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2004年12月15日,国资委党委书记李毅中指出,国有企业 MBO 不适应中国建立现代企业制度。为什么?我们在此做一点分析。MBO(Manage-ment Buy OUt)即经理层融资收购,它是指目标公司的管理者用杠杆融资的方式来购买本公司的股份,从而改变本公司所有权结构、控制权结构和资产结构,进而达到重组本公司的目的。也就是说,现代公司起源是通过所有权与经营权的分离来实现的,而 MBO则是试图通过所有权与经营权合一来
On December 15, 2004, Li Yizhong, secretary of the party committee of SASAC, pointed out that the MBO of state-owned enterprises was not suitable for establishing a modern enterprise system in China. Why? We do some analysis here. MBO (Manage-ment Buy OUt) refers to the management buyout, which refers to the target company's managers leveraged financing to buy the company's shares, thus changing the company's ownership structure, control structure and asset structure, so as to achieve Reorganization of the company's purpose. In other words, the origin of modern companies through the separation of ownership and management to achieve, MBO is trying to be a combination of ownership and management