摘要
在国内理性的管理层收购活动中,公平交易的基础应当是经过修正后的目标企业独立公平市值。由于管理层可以为目标企业带来附加的管理价值,所以受各种因素的影响,交易双方主要围绕公平交易基础价值之上的管理价值进行搏弈,从而为自己创造利益。本文通过价值分析,揭示了MBO中的定价机制,有助于人们加深对MBO本质的认识。
In domestic rational management buyout （MBO） activities, the base of fair transactions should be the revised independentfair - market - value of the target enterprise. As management can make additional value for target enterprise, each side of transaction bids for the value of management based on fundamental value of fair transaction, and makes benefit for itself. This paper discloses the pricing mechanism in MBO by value analysis. The analysis and conclusions are helpful in deepening the recognition of the essence of MBO.
出处
《电子科技大学学报（社科版）》
2005年第3期29-33,共5页
Journal of University of Electronic Science and Technology of China(Social Sciences Edition)
