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国有企业长期以来效益不佳,其关键问题在于治理结构。借鉴国外的管理经验,在国有企业中实施管理层收购MBO,是改善国有企业治理结构、实现国有资本从一般竞争性行业中逐步退出的一个有效解决方案。但是,由于我国的法律制度、资本市场还不完善,实施MBO时,有许多亟待克服的障碍。一、管理层收购(MBO)管理层收购(MBO,即Management buy-out),是目标公司的管理层利用杠杆收购这一金融工具,通过负债融资,以少量资金投入,购买本公司股权,从而改变公司股权结构的一种重组行为。MBO的基本出发点是解决企业内部激励机制问题,降低企业所有者与经营者之间的委托代理成本。解决内部激励、降低委托代理成本的方式有许多种,MBO是最直接的一种方式。
The long-term inefficiency of state-owned enterprises, the key issue is the governance structure. Drawing on foreign management experience, implementing MBO in state-owned enterprises is an effective solution to improving the governance structure of state-owned enterprises and gradually removing state-owned capital from the general competitive industries. However, due to the imperfect capital market in our country's legal system, there are many obstacles that need to be overcome to implement MBO. I. MBO Management buyout (MBO) is the management of the target company using leveraged buyout of this financial instrument to finance the acquisition of equity through debt financing with a small amount of capital investment A reorganization that changes the ownership structure of a company. The basic starting point of MBO is to solve the problem of internal incentive mechanism and to reduce the cost of principal-agent between the owner and manager. There are many ways to solve the internal incentive and reduce the cost of principal-agent, MBO is the most direct way.