管理层收购浮出水面

• 作 者: 周松林
• 出 处: 金融信息参考
• 发表日期: 2004年期
• 关键词: 管理层收购 目标公司 收购公司 收购方式 现金流 代理成本问题 中国证券市场 股东财富 操作实务 银行借款

由公司高层管理人员出面收购公司股权的模式,被称做“管理层(融资)收购”(MBO,Management Buyout)。在中国证券市场上,“管理层收购”已悄悄浮出水面。 MBO是“杠杆收购”(Leverage Buyout)的一种。所谓“杠杆收购”,即通过借债获得目标公司的产权,并以目标公司未来的利润和现金流偿还负债的收购方式。当收购主体是公司员工时,称为员工收购,其标心内容为员

The pattern of acquisitions of company equity by senior management is called “MBO (Management Buyout)”. In the Chinese stock market, “management buyout” has quietly surfaced. MBO is a type of “Leverage Buyout.” The so-called “leveraged buyout”, which is through debt to obtain the target company's property rights, and the target company's future profits and cash flow repayment of debt acquisition. When the acquisition of the main body of the company employees, known as employee acquisition, the standard content of the staff