MBO是Management Buy-out的缩写,译成中文为“管理者收购”,即管理者为取得所在公司的控制权而购买公司股份的行为。公司实施MBO之后,其所有者结构、控制权结构和资产结构等将发生很大变化,并在实质上成为管理者完全控股的企业。因此,MBO理论的出现,在某种程度上是对现代企业制度中所有权和经营权分离制度的“背叛”,同时 MBO is the abbreviation of Management Buy-out, translated into Chinese as “manager acquisition”, that is, the manager purchases the shares of the company in order to obtain the control of the company in which the company belongs. After the company implements MBO, the structure of its owner, the structure of its control rights and the structure of its assets will undergo great changes and will in essence be the enterprise fully controlled by the managers. Therefore, the appearance of MBO theory is to some extent a “betrayal” to the separation of ownership and management right in the modern enterprise system, meanwhile