国企改制与管理层收购研究

发布时间：2018-09-06 11:18

【摘要】：目前,对于国有企业,国家一直在探索应该怎样对其实行改革,才能让国有企业实现可持续性发展,同时使国有企业提高工作的效率。管理层收购是激励内部人积极性和改善企业经营状况的有效方式,在国外获得了广泛的运用。但管理层收购在我国的国有企业中会带来怎样的影响,还是值得我们探究的问题。进行管理层收购是对国企改制的一种方式,在管理层收购之后,是否能像国外的公司一样取得预期的良好效果,这还是一个未知的问题。本文就管理层收购在国有企业产权改革、公司治理结构完善等方面做了深入剖析。国有企业管理层收购,是屡见不鲜的话题,国内学者也针对这一话题进行了大量的探讨研究,大部分的研究偏重理论,实证分析涉及的甚少,关于失败的收购案例就更少了。本文主旨通过对xx化工集团的管理层收购研究,指出该公司在管理层收购中出现的问题,提出了针对这些问题的解决建议,希望对该公司在接下来的管理层收购具有实际的指导意义,也为后来学者在这一方面的研究提供实例指导。首先,本文就国内外管理层收购发展进行了阐述,并对国内外的发展情况进行了对比分析。国内管理层收购和国外管理层收购产生的背景不同,实施动机不一致导致管理层收购的主体不一致,国内外金融市场的不一致使得他们的融资方式也不同,这些因素综合导致我国国有企业在实施管理层收购时,不能照搬国外的经验。其次,本文就管理层收购与公司治理的基础概念进行了阐述,并在此基础上,研究在我国的国有企业管理层收购的发展情况。从多角度考虑的结果就是管理层收购在我国国有企业的改制中,扮演着非常重要的角色,管理层收购可以解决国有企业存在的所有者缺位、代理成本高、信息不对称等问题。但同时,国有企业管理层收购出现了很多问题,这就需要依靠公司治理来解决,综合结论是管理层收购并不是万能的,它需要和公司治理相结合才能使得国有企业改制顺利实施。最后,就xx化工集团的管理层收购进行了分析,通过对该公司的管理层收购的背景和实施过程进行分析,发现了该公司在管理层收购与其他公司管理层收购的不同点,也是因为这一不同点,导致该公司管理层收购未能完全的实现。该公司在管理层收购的停顿具有双面影响。同时,也将国有企业实施管理层收购最容易出现的“一股独大”、小股东利益受侵、高层管理者思想未转变等问题呈现在了我们的面前。针对该公司的问题,本文提出了具体的解决方案,重点强调了该公司在管理层收购中,必须严格的遵照程序,同时强调了引入战略投资者的重要性。
[Abstract]:At present, for the state-owned enterprises, the state has been exploring how to carry out the reform in order to realize the sustainable development of the state-owned enterprises and to improve the efficiency of the work of the state-owned enterprises. MBO is an effective way to motivate the insiders and improve the business situation, and has been widely used in foreign countries. However, how does MBO affect the state-owned enterprises in our country is still a problem that we should explore. MBO is a way to reform state-owned enterprises. After MBO, it is still an unknown question whether the expected good results can be achieved as foreign companies do. This paper makes a deep analysis on the reform of property right of state-owned enterprises and the perfection of corporate governance structure. Management buyout of state-owned enterprises is a common topic. Domestic scholars have also carried out a large number of research on this topic, most of the research emphasis on theory, empirical analysis involved very little, on the failure of the acquisition case is even less. The purpose of this paper is to study the MBO of xx Chemical Group, point out the problems in MBO of xx Chemical Group, and put forward some suggestions to solve these problems. It hopes to provide practical guidance to the company in the next MBO, and also provide practical guidance for later scholars in this area. Firstly, this paper expounds the development of MBO at home and abroad, and makes a comparative analysis of the development at home and abroad. The background of MBO is different from that of foreign MBO. The different motivation of MBO results in different subjects of MBO, and the different financial markets at home and abroad make their financing methods different. These factors lead to the fact that Chinese state-owned enterprises can not copy the experience of foreign countries when implementing MBO. Secondly, this paper expounds the basic concepts of MBO and corporate governance, and on this basis, studies the development of MBO in state-owned enterprises in China. The result considered from many angles is that MBO plays a very important role in the reform of state-owned enterprises in our country. MBO can solve the problems such as the absence of owner, high agency cost, asymmetric information and so on. But at the same time, there are many problems in MBO of state-owned enterprises, which need to be solved by corporate governance. The comprehensive conclusion is that MBO is not omnipotent. It needs to be combined with corporate governance in order to make the reform of state-owned enterprises smooth implementation. Finally, the paper analyzes the management buyouts of xx Chemical Group, and finds out the differences between MBO and other MBOs by analyzing the background and implementation process of MBO. Also because of this difference, the company's management buyouts have not been fully realized. The pause in the MBO has a dual impact. At the same time, the problems such as "one share dominating", the interests of minority shareholders being infringed, and the thinking of senior managers are most likely to appear in front of us. In view of the problems of the company, this paper puts forward concrete solutions, emphasizing that the company must strictly follow the procedure in MBO, and emphasizes the importance of introducing strategic investors at the same time.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F271;F426.72;F276.1

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