新浪管理层收购绩效研究..docx

新浪管理层收购绩效研究摘 要近年来，随着我国国有企业制度和国有产权制度改革的深入，管理层收购在我国开始出现并迅速发展，逐渐成为解决产权改革难题并激励企业发展的一个新的手段。这一种目标公司的管理层利用杠杆融资或股权交易收购本公司股份的收购方式，对于我国来说有着特殊的时代背景，为了国内产业调整，是国有企业获得经营主体，提高公司绩效等原因，我国诸多企业以管理层收购的方式来引导企业所有者的回归。本文主要研究新浪管理层收购的绩效，从基本的概念介绍入手，在对管理层收购理论进行分析的基础上，从企业家选择的角度分析管理层收购后的绩效表现，考察投资者保护程度和MBO定价水平以及管理者MBO前报酬合理与否等问题对管理层收购绩效的影响。最后通过总结提出相关的建议和对策，一方面可以使新浪得到进一步的发展，另一方面也可以帮助我国国内众多企业在对管理层收购绩效方面有更多的参考依据。关键词：管理层收购；新浪管理；收购绩效The Sina acquisition management performance researchAbstractIn recent years, along with our country state-owned enterprise system and the deepening of the reform of state-owned property rights system, management buy-out began to appear in our country and the rapid development, gradually become solve the problem and motivate the development of the enterprise property rights reform of a new way. A target companys management to use the leverage of acquisition of the company shares or equity markets purchase way, for our country has a special times background, in order to adjust to a domestic industry, is for operators to state-owned enterprises, improve corporate performance, many enterprises in our country in a way that is management buy-out led the return of the owners in an enterprise.This paper mainly studies the Sina acquisition management performance, from the basic concept is introduced, on the basis of the analysis of the theory of management buy-outs, analysis from the perspective of entrepreneurs choose the performance of the management buy-out of performance, investigate the degree of investor protection and MBO pricing level and managers before MBO pay reasonable or not will influence on the performance of management buy-outs. Finally, relevant Suggestions and countermeasures are pointed out in the paper, on the one hand, can make a further development of Sina, on the other hand can also help the domestic many enterprises in our country in terms of the performance of management buy-outs have more reference.Keywords：Management buyout; Sinas management; Acquisition