国有企业MBO中的资产定价分析-产业经济学专业论文.docxVIP

华北电力大学硕士学位论文摘 华北电力大学硕士学位论文 摘 要 管理层收购的定价问题是我国国有企业实施MBO中的核心与焦点问题。当前 我国实施的MBO中大都采用每股净资产作为定价依据，该定价方法缺乏合理性， 造成了国有资产的流失，同时损害了中小股东的利益。针对这种现状，本文通过研 究企业价值评估模型，提出了在管理层收购过程中采用现金流量模型对企业进行价 值评估，同时提出基于同行业对比的方法量化企业管理层的历史贡献，进而在谈判 过程中引入招投标规则的国有股转让机制，最终确认MBO实际价格这一崭新的定 价思路，并且按照该思路对管理层收购的定价方法进行了深入研究。 关键词：管理层收购，企业价值评估，自由现金流量模型，管理层历史贡献 Abstract The pricing problem is the core and focus in the process of Chinese state·owned enterprises practice of Management Buy—outs(MBO)．This paper argues that it is not reasonable of the present pricing way for the price is decided according to the Net Asset Per Share．As a result，many State-owned assets are lost and the benefits of minor stockholders are damaged．Aiming at present situation，through carefully research of enterprise valuation and Comparative analysis of the same industry,this paper brings out a relatively reasonable method．The author considers that the price of MBO should be based on the enterprise value which may evaluated through Free-Cash·Flow method， furthermore the hi story contributions of the managers should also be considered and be convened to a certain amount or a certain percent，then through the auction mechanism in the negotiation process the price of MBO Can be finally decided． Zhang Wenguo(Accounting) Directed by prof．Liu Chongming Key Words： Management Buy—outs(MBO)，Enterprises Valuation， Free—Cash—Flow Model．Managers’History Contributions 华北电力大学硕士学位论文摘 华北电力大学硕士学位论文 摘 要 管理层收购的定价问题是我国国有企业实施MBO中的核心与焦点问题。当前 我国实施的MBO中大都采用每股净资产作为定价依据，该定价方法缺乏合理性， 造成了国有资产的流失，同时损害了中小股东的利益。针对这种现状，本文通过研 究企业价值评估模型，提出了在管理层收购过程中采用现金流量模型对企业进行价 值评估，同时提出基于同行业对比的方法量化企业管理层的历史贡献，进而在谈判 过程中引入招投标规则的国有股转让机制，最终确认MBO实际价格这一崭新的定 价思路，并且按照该思路对管理层收购的定价方法进行了深入研究。 关键词：管理层收购，企业价值评估，自由现金流量模型，管理层历史贡献 Abstract The pricing problem is the core and focus in the process of Chinese state·owned enterprises practice of Management Buy—outs(MBO)．This paper argues that it is not reasonable of the present pricing way for the price is decided according to the Net Asset Per Share．As a resu