我国管理层收购融资问题探讨

管理层收购是杠杆收购的模式之一，不但可以有效地解决公司的代理成本问题，优化配置社会的资源，对公司治理结构的完善亦不失为好的选择。但由于缺乏合理的定价机制及完善的法律法规等原因，管理层收购导致了国有资产流失，引发争议并一度被叫停，发展之路走得曲折艰辛。但作为一种企业产权变革的形式，还是有其存在的价值。管理层收购中管理层如何筹集到庞大的收购资金，是其成功实施的关键所在，力量源泉。本文对管理层收购的基础理论作了简要介绍，并在此基础上对融资渠道狭隘的成因，解决的对策等相关内容作了较为深入的探讨。
关键词：管理层收购；融资现状；成因；对策

Disscussion on Financing Problem of MBO

Abstract：Management buy-out is one mode of leveraged buy-out, it not only can solv the problem of company agency cost, optimize configuration of social resources, but also a good chose for the structure of company treatment . In our country ,management buy-out is more than ten years from the trial to now. Because of the laws and regulations is not perfect, the lack of reasonable pricing mechanism, management buy-out led to the loss of state-owned assets and had been disputed several times. This development way goes hard .As a kind of system innovation,MBO has its own value.The key to its success is how can the management raise the huge capital.This article has made the brief introduction to its basic theory. Based on this and analysis the cause of narrow financing channels, the countermeasures and so on related content has made a more thorough discussion.   
Key words：management buy-out financing；financing situation；causes；countermeasure
 
                                 
目    录

一、 引言………………………………………………………………………………1
二、 管理层收购的基础理论  ………………………………………………………1
（一） 管理层收购的内涵…………………………………………………………1
（二） 管理层收购的理论基础……………………………………………………2
三、 管理层收购在我国的发展历程…………………………………………………3
四、 我国管理层收购的融资现状……………………………………………………4
（一） 我国管理层收购的融资特点………………………………………………4
（二） 我国管理层收购融资的制约因素…………………………………………5
（三） 新浪管理层收购案例的分析………………………………………………6
五、 针对我国管理层收购融资的对策建议…………………………………………7
  （一）完善相关法律法规………………………………………………………… 7
  （二）拓宽融资渠道……………………………………………………………… 8
  （三）提升中介机构的服务水平………………………………………………… 8
  （四）建立有效的资金退出机制………………………………………………… 8
六、 结束语……………………………………………………………………………9
参考文献……………………………………………………………………………. 11

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