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“管理层收购”这一概念最早产生于欧美,近年来才被引入我国,因此对许多人来说还很陌生。但随着国有股减持的全面展开和公司治理结构的不断深化,这种由杠杆收购发展而来的新模式必将越来越受到人们的重视,并被广泛运用于国有企业的改革等各个方面。本文首先从理论上论证了在我国实施管理层收购的可行性和现实意义;然后以北京四通公司和粤美的公司为例,通过这两个具体的案例阐述了我国已经成功实施管理层收购的企业的操作手法;最后结合中国的实际情况,就目前在我国推行管理层收购存在的问题进行了探讨,并提出了一些意见和建议。
The concept of “management buyout” originated in Europe and the United States and was only introduced to our country in recent years, so it is still unfamiliar to many people. However, with the full implementation of the reduction of state-owned shares and the continuous deepening of the corporate governance structure, this new model developed by the Leveraged Buying will surely attract more and more attention and be widely used in various aspects such as the reform of state-owned enterprises . Firstly, this paper demonstrates the feasibility and practical significance of MBO in China. Then, taking Beijing Stone Company and Guangdong-American company as examples, this paper elaborates the successful implementation of MBO in our country Finally, according to the actual situation in China, this paper discusses the problems in MBO in our country and puts forward some opinions and suggestions.