中国上市公司MBO过程中国有资产流失研究

管理层收购(management buy-outs,MBO)是目标公司的管理层利用借贷所融资本购买本公司的股份,从而改变公司的所有权结构或控制权结构,进而通过重组目标公司,实现预期收益的并购行为。部分已实施MBO上市公司的收购价数据显示,我国上市公司的管理层收购价普遍低于公司股票的每股净资产值。这样的数据难免让人质疑,中国的MBO中存在国有资产的“贱卖”或流失,担心MBO会撼动我国的公有制基础。本文从一个客观的分析框架出发,不做任何假设,用作为分析对象的各上市公司的年报为计算和核查素材,以具体的计算结果论证中国上市公司MBO过程中是否…     

关于我国上市公司实施MBO的思考

近年来,随着企业并购的不断深化,MBO在我国资本市场上悄然兴起。本文针对我国上市公司治理中存在的"一股独大"、所有者缺位、内部人控制、管理者虚位和公司法人治理结构不完善等问题,就我国上市公司实施MBO后的结果进行分析,指出MBO将在一定程度上对完善我国上市公司的治理起到积极的作用。     

MBO:我国的现状、问题与对策

本文首先对我国MBO现状进行了全面的归纳和分析;然后剖析了我国存在的问题;最后提出当前我国实施MBO的对策建议。     

管理层收购引发的财务思考

自1998年北京四通的首例管理层收购（MBO）以来,我国多家企业开始尝试MBO．MBO对我国的企业改革和长远发展有着重大意义。但是在我国MBO依旧存在着诸多问题,例如,定价、融资、信息披露问题等等。只有解决这些问题和完善相关法律,才能使MBO更好的服务于我国企业。     

MBO(管理者收购)是国有企业产权改革的重要手段

随着我国社会主义市场经济体制的逐步确立,我国的国有经济必须要进行战略性调整。通过实施MBO,可以有效地降低国有股比重,理顺国有企业的产权关系。本文介绍了MBO在国外的实践,分析了我国实施MBO的动因、作用、适用范围及存在的问题,并结合问题探讨了解决的方法,提出相关建议和对策。     

我国管理层收购定价问题浅析

自2003年中国加入WTO后,国资退出的步伐加快,MBO作为一种产权改革的方式在国退民进的大潮中发挥了越来越大的作用。但从已实施的案例看到,定价不公导致国有资产严重流失。交易价格的确定已经成为MBO中敏感重要的核心问题。本文将对我国MBO定价中存在的问题进行研究,并提出相应对策。     

管理层收购的正负效应探讨

国有企业的产权制度具有许多弊端,而所有权问题是首要问题,必须对国企的产权制度进行改革,而MBO是条非常有效的改革方案。随着粤美的,宇通客车的成功实施的MBO,MBO与外资并购,民营企业收购一起成为了国企产权改制的三大法宝。然而,MBO作为一种明晰产权的手段,有本身的积极作用和仍然不能解决的难题。本文拟系统分析MBO的正面效应、负面效应以及完善的对策。     

MBO在探索中行进

上世纪末，MBO悄然进入中国，然而它从来没有像今天这么引人关注，随着国有产权制度改革的不断推进，越来越多的国有和集体企业加入到MBO的大军中。在经历了2003年的停停走走后，2004年，MBO迎来了大踏步前进的一年，也迎来了各方人士更多的关注。     

后MBO上市公司进行高现金分红了吗

后MBO上市公司的股利分配现象是公司股利政策和MBo研究的一个交叉点.本文的实证分析发现,后MBO上市公司偏好现金股利.支付现金股利的公司家数占比、现金股利支付水平都高于上市公司总体.股票股利支付水平平均也高于总体.后MBO公司现金股利支付率与公司现金流量、资本公积金累积、资产规模等正相关,与资产负债率负相关.而第一大股东持股比例并未显著影响公司的股利发放.本文的主要贡献在于否定了MBO会导致公司高现金分红或称"恶性分红"的命题,认为MBO公司一直实行高于市场平均水平的股息分配,并未因股权变更而改变股利政策.这对进一步研究该类公司的治理问题具有重要意义.     

融资租赁与MBO血统

在我们的国民还没有完全明白MBO的时候概念就被少数人玩了在经历了来自各界尤其是学术界的指责和争议之后,国资委和财政部联合颁布了《企业国有产权向管理层转让的暂行规定》,明确规范资产在4亿元以下的中小企业尝试管理层收购的办法,再一次为MBO确立了名分。同时,也表现出对那些将“桌下交易”放到阳光下的做法的鼓励姿态。从西方MBO的传入,到郎咸平的发难,中国经济学者的大争吵,到国资委的紧急叫停,MBO是否天生有罪?笔者希望从融资租赁的角度来为MBO血统正本清源。     

Studies in MBO effectiveness.

Management by objectives (MBO) is a popular management approach the efficacy of which has been seriously questioned recently. I have analyzed 185 studies for the effects of MBO on employee productivity and/or job satisfaction. Research support for MBO was found to be inversely related to the degree of research design sophistication. Although the five well-controlled experiments leaned toward finding MBO to be ineffective, it appears a contingency approach to MBO is more appropriate than a definitive affirmation or rejection of MBO effectiveness.     

Improving MBO

This article discusses the use of applied behavior analysis procedures to improve the effectiveness of Management by Objectives (MBO) programs utilized in organizational settings. A review of past MBO research using objective outcome measures as dependent variables is presented. Applied behavior analysis procedures and behavioral objective settings are discussed in terms of their contributing value to MBO programs.     

MBO and goal directedness in a hospital context.

In this article, we examine the attempt of two hospitals to implement management by objectives (MBO) as a means of improving organizational planning and control. Our conclusion is that, as a goal-directed form of management technology, MBO may lead to dysfunctional decision making at the institutional level within organizations, especially those facing complex, dynamic environments. However, if viewed as a philosophy of management administered at the sub-unit level, MBO may serve as a catalytic agent for encouraging decentralized decision making and performance evaluation.     

A clarification of the goal setting and appraisal processes in MBO

Under the guise of Management by Objectives, "goal setting" and "performance appraisal" have assumed many different shapes and purposes. To clarify the concept of MBO, this review examines the writings of leading MBO experts, extracts those elements common to their respective definitions of goal setting and performance appraisal, and joins them into a single definition of MBO.     

MBO: The fad that changed management

Management by Objectives was introduced just over 30 years ago by Peter Drucker. It has been one of the most widely written business topics but, in spite of this, there has been a continuing controversy about the meaning of MBO and whether it has been of value. The author argues that most of the problems have been due to the lack of a generally accepted definition. A new and comprehensive definition, based on Peter Drucker's original work on the subject, is presented. The author believes that this definition will help organizations use MBO to increase productivity, improve quality, lower costs, make faster decisions and serve customers better.     

A view of MBO in today's management environment

The evolution of management practice would appear to have been conditioned by the successive embraces of a whole range of management movements—starting with the scientific management movement of F W Taylor through to the social science movement which is prominent today. In the 1960's the one that caught the imagination of many managers was the management by objectives movement. A characteristic of all of these movements is that they rarely seem able to sustain the promise of their initial impact because they are essentially bosses' movements rather than popular movements. The ideology of MBO does however come close to that of a genuine social movement if only it is interpreted and applied correctly. The convergence of MBO and the Organisation Development movement gives promise that together they will be seen as an acceptable response to the changing expectations and values of the participants in today's large and complex businesses.     

Corporate planning and management by objectives

Management by Objectives seeks to integrate the company's objectives for profit and growth with the personal goals and satisfaction of managers. The system requires a review of company objectives and an attempt to translate these into key objectives and performance standards to which individual managers are committed. MBO dependes for its success on the existence of a company environment in which the individual can grow and provides a basis for harnessing the human resources of the organization in the achievement of company objectives.     

A look at major planning methods: development, implementation, strengths and limitations

The purpose of this paper is to prepare an overview of planning as it is carried out in an organizational setting. The format utilized will be to examine the planning process in the context of three of the most popular planning models; management by objectives (MBO), program evaluation and review technique (PERT), and planning— programming—budgeting system (PPBS). Each of these models will be discussed in terms of the reasons for its development, the mechanics of implementing the model, the strengths of the model, and its basic limitations.     

Productivity measurement in a large organization with multi-performance objectives: A case study

A model to measure productivity of a multi-performance objective system based on the concept of Management by Objectives (MBO) and systems theory is presented. The multi-attribute utility theory and “goal programming” are applied to evaluate the performance objectives. The approach, termed as the PO–P approach to measure productivity, provides a methodology to determine the productivity index of the plant considering it as a system and it is useful for monitoring and control of performance. Application of the approach is illustrated with a case study.