order to realize the sustainable development of the state-owned enterprises and to improve the efficiency of the work of the state-owned enterprises. MBO is an effective way to motivate the insiders and improve the business situation, and has been widely used in foreign countries. However, how does MBO affect the state-owned enterprises in our country is still a problem that we should explore. MBO is a way to reform state-owned enterprises. After MBO, it is still an unknown question whether the expected good results can be achieved as foreign companies do. This paper makes a deep analysis on the reform of property right of state-owned enterprises and the perfection of corporate governance structure. Management buyout of state-owned enterprises is a common topic. Domestic scholars have also carried out a large number of research on this topic, most of the research emphasis on theory, empirical analysis involved very little, on the failure of the acquisition case is even less. The purpose of this paper is to study the MBO of xx Chemical Group, point out the problems in MBO of xx Chemical Group, and put forward some suggestions to solve these problems. It hopes to provide practical guidance to the company in the next MBO, and also provide practical guidance for later scholars in this area. Firstly, this paper expounds the development of MBO at home and abroad, and makes a comparative analysis of the development at home and abroad. The background of MBO is different from that of foreign MBO. The different motivation of MBO results in different subjects of MBO, and the different financial markets at home and abroad make their financing methods different. These factors lead to the fact that Chinese state-owned enterprises can not copy the experience of foreign countries when implementing MBO. Secondly, this paper expounds the basic concepts of MBO and corporate governance, and on this basis, studies the development of MBO in state-owned enterprises in China. The result considered from many angles is that MBO plays a very important role in the reform of state-owned enterprises in our country. MBO can solve the problems such as the absence of owner, high agency cost, asymmetric information and so on. But at the same time, there are many problems in MBO of state-owned enterprises, which need to be solved by corporate governance. The comprehensive conclusion is that MBO is not omnipotent. It needs to be combined with corporate governance in order to make the reform of state-owned enterprises smooth implementation. Finally, the paper analyzes the management buyouts of xx Chemical Group, and finds out the differences between MBO and other MBOs by analyzing the background and implementation process of MBO. Also because of this difference, the company's management buyouts have not been fully realized. The pause in the MBO has a dual impact. At the same time, the problems such as "one share dominating", the interests of minority shareholders being infringed, and the thinking of senior managers are most likely to appear in front of us. In view of the problems of the company, this paper puts forward concrete solutions, emphasizing that the company must strictly follow the procedure in MBO, and emphasizes the importance of introducing strategic investors at the same time.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F271;F426.72;F276.1
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