全流通时代MBO是否具有激励效应——基于“羚锐制药”的案例研究

发布时间：2017-12-28 21:18

本文关键词：全流通时代MBO是否具有激励效应——基于“羚锐制药”的案例研究　出处：《金融评论》2015年05期 　论文类型：期刊论文

【摘要】：管理层收购作为20世纪90年代末国有企业改革的重要方式之一,受到了学术界和实务界的广泛关注,但以往研究多是基于股权分置的背景。本文以羚锐制药在股权分置改革之后进行的管理层收购为例,从管理层和大股东两个层面,多维度剖析公司在管理层收购后的资本运作状况,进一步结合公司财务绩效和股价市场表现分析其经济后果。研究发现,羚锐制药在管理层收购后,管理层与外部股东之间的代理问题有所减弱,公司价值有所提升。股权分置改革完成后,管理层收购较好地协调了管理层与外部中小股东的利益,对管理层起到激励作用,公司业绩提升,中小股东利益得到有效保护。本文的研究结论为全流通时代管理层收购激励效应提供了证据支持,为新一轮国企改革提供决策依据。
[Abstract]:Management buyout, as one of the most important ways of state-owned enterprises reform in the late 1990s, has attracted wide attention from academia and practitioners. However, most of previous studies are based on the background of split share structure. After the reform of non tradable shares in Lingrui pharmaceutical management acquisition as an example, from the two levels of management and major shareholders, multi dimension analysis of company capital operation situation after MBO, further combined with the company's financial performance and stock market performance analysis of the economic consequences. The study found that in Lingrui pharmaceutical after MBO, weakened the agency problems between management and outside shareholders, the value of the company has improved. After the completion of the split share structure reform, MBO has better coordinated the interests of management and external minority shareholders, and has played an incentive role for management. The company's performance has been improved and the interests of minority shareholders have been effectively protected. The conclusions of this paper provide evidence support for the incentive effect of management buyout in the full circulation era, and provide the decision basis for a new round of state-owned enterprise reform.
【作者单位】：北京航空航天大学经济管理学院会计系;北京航空航天大学经济管理学院;
【基金】：国家自然科学基金(批准号:71202014,71572007) 北京高校青年英才计划项目(批准号:YETP1099)资助
【分类号】：F426.72;F272.92
【正文快照】： 一、引言20世纪70年代,美国资本市场率先运用管理层收购(Management Buy-outs,MBO)的方式实施公司并购重组。随后,学术界对这一新兴的并购重组方式进行了一系列探讨,其中,MBO的经济后果是一个重要的议题。De Angelo et al.(1984)发现MBO后公司股东财富会有所增加,而关于股东财

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