管理层收购在我国的运用研究-会计学专业论文.docxVIP

ABSTRACT ABSTRACT t ABSTRACT MBO may be the most heated thing in China of 2002．Many big and small companies Wele going on or gestating one’s own MBO plans．Because it has the relationship with the securities market in China,毪技獬attention has been drawn on it． With the separation of ownership and management,there comes agency relationship． There are agency costs because of the different benefits and the asymmetric information between the owner and the manager．How toⅡdniInize agency costs is a dilemma faced with every enterprise。Some theorists claim that the best way is to make the manager themselves become one of the owners so that their benefits will connect with the owners’。MBO is an efficient approach which call unify the owners’and the managers’benefits． MB0 in more mature markets in westcrJ§countries are focused Oil the “non-marketization’of the listed companies，or the division of marginal business from diversified enterprise groups，or the privatizadon of certain state-run business and act as an antidote to acquisitions．However,considering China’s market environment。N璐O is a different way of evaluating the human resources of enterprises，a way to make hIIge profits from the difference between the price of common stock and preferred stock． Some economists think that MBO don’t fit China’S environment at present．The conditions for the vigorous development of MBO in China are not-yet mature， relevant laws and regulation a托still not available．But someone think that China should be enthusiastic about development MBO，which are necessary pan of SOE reform．Whether MBo is suitable for our counllFs conditions．this article has carded on the discussion． 田1e article is divided into six parts altogether．The first part carries on the brief introduction of MBO．pmbing into its theoretical foundation．11擗second part recommends general operation proce．dure and operative organizations of MBO+嗣跫 third part has analyzed systemically the difference of MBO between the western countries and