简析基于MBO的中小型国企改革

MBO（managementbuyouts）即管理者收购，是美国８０年代兼并浪潮中涌现出来的一种融资并购方式，指目标公司的管理者或经理层利用借贷所融资本购买本公司的股份，从而改变本公司所有者结构、控股权和资产结构，进而达到重组本公司目的并获得预期收益的一种收购行为。一、中国特色的MBO的兴起在中国，北京四通集团于１９９９年首先引进MBO，至今为止，已有为数众多的企业积极尝试着“中国特色的管理者收购”这条道路，如：浙江虎山集团、辽宁盼盼集团等。但这与国外的MBO是不完全一样的，国外的MBO实施的难度小，有完善的金融体系作为…     

中国民营企业何去何从

<正> 大胆启用职业经理华润集团10年间是如何成为全国涂料行业领袖企业的?他们如何在高速增长的同时有效规避各种风险?公司董事、副总经理郭嵬的回答是:用人。作为职业经理人,郭嵬对以人为核心的现代企业制度备加推崇。完善的激励机制和个人价值良好的物质体现自不必言,郭嵬引以自豪     

中国MBO操作:实证与对策

MBO,一种新的收购方式风靡中国。这种新收购方式是指公司的管理者或经理层利用借贷融资购买本公司的股份,改变公司所有者结构、控制权结构和资产结构,以达到重组并获益的目的。MBO对解决产权问题有特殊的意义,还能够促进企业的二次创业,实现企业价值的提升。本期的《中国MBO操作:实证与对策》一文以典型案例介绍了MBO这一新鲜事物,可令企业家、投资者们思路大开。     

抉择MBO

MBO即管理层收购．近两年来在全国风生水起．业界许多人士把2003年称为中国的“MBO年”。可以肯定地说．人们期待在一场浪潮的冲击下，一举实现企业所有权与经营权的统一，从而使一部分国有资产以转为民有的方式，实际发挥出更大的创造社会财富的作用，这是一种积极的态度。     

MBO中的国有资产定价问题探讨

MBO（Management Buy—outs）又称管理层收购．它是指管理层利用自有资金和借贷资金购买本公司的股份或资产，从而改变本公司所有者结构、控制权结构和资产结构，进而达到重组本公司的目的并获得预期收益的一种收购行为。     

又见MBO

一年前，《企业管理》杂志曾经举办过一次由学者参加的小型座谈会，主旨是讨论管理者收购在中国企业界推行的前景。当时与会的专家认为，MBO是摆脱委托代理制困境的一种现实途径，是明晰产权，提高资本市场运作效率的选择，是人力资源实现价值的有效方法，也是提升企业竞争     

辩证地看待中国的MBO

近来中国资本市场一个最热门的话题就是MBO，许多机构已在悄然动手开始实施，如新华信托率先推出的“MBO资金信托计划”，各类有关MBO的研讨会层出不穷。事实上，几年前自粤美首开先河之后，深圳方大、宇通客车、特变电工、佛塑股份、胜利股份等也分别试水其中。据估计，目前上市公司通过MBO达到管理层控股的为数不少，只是其中相当部分因种种原因尚未完全浮出水面。MBO的字面意思是ManagementBuyout，Buyout是指通过购买一个公司的全部或大部分股份来获得该公司的控制权，其核心在于控制权。由于中国的MBO中的高层管者多包括中层…     

中国MBO案例分析

MBO(管理层收购)是近些年兴起的一种新型的兼并收购方式,它对我国国有企业产权结构调整、提高经营管理效率以及社会资源优化配置都有着重大的意义.本文在对我国MBO实践典型案例汇总的基础上,着重分析了我国MBO的一些特点.     

国内股市如何才能走出困境？

近段时间来,随着宏观调控的深化,国内股市的种种问题也一一显露出来.德隆崩塌、券商劣迹斑斑,股价大跌、基金净值大跳水,这一切把刚刚有起色的股市又打入了谷底.特别是中小企业板从3月初将开设的传闻到6月25日的正式开张,股指暴跌了380多点.6月28日,"新八股"大跳水,更是让股市跌穿了1400点大关.     

WHAT HAS HAPPENED TO THE CYCLE?

The Chancellor reminded us in his Budget speech that "the British economy is now embarking on its seventh successive year of steady growth, at an average rate of getting on for 3 per cent a year". This experience contrasts markedly with that of the 1970s and is dissimilar from that of the 1960s. Here we examine the recent behaviour of the economy, particularly with regard to the cycle. We conclude that the cycle is not dead and that since the trough of 1981 the economy has passed through two further turning points. If a correction is made for the miners' strike, activity peaked in late 1984, reached a trough in 1985 and is currently once more growing at an above-trend rate.     

WHAT WILL HAPPEN TO THE EURO?

The Stability Pact ‐ intended to make EMU governments run prudent budgets ‐ is losing its credibility. This article asks the question: what will happen if national debts start to rise again and some governments then have difficulty borrowing? It suggests that there will be calls for bailout, that the EU's political structures will not cope well with the resulting arguments over which countries will pay, and that the eventual and painful result will be a return to the principle that currencies and political areas coincide.     

WHAT HAS BEEN HAPPENING TO EUROPEAN TRADE?

This article by Michael Chui and John Whitley looks at trade behaviour within the European Union. They argue that measures of trade integration do not support the conventional view that intra-EU trade has increased steadily over the past 20 years, although there may have been a sharp rise during the 1990s. They also find evidence from econometric analysis of a shift in export pricing behaviour during the 1980s. UK export performance after exit from ERM shows some distinct differences from the other economies who also devalued at the same time.     

MEASURING POVERTY – WHAT HAPPENED TO COPENHAGEN?

Absolute poverty can be thought of as a condition of 'insufficiency', i.e. the inability to acquire the basic necessities of life. Relative poverty can be thought of as a condition of 'inequality'. At the World Summit on Social Development in Copenhagen in 1995, all participants made a commitment to produce official measures of both absolute and relative poverty and to strive to eradicate absolute poverty within a reasonable time frame. Despite these commitments, measures of absolute poverty are rare in the developed world. This paper concludes that both kinds of measures are needed for intelligent discussions and good policy-making.     

WHAT HAPPENED TO THE THREE‐LEGGED CENTIPEDE GAME?

Abstract.  In the last two decades, several frameworks have been proposed to analyze the question of whether common knowledge of rationality is sufficient to justify the play of backward induction (BI) in games of perfect information. Three strands of literature have addressed this issue: the literature on equilibrium refinements, the literature on knowledge-based epistemology and the literature on interactive epistemology. This paper surveys seminal frameworks within the first two strands of research and assesses the extent to which they provide a satisfactory solution to the problem. These approaches are illustrated using a three-legged version of Rosenthal's centipede game, which is the classical example in the literature. The paper argues that some of these frameworks provide sensible answers to the riddle of BI or, at least, succeed in bringing the paradox to another level. The paper also points at consistency problems in the body of refinements of Nash equilibrium revealed by the surveyed literature.     

中小企业如何吸引人才

中小企业在吸引人才方面存在的难点 由于中小企业自身的特点和各种原因,中小企业在吸引人才方面困难重重,而这些困难大多是由于中小企业自身的特点所决定的.     

FUNCTIONAL ECONOMIES OR ADMINISTRATIVE UNITS IN GREECE: WHAT DIFFERENCE DOES IT MAKE FOR POLICY?

This paper considers the 2001 income mosaic of Greece at the local level. It constructs a model based on occupational, territorial, and demographic factors to isolate their impact on declared income and study clusters of income at the disaggregated territorial level. The new cluster-based spatial specification provides a better econometric fit compared to the specification based on the existing official regional framework. This suggests that the economy does not operate according to the country's administrative divisions, but rather according to local-specific factors and transportation linkages, as is the case in a fragmented land united by its transportation network. Accordingly, if income disparities are larger within rather than between administrative regions, regional economic development policy might best be conducted within a functional-area framework rather than the current administrative-region framework. These findings entail important policy implications for EU regional development and resource allocation, and are also useful in additional tentative policy proposals.