我国企业管理层收购MBO监管研究

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1、天津大学博士学位论文我国企业管理层收购（MBO）监管研究姓名：于栋申请学位级别：博士专业：管理科学与工程指导教师：崔援民20070501ABSTRCT￡'lletot11enonstandardla_ws锄dreP皿lations，锄dtheillsu伍cient如pervisions，N【anagementBuy一0utcouldnotexertitssystemvalueinpracticein0urcountry．Basedont11isunderStaIlding，丘omthep唧ec石veofsupervi

2、si彻如dregulalory'thisdissenationprovidesin．dcptll觚alysisi11tome皿in5issuesf犯edbvChineseenterprisesi11theirMBOpmctices，usingthetheoriesofEconomics，ManagementandLaw：maillbodiesofacquisitions，acquisitionpricing，aCquisitionfin锄cillg，thedisclo鲫reofinfo加ation，aIld也epro

3、tectionsfortheiIlterestsofsmallshareholders．Italsodealswiththedbstaclescallsedbyrelatin2lawsandrePmlations，theifcauses，锄dtllecorrespondingcountemleaLsures．Themaincontentsofthepaperi11clude：Intlleacquisitionprocess，itisesselltialforthesupeⅣisionbodiestodetem面eth

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5、ntofthe研cingsyst锄r删izlghum柚capitalsof即仃epreneurs；粕dalsoaboutthees诅blistunentofas印arationmechanismt0distinguishthenatureofmanagemembodIM也rough也ee丘色ctiveseparaltionsi毋1alof‘netrateofretum’．ThecoreofMBO，asadealof‘con廿Dlmarket’，ispricillg．Byi11te伊叭ingthevalue-based

6、assessmentmenlods，thispaperovercomestheshoIrtc0】millgsofasillgleassessmemmethod，andestablishesanenterprisevalueassessmentsystemthatcoversen咖seassetsvalues，marketvaluesandretumvalues．On血eomerhan正erlh锄cesupeⅣisi衄s丘0mt11easpectsofM旧O研cinglaws觚dregulatio璐．rrheIIlai

7、n印proachistoimproVe也erelatinglawsandreguIations，usenlemetllodsoft11eadvancedc吣仃iesasreferences，in仃odIucethebiddingsystenl，锄dfaciIitatetheopeIlIlessand仃ansparencyinMBOpricingprocessthrou曲acompetitiVebidd洫gsystem．nesolutionstotheissueofMBOfinallciIlgrequnthereln0

8、Valof1egal0bstacles．Undertheguidingp血ciplesofprotectingtherightmlfinancialactiVitiesandavoid证gf．mancialrisksat也esametime，itisrecommendedto锄end'modi黟andimproVetllelaws锄dregul