我国管理层收购融资的困境与对策

本文认为,我国管理层收购融资有三个特征,即个人融资是管理层收购资金的重要渠道、缺乏外部权益融资、目标公司的股权质押和卖方融资是管理层收购再融资的重要手段。文章提出,缺乏合适的融资渠道与融资机构,使我国的管理层收购融资大部分通过民间资本借贷解决。创新管理层收购融资体制、加强监督和规范,是我国管理层收购融资健康发展、避免融资风险转嫁的关键所在。第一,放松管理层收购的融资限制,为管理层提供合法的资金来源;第二,培育机构投资者参与管理层收购;第三,完善融资退出渠道。

The Difficult Situation in China's Management Buy-Out (MBO) Financing and the Countermeasures

The author first lists the three characteristics with China's management buy-out financing.Then,the author puts forward that non-governmental financing is becoming the main channel of China's buy-out financing is the result of the lack of appropriate financing channel and institute.Reforming institution in management buy-out financing and strengthening oversight and regulation is the key for the sound development of China's management buy-out financing and avoidance of financing risk transferring.We should adopt such countermeasures as deregulation of management buy-out financing,cultivating more institutional investors and improving the withdrawal system for financing.