管理层收购融资的理论与实证研究

《管理层收购融资的理论与实证研究》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、武汉理工大学博士学位论文管理层收购融资的理论与实证研究姓名：王志文申请学位级别：博士专业：管理科学与工程指导教师：谢科范20070401和武昌鱼集团管理层收购案为实例对我国上市公司的MBO融资进行了实证研究。最后，论文在前面研究的基础上对我国MBO融资的现状进行了分析，从相关法律法规的制定、市场环境以及融资渠道等方面提出了完善我国管理层收购融资体制的措施与建议。关键词：管理层收购(MB0)；融资结构；融资模式；融资策略IlAbstractFinancingisacrucialfactortotheSuccessofthemanagementbuyout(MBO)．T

2、heMBOneedslotsoffunds，whichmanagerscallnotafford．And，theyalsoWOn’tusetheirownfundscompletelyeventheyhaveenoughfunds，withconsiderationfortherisk．TheywillchoosethewayofdebtfinancingorsharefinancingtoCalTyouttheMBO．ThekeytotheSuccessofMBOliesinfinancing．Thefinancingmodeandthestnlctureoffi

3、nancingarenotonlytheproblemthattheMBOmustsolve，butalsothekeytotheSBCCCSSoftheMBO．ThedissertationfirstlyanalyzesandintroducesthetheoryofMBOfinancinginstitutionarrangement．ThenitelaboratestheMBOconcept，themotivationandthecharacteristicsoftheMBOinforeigncountries．Thedevelopmentandthemotiv

4、ationoftheMBOinoBrcountryarealsodiscussed．AcomparisonbetweentheMBOinChinaandthatinwestemcountriesismade．Businessfinancingstructuretheoryisstudiedinperspectiveofearlycapitalstructuretheory,MMtheory,tradeofftheory,incentivetheory,informationasymetrytheoryandcontrolrightstheoryandthetheor

5、yofMBOfinancingisthusestablished．Theprivatecapitaldevelopsquicklyandtheborrowingscalebecomesbiggerandbigerinourcountry．ThedissertationexplainsandanalyzesthemotivationoftheMBO．ItdiscussestheMBOfinancingmechanisminthepointofviewofinformationasymmetryandmanager’sendogeneticpreference．Onth

6、ebasisofanalysisandintroductionofthebehaviorfinancetheories，thedissertationexploresMBOfinancingmodesandchannels．Thedissertationanalyzesthefinancingstrategyandriskmanagementandpointsoutthatsystematicandnon—sysetematicrisksexsistinMBOfinancing．Itrespectivelydiscussesthefactorswhicharerel

7、atedtOthefinancingdirectlyandindirectly．Itidentifiesthetargetofriskmanagement．Basedontheanalysisofearlywarningandearlycontrolsystemofriskmanagement，thedissertationexplorestheknowledgemanagementinMBOfinancing．IIIThedissertationanalyzesthestrategyoffinancingandthefinancingstrategyofMBO