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我国企业对管理层的激励先后采用过单项目标奖、综合奖、年薪制、持股等多种措施,现在开始出现经理层控股和收购形式,这实际上已经超出了激励的范围,发展到了公司所有者和经营者之间对公司控制权的争夺。管理层收购是杠杆收购的一种特殊形式,收购集团主要是公司现任管理人员,目标公司通常具有稳定的现金流,收购资金大部分来自于借款。收购完成后,管理层获得公司大部分或全部股份,从而使其私有化。80年代,国外有许多上市公司变成了私人公司,而且大多数私人化过程都采用了杠杆收购的策略①。广东美的集团开创了国内管理层收购的先河,分析这一案例,对探讨现阶段我国上市公司管理层收购的特点,并规范管理层收购具有重要意义。
Incentives for the management of enterprises in our country have adopted a single target award, comprehensive award, annual salary, shareholding and other measures, now began to take the form of management and control of the acquisition, which in fact has been beyond the scope of the incentive to the development of the company The battle for control over the company between owners and managers. MBO is a special form of leveraged buyout. The acquisition group is mainly the incumbent management of the company. The target company usually has a stable cash flow, and the acquisition capital comes mostly from borrowing. Upon completion of the acquisition, management obtains majority or all of the company's shares, thereby privatizing it. In the 1980s, many foreign listed companies became private companies, and most of the privatization adopted a leveraged buyout strategy. Guangdong Midea Group has created a precedent for the domestic management buyout. Analyzing this case, it is of great significance to discuss the characteristics of the MBO of the listed companies in our country and to standardize MBO.