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作为“理性”的经济人,公司管理层与股东的目标函数并不一致,因此现代公司中不可避免的存在着“代理成本”。作为并购的特殊形式,MBO能够较好地解决企业所有权、经营权造成的代理成本过高问题,促进企业经营绩效的提高。但在现有的制度下,融资渠道不畅成为制约MBO实施的最大瓶颈问题,因此扩大MBO融资渠道成为当务之急。
As a “rational” economic man, the objective function of company management and shareholders is not consistent, so there is an inevitable “agency cost” in modern companies. As a special form of M & A, MBO can solve the problem of excessively high agency cost caused by enterprise ownership and management rights and promote the improvement of business performance. However, under the existing system, the poor financing channels have become the biggest bottleneck restricting the implementation of MBO. Therefore, it is imperative to expand MBO financing channels.