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收购行为是MBO的核心,一是代表买方的管理层,在战略投资者的资金保障下,兼顾企业员工利益等方面采取收购行为;另一是所有者为代表的卖方MBO目标企业,通过中介机构(如财务顾问、律师、会计师、资产评估师等)进行策划、法律咨询、企业价值评估等经济活动,但实际收购中经常由于管理层内部人优势,中介机构基本上是从管理层利益出发开展评估工作的。目标公司所有者背后还有对目标公司具有极大影响力的地方政府。现阶段我国国有企业的所有者法律缺位,造成MBO的定价很大程度上表现为目标企业管理层和对企业资产有直接控制力的地方政府之间的博弈。
The acquisition is the core of the MBO. The first is to represent the buyer’s management, take the acquisition action in consideration of the interests of the employees of the enterprise under the financial protection of the strategic investor, and the other is the MBO target seller represented by the owner through the intermediary agency (Such as financial consultants, lawyers, accountants, asset appraisers, etc.) to carry out planning, legal advice, corporate valuation and other economic activities, but the actual acquisition is often due to internal management advantages, intermediaries basically proceed from the management interest Assessment work. Behind the target company owners are local governments that have a great influence on the target company. At this stage, the law of owners of state-owned enterprises in our country is absent, resulting in the MBO pricing largely reflecting the game between the target company’s management and the local government with direct control over the corporate assets.