中国MBO信托融资模式研究

在国企产权制度改革的诸多途径中,管理层收购因定价问题和融资问题而备受争议。目前国内MBO信托融资有四种模式,即单纯提供收购主体模式、单纯提供融资模式、股份收购模式、与战略投资者合作模式,剖析各自的优缺点,在创设双向资金信托、要求管理层自有资金投入以及信托公司负责筛选项目三个原则下,MBO是一种切实可行的信托融资模式。

Chinese MBO Trust Financing Modes

Among the numorous ways of property system reform in state-owned enterprises,management buy-outs(MBO) has received many concerns because of its pricing and financing modes.The paper analyzes the advantages and disadvantages of the current MBO trust financing modes,including the mode of buy-out object,the mode of financing,the mod of share buy-out and the mode of cooperation with strategic investment partners.With the three principles of creating bilateral-capital trust,money in-put of management and trust companies in charge of selecting projects,the paper puts forward a feasible MBO trust financing mode.