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MBO(ManagementBuyOuts)是美国80年代兼并浪潮中涌现出来的一种通过融资来完成并购的方式,译为“管理层融资收购”。它是指目标公司的管理层,利用借贷所融资本或股权交换及其他产权交易手段购买本公司全部或部分的股份,从而改变公司所有者结构、控制权和资产结构,进而达到重组公司的目的,并获得预期收益的一种收购行为,这种购并方式在西方的发展仅有20多年的历史,直至20世纪80年代后,它在激励内部人积极性、降低代理成本、改善企业经营状况等方面的作用才逐步被肯定。近几年我国管理层收购的呼声越来越高,但是由于市场、法规等方面存在着一些问题,MBO的实施一直备受业界关注,本文就MBO在国外国内的发展进行了探讨,并提相关对策建议。
MBO (ManagementBuyOuts) is a way of completing acquisitions through financing in the wave of mergers and acquisitions in the United States in the 1980s, translated as “Management Financing Acquisition.” It refers to the management of the target company, which uses the loan financing or equity exchange and other property rights trading methods to purchase all or part of the company’s shares, thereby changing the company’s owner structure, control rights, and asset structure, thereby achieving the purpose of restructuring the company. And acquisition of expected benefits, this acquisition method has only 20 years of history in the west. After the 1980s, it has stimulated the enthusiasm of insiders, reduced agency costs, and improved business performance. The role was gradually affirmed. In recent years, the voice of management buyouts in our country has become increasingly high. However, due to problems in the market, regulations, etc., the implementation of MBO has always attracted the attention of the industry. This article discusses the development of MBO in foreign countries and raises relevant issues. Suggestions.