| 中国上市公司管理层收购的定价研究——管理层贡献和控制权溢价的量化及实证检验 |
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| 引用本文： | 陆跃祥,王延明.中国上市公司管理层收购的定价研究——管理层贡献和控制权溢价的量化及实证检验[J].北京师范大学学报(社会科学版),2005(5):81-87. |
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| 作者姓名： | 陆跃祥 王延明 |
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| 作者单位： | 北京师范大学,经济与工商管理学院,北京,100875 |
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| 摘 要： | 管理层收购(MBO)作为一种企业重组的工具,自引进我国以来受到了众多争议,其中又以定价问题为这些争议的焦点。本文从MBO定价的依据问题切入,对MBO定价的两大难点“管理层贡献”和“控制权溢价”进行了量化并给出定价模型。然后,通过20组数据对我国上市公司MBO定价进行了实证分析与检验。回归结果表明,我国上市公司的MBO都是围绕每股净资产进行定价。而且,政府在出让股份时考虑到管理层历史贡献,给予了一定程度的“抵扣”。但是,这种“抵扣”并没有得到科学的量化,说明在价格谈判时受其他非市场因素影响较多。此外,在定价时没有考虑控制权溢价,成交价格有“缩水”的嫌疑。
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| 关 键 词： | 管理层收购 定价 管理层贡献 控制权溢价 |
| 文章编号： | 1002-0209（2005）05-0081-07 |
| 收稿时间： | 2005-05-15 |
| 修稿时间： | 2005-05-15 |
A Pricing Study of the MBO of Listed Companies in China: Quantization and Empirical Analysis of Contributions of Management and Premium of Control |
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| LU Yue-xiang,WANG Yan-ming.A Pricing Study of the MBO of Listed Companies in China: Quantization and Empirical Analysis of Contributions of Management and Premium of Control[J].Journal of Beijing Normal University(Social Science Edition),2005(5):81-87. |
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| Authors: | LU Yue-xiang WANG Yan-ming |
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| Institution: | School of Economics and Business Administration, BNU, Beijing 100875,China |
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| Abstract: | Management Buy-Outs (MBO), as an essential tool in industrial restructuring of an enterprise, has caused numerous disputes since its introduction into China. One of the hot disputes is the pricing of MBO. This paper studies the MBO pricing mechanism in China from the perspectives of pricing standards and compensation for management. The conclusion is that the pricing of MBO should not necessarily take net assets value as the sole standard; instead, the pricing of enterprises in China should be made through market mechanism by taking due consideration of the contributions made by management while referring to premium of control. |
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| Keywords: | MBO pricing contributions of management premium of control |
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