四川全兴管理层收购案例研究

发布时间：2018-11-01 17:33

【摘要】：管理层收购是一种改变公司所有权结构、控制权结构、和资本结构的收购交易。在西方发达国家,如美国、英国等,管理层收购已经有将近40年的历史,总的来说,无论是业界还是学界对管理层收购总体给予了较为积极的评价。中国的管理层收购起步较晚,处于发展的初期,却“被要求”承担起更多的责任,比如推进国企改革、解决国企经营效率低下、明晰产权、完善激励机制等等,然而对管理层收购中一些核心的问题却并没有得到应有的重视。本文着重研究和分析了在中国国有企业改革进程中进行的一次典型的管理层杠杆收购的案例四川全兴集团(以下简称“四川全兴”)管理层收购。本文综合运用了规范研究和实证研究的方法,并通过调查研究、定性研究、定量研究、模拟分析、比较研究等多种途径,去深度挖掘本案例的特点。首先,本文回顾了国内外关于管理层收购的主要理论文献,特别是关于管理层收购的条件、动因、和影响,从理论角度来论证管理层收购是否对提升企业价值、提高企业经营绩效起到积极的作用;接着,本文重点分析研究了本案例,分别从中国现代企业制度改革的背景、中国式管理层收购的特点、政府角色、案例企业所处的行业特性、管理层背景、案例企业的股权结构、收购实施全过程、企业财务状况、融资结构等角度全面分析本次管理层收购中的一些特点和问题,试图以此案例为镜,折射出我国管理层收购的普遍共性;最后,本文采用多种方法,对本案例中管理层收购的价格以及企业的真实价值进行了研究和测算,从而演算管理层付出的对价和企业真实价值之间的差异。作者希望通过本文的研究,提出中国的管理层收购活动中有关企业价值流失的问题,只有将管理层收购进一步市场化、透明化,减少行政审批、增加公开竞争,才能使管理层收购得以发挥其应有的作用。
[Abstract]:MBO is a buyout transaction that changes the ownership structure, control structure, and capital structure of a company. In western developed countries, such as the United States and Britain, MBO has a history of nearly 40 years. In general, both the industry and academic circles give a more positive evaluation on MBO as a whole. China's MBO started late and was in the early stages of development, but it was "asked" to take on more responsibilities, such as promoting the reform of state-owned enterprises, resolving the inefficient operation of state-owned enterprises, clarifying property rights, perfecting the incentive mechanism, and so on. However, some core issues in MBO have not received due attention. This paper focuses on the study and analysis of a typical case of management leveraged buy-out (MBO) in the process of reform of state-owned enterprises in China, Sichuan Quanxing Group (hereinafter referred to as "Sichuan Quanxing"). This paper uses the methods of normative research and empirical research, and through investigation, qualitative research, quantitative research, simulation analysis, comparative research and other ways to dig out the characteristics of this case. First of all, this paper reviews the main theoretical literature on MBO at home and abroad, especially on the conditions, motivation, and influence of MBO, and demonstrates whether MBO can enhance the value of enterprises from a theoretical point of view. Improving the business performance of enterprises plays a positive role; Then, this paper focuses on the analysis of this case, from the background of China's modern enterprise system reform, the characteristics of Chinese-style MBO, the role of the government, the industry characteristics of the case, the background of management, In this paper, the ownership structure, the whole process of the acquisition, the financial situation and the financing structure of the case enterprises are analyzed comprehensively, and some characteristics and problems in the MBO are analyzed in order to use the case as a mirror. It reflects the commonness of MBO in our country; Finally, this paper uses a variety of methods to study and calculate the price of MBO and the real value of the enterprise in this case, so as to calculate the difference between the price paid by the management and the real value of the enterprise. Through the research of this paper, the author hopes to put forward the problem of the loss of enterprise value in the MBO activities in China. Only by making MBO more market-oriented, transparent, reducing administrative examination and approval, increasing open competition, In order to enable MBO to play its due role.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.82;F271

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