十几家公司的董事会正在谨慎地试探风险投资者，以了解他们是否支持管理层收购。
Dozens of company boards are now discreetly sounding out venture capitalists to see if they will support management buyouts.
第三章，管理层收购的法律原则。
90年代末管理层收购开始进入中国。
为了保障管理层收购的健康运行，有必要从法律上加以规制。
In order to guarantee its healthy run, it is necessary to strength legal control to rule management buy-out.
西方文献研究认为管理层收购可以提高企业经营收入和现金流量。
The western literatures believe that the operating income and net cash flow will be improved after management buy-out.
管理层收购(mbo)是我国目前是颇具争议的一种企业并购方式。
Nowadays, Management Buy-out (MBO) is a kind of quite controversial enterprises' merging and acquisition way in China.
近年来，我国已有多家企业的国有产权直接或间接实现了管理层收购。
In recent years, the state-run property rights of many enterprises have already realized direct or indirect Management buy-out in our country.
管理层收购中转让定价的准确性是交易是否公平，收购能否成功的关键。
The veracity of alternative asset pricing is the key of fairness and success in the management buy-out.
收购过程不透明，且收购价格过低，这是人们对管理层收购的两大质疑之处。
The purchase process is not open enough and often at very low price, which leads to public confusions with MBO.
第五章是对管理层收购信息披露问题的探讨，使信息披露及时、有效、合法。
Chapter 5 is about the problem of announcing the information of MBO, which enable us to announce the information timely, efficient and legally.
政策思想形成于对外资并购的广泛讨论，并在对管理层收购的讨论中发生了更新。
The policy thought is formed to the extensive discussion on foreign capitals merger and acquisition, and updated in the discussion on management buy-out.
通过一个较长时期的分析及趋势比较，研究了管理层收购对目标公司绩效的影响。
Through a long period of time observe and trend analysis the impact on the operating performance of the MBO target company.
本文采用标准事件研究法来考察管理层收购（MBO）在中国证券市场的股价反应。
This paper analyzes the stock price reactions to management buyout (MBO) in China with some case studies.
公司在完成管理层收购后，公司的治理结构因产权结构的变革而发生根本性的变化。
Corporate governance structure will change fundamentally as the ownership structure changes after Management Buyouts.
本文从治理因素的角度，采用实证的方法具体分析了我国上市公司管理层收购的动机。
This paper makes a concrete analysis of the motive of listed firms MBO in empirical method in term of governance factor.
管理层收购对上市公司的治理结构等方面有积极的作用，但同时也存在一定的局限性。
MBO can take an active role in the corporate governance of the listed company, but the role is limited.
文章对影响财务风险的主要因素进行了分析，提出管理层收购如何防范财务风险的措施。
This paper makes analysis on the main factors influencing the financial risks, and puts forward some measures for preventing the financial risks of MBO.
在已有的涉及国有股权的管理层收购案例中，大多数公司是以净资产作为基准进行定价的。
In existing management buyout cases involving State-owned stake, many companies are priced on the basis of their net assets.
其二、信托机构设立MBO信托计划，向社会筹集资金，作为融资方为管理层收购提供资金；
Secondly, trust institution sets up MBO plan to raise money from public, grants loans to management group.
同样，在管理层收购中，管理层所得的免费股权合计不应超过15%，实际上通常也远低于这个比例。
Similarly, I think management's free equity in a buy-out should never be more than 15 per cent combined, and usually materially less than that.
管理层收购已成为我国国有中小型企业，乡镇企业明晰产权，转换经营机制的一种行之有效的手段。
MBO has become China's state-owned small and medium-sized enterprises, township enterprises clarity of property rights, change their operational mechanism of an effective means.
有关管理层收购遵循的法律主要还是各国（地区）的公司法和证券法，在我国还有相关的法规和规章。
The law that relevant Management buy out follow is mainly still the company laws of various countries (district ) and Securities Law , have relevant regulations and rules in our country.
产生并大量适用于英美等西方国家的管理层收购在减少企业代理成本和提高公司运营效率方面成绩卓著；
MBO (management buyout), born and mostly applied to reduce the agency cost of enterprises in the West, is has an outstanding performance in matters of improving the efficiency of companies' operation.
通过对国内外实施MBO的公司的特点对比，从宏观和微观两方面提出了我国管理层收购中存在的问题。
Through the compare of MBO's implementation between China and abroad, we raise a point of the problems during the process of the Management Buy-outs based on macro and micro aspect.
对中国而言，管理层收购的最大特点就是其对管理层激励的改善是以公司所有权结构的重大调整为前提的。
As in China, the outstanding characteristic of MBO is to dramatically adjust corporate ownership structure to meliorate the management motivation.
管理层收购（MBO）是指公司管理层通过出资购买自己公司部分或大部分股份，以获取该公司控制权的行为。
Management Buy-out (MBO) is the company management teams buy their own company's part of or most shares through providing funds to control the company.
管理层收购的期权价值利用复合实物期权模型计算，管理成本节约及战略整合效应利用改进的折现现金流法计算。
The value of management cost thrift and strategic conformity effect can be calculated through the use of improved discounted cash current model.
本田去年冬天因节余1.2亿美元预算而赢得喝彩——这一成本将使本田重振士气——部分原因源于罗斯·布朗的管理层收购。
Honda won plaudits last winter when it essentially left $120million in the coffers – the cost of winding the company up – as part of Ross Brawn’s management buyout.
本田去年冬天因节余1.2亿美元预算而赢得喝彩——这一成本将使本田重振士气——部分原因源于罗斯·布朗的管理层收购。
Honda won plaudits last winter when it essentially left $120million in the coffers – the cost of winding the company up – as part of Ross Brawn’s management buyout.
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