管理层收购作为一种企业重组的工具,自引进我国的那一天起就受到了众多的非议,其中MBO的定价问题是这些争议的焦点。从MBO定价的依据问题到对管理层的补偿问题与定价标准问题等多方面对中国的MBO定价机制进行研究得出MBO定价不必以净资产值作为定价的唯一标准,定价中可以适当考虑管理层的历史贡献,并参照公司控制权交易理论,通过市场机制为我国企业的MBO正确定价。 As a tool of corporate restructuring, MBO has been criticized many times since the day of its introduction into China. The MBO pricing issue is the focus of these disputes. The research on MBO pricing mechanism in China from many aspects, such as the basis of MBO pricing, to the compensation of management and pricing standards, concludes that the MBO pricing need not be the only standard of pricing for net asset value, and the pricing may take due consideration of management The historical contribution of the company, and with reference to the company’s trading theory of control, through the market mechanism for the correct pricing MBO of Chinese enterprises.