从定价看中国的MBO  

Look into MBO in China through Pricing

作　　者：鹿秀梅[1] 张砚文[1] 

机构地区：[1]北京工商大学会计学院,北京100037

出　　处：《青岛职业技术学院学报》2004年第1期31-33,共3页Journal of Qingdao Technical College

摘　　要：我国MBO浮出水面的大背景是国有资本从一般竞争性行业中退出。本文紧密结合中国MBO的大环境,以MBO的焦点———"定价"为切入点,深入分析了中国国有企业MBO定价之所以引发争议的深层次原因。作者认为以每股净资产为标准评价国有股定价是否公允是有待商榷的,提出把定价的争议归因于国有企业的收购主体是管理层,这种观点是不全面的,甚至是有误导性的。有理由相信,随着政策环境和市场经济的逐步完善,MBO作为一种调整产权关系和企业内部治理机制的新手段,必将对我国的企业改革发挥出其应有的作用。The macroscopic background of the introduction of MBO into China is the retreat of state-owned capital from the general industries. The paper gets into the core of MBO through discussing pricing and analyses the underlying reasons why there are so many arguments about the pricing of MBO. The author believes that it is questionable to judge MBO in the terms of net assets per share. It is biased to attribute the improper practice of MBO wholly to managers who execute the MBO.We believe MBO can help enterprise reform in China with the improvement of policy environment and market-oriented economy.

关 键 词：中国 MBO 国有股定价 管理层收购 市场经济 国有资产 

分 类 号：F271[经济管理—企业管理]