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MBO(Management Buy-outs)即管理者收购(或叫“经理层收购”),是指目标公司的管理层或经理层通过借贷所融资本或股权交易购买本公司的股份,从而改变本公司的所有者结构、资产结构和控制权结构的一种收购行为。自20世纪80年代始,MBO 作为一种便利的所有权转换形式和可行的融资形式在英美等国大行其道,并且成为英国公营部门改革的最常见形式。近年来,我们在企业改革尤其是“大而好”企业的改制中有意识地引进 MBO 模式,成功地对双山、振阳、德发、智康、农化等国有企业实施了改制,取得了良好的社会效益和经济效益。本文拟对双山集团股份有限公司实施的管理者收购进行简要回顾与粗浅剖析。
Management buy-outs (MBOs) are acquired by managers (or called “manager acquisitions”), which means that the management or managerial level of the target company purchases shares of the company through the financing of the loan or the equity transaction, thus changing the An acquisition of the company’s owner structure, asset structure, and control structure. Since the 1980s, MBO as a convenient form of ownership transfer and a viable form of financing has been used in many countries such as the United Kingdom and the United States, and has become the most common form of public sector reform in the United Kingdom. In recent years, we have consciously introduced the MBO model in corporate reforms, especially the reform of large and well-established enterprises, and successfully implemented the restructuring of state-owned enterprises such as Shuangshan, Zhenyang, Defa, Zhikang, and Agrochemical. Good social and economic benefits. This article intends to briefly review and superficially analyze the management acquisitions implemented by Shuangshan Group Co., Ltd.