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管理层收购的含义管理层收购(Management Buy-outs,即MBO)是指目标公司的管理者或经理层利用借贷所融资本购买本公司的股份,从而改变本公司所有者结构、控制权结构和资产结构,达到重组本公司目的并获得预期收益的一种收购行为。具有以下三个特点:一、MBO的收购者是目标公司的经理层;二、MBO是杠杆收购的一种形式;三、MBO成功后,目标公司经理层实现了所有者与经营者身份的统一。管理层收购作为国有企业产业结构的战略性调整、完善现代企业的法人治理结构、强化激励与约束机制、促进企业可持续发展的一种有效手段,有着深刻的现实意义,日益受到各方面的密切关注。
The meaning of MBO Management Buy-outs (MBO) refers to the purchase of shares of the Company by the manager or the manager of the Target Company using the borrowed funds to change the structure of the Company's owner, the structure of the control rights and Asset structure, to achieve the purpose of restructuring the company and obtain the expected benefits of a takeover. Has the following three characteristics: First, the acquisition of the MBO is the manager of the target company; Second, the MBO is a form of leveraged buyout; Third, the success of the MBO, the target company managers to achieve the unity of the owner and the operator identity . As an effective means of strategic adjustment of the industrial structure of state-owned enterprises, perfecting the corporate governance structure of modern enterprises, strengthening the incentive and restraint mechanism and promoting the sustainable development of enterprises, MBO has a profound practical significance and is increasingly being closely linked in all aspects attention.