| 从价值创造的角度看我国合理的MBO定价 |
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| 引用本文： | 祝焰,段惠丹.从价值创造的角度看我国合理的MBO定价[J].财会通讯,2005(8). |
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| 作者姓名： | 祝焰 段惠丹 |
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| 作者单位： | 华中科技大学管理学院 湖北武汉430074
(祝焰)，华中科技大学管理学院 湖北武汉430074(段惠丹) |
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| 摘 要： | 我国管理层收购中的焦点问题之一是定价的不合理,本文从并购中价值创造的角度出发,综合考虑管理层收购这种收购形式的特殊性,借鉴国外定价的成功经验,指出我国合理的管理层收购定价不应当以每股净资产作为唯一的定价标准,应以投资资本净现金流为衡量价值的标准,综合考虑控制权溢价和流动性折价,并且引入市场竞争机制,真正实现以市场为舞台的双赢。
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| 关 键 词： | 管理层收购 合理定价 价值创造 |
The Reasonable Price of MBO from the Viewpoint of Value-creation |
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| Zhu Yan Duan Huidan.The Reasonable Price of MBO from the Viewpoint of Value-creation[J].Communication of Finance and Accounting,2005(8). |
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| Authors: | Zhu Yan Duan Huidan |
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| Abstract: | One of the focal points of Management Buyout in China is the unreasonable pricing. This paper takes the particularity of MBO into account, draws experiences and lessons from pricing of foreign country, and suggests that we shouldn't regard equity of per share as an exclusive criterion of the pricing of MBO. I point out that net cash flow of investment capital (NCFIC) should be regarded as the criterion of measurement of value. Control premium and liquidity discount must also be taken into account, and market being concerned with competition is very important, too. Then, management and target company can both benefit from MBO. |
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| Keywords: | Management buyout Reasonable price Value-creation |
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