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長(zhǎng)治翻譯公司關(guān)鍵字：Management buyouts in the 1970s and 1980s, the rise of the United States and Europe. In 1980, British economist Mike Wright (MikeWright) discovered the phenomenon of management buyouts, and the phenomena has been fairly standard research. 1980s due to junk bonds (JunkBond) ① popular due to large-scale asset-stripping activities to management buy-into its peak, to the late 1990s, the United States for the use of asset-stripping management buyouts accounted for asset stripping case about 15% of the total cases, the capital markets fully to prevent a hostile takeover, and venture out to find an effective way. United States and Europe for nearly 30 years in Western countries, reflecting the MBO company structure and corporate governance changes in the depth of field, and gradually evolved into a global trend.
In China, MBO's rise is the diversification of property rights by the state-owned enterprises, collective enterprises and private enterprises of the corporate governance system innovation triggered from. The late 1990s, some domestic enterprises in the MBO attempt in 1999, Beijing Stone Group's property rights reform act marked the beginning of domestic enterprises MBO. In early 2003, MBO rose to unprecedented heights, more than 1,200 listed companies in China, involving more than 900 state-owned assets, of which 200 are actively exploring the acquisition or holding of this new management model, MBO Heat also spread to a large number of non-listed companies. MBO overnight become evidence
① the acquired company's medium-to long-term bondsThe new darling of the securities market and macroeconomic專業(yè)翻譯公司服務(wù)最好的 policy專業(yè)翻譯公司收費(fèi)價(jià)格 changes have a great relationship. In June 2002, the Ministry of Finance to restore the state-owned shares of stock units to non-state transfer policy專業(yè)翻譯公司收費(fèi)價(jià)格, the implementation of this change for the MBO of macro policy專業(yè)翻譯公司收費(fèi)價(jià)格 to eliminate the substantial obstacles to the state-owned enterprise ownership possible. In October 2002, China Securities Regulatory Commission announced the "acquisition management practices of listed companies" clearly defines the behavior of management buyouts, with an emphasis on independent directors and independent financial advisers and other professional institutions in the MBO important role during the operation. March 2003, the former State economic專業(yè)翻譯公司服務(wù)最好的 and Trade Commission sent to the Ministry of Finance Department of Enterprise on "issues related to state-owned enterprise reform reply" (Cai Qi memo [2003] 9) document proposes: "The system is not perfect relevant laws and regulations prior to the taking of management buyouts (including listed and unlisted companies) receive and act to suspend the approval of relevant departments to study and propose relevant measures to be before making a decision ", the reason is" Because laws and regulations relative to the practical activities to develop a certain lag period, the current behavior of such transactions is difficult to strict regulations and management constraints, "adding that the purpose is to" prevent the use of some new form of transaction parties gain an unfair advantage. "
Third, the proposed management buyout pricing
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