国有企业管理层收购的融资模式研究-免费论文

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本文为ｐｄｆ格式　53页

在我国，随着国家经济改革步伐的加快，产权问题显得尤为突兀。管理层收购作为国有企业战略重组、国有资本退出一般性竞争领域的途径之一得到了广泛的关注。作为杠杆收购的一种，管理层收购要求金融市场充分活跃和具有高效率，而我国缺乏的正是这一点--资本的配合。因此，在现阶段找到一条有力的资金杠杆，推动管理层收购的巨石顺利启动，推动国企改革的车轮继续前行具有现实的意义。本文在对西方管理层收购的发展历史和融资模式进行阐述的基础上，结合对我国国有企业管理层收购的特点和法律、金融环境的分析，通过对我国已经实施的管理层收购的融资手段及其合理性和普遍性的透视，得出了信托是当前我国国有企业管理层收购可以推广的一种融资模式，并进而引出发展积极投资人队伍这样一个新命题。当然，我国现阶段的金融体制和金融市场决定了管理层杠杆收购的融资手段相当有限，笔者提出的信托这种在目前可以推广的融资方式也是基于2001年10月《信托法》出台的背景。我们也相信，随着我国金融市场的发展成熟和金融体制逐步向国际接轨，管理层收购的融资渠道必将得到极大的拓展。

With the rapid development of the China’s economy reform, the topic

on the property right of the enterprises has been listed in the time

schedule to discuss. As one of the selective approaches to the

state-owned enterprises’ (abbreviated as SOEs) strategic reform and

state-owned capital’s withdrawal from the competitive industries,

management buyouts have been much more paid attention to. Just one

kind of the leverage buyout, management buyouts requires the dramatic

and highly effective capital market, which is lack in Chinese

market----the combination with the sufficient capital amount.

So presently it is practical to find a powerful capital lever to

push the reform of the state-owned enterprises moving forwards

with the help of MBO. In this paper, we study the MBO history

in the developed country and define the financing model of MBO.

Then we try to conduct some analyses on the trait of SOEs’s MBO

and the legislative and financial environment. Based on these, we

anatomize the financing methods of past cases and their rationality

and popularity.

Consequently, the conclusion that affiance is a suitable financing

model in the practice of SOEs’ MBO is drawn. And thereafter the new

topic of amplifying the rational investors is further developed.

Meanwhile, the financing methods of MBO are limited to the current

financial system and market in China. Affiance in the paper is

referred to the Trust Law proposed in Oct. 2001. In our points of

view, with the process of Chinese capital market’s maturity and

globalization, the financing channels of MBO will be developed much.