管理层收购(即MBO，Management Buy．outs)，是目标公司的管理层通过融资收购 该公司的股份，从而改变该公司所有者结构、控制权结构和资产结构，进而达到重组该 公司，获得预期收益的一种收购行为。 MBO在明确公司产权、降低委托代理成本、激励内部人积极性等方面有着十分积 极的作用。在我国实施MBO可以实现国有经济的战略性退出，有助于解决国有企业存 在的“所有者虚位”问题，并推动中国企业向现代企业制度过渡。但是在实践过程中，也 出现了诸如交易价格不透明、收购价格偏低、收购资金来源不明等一系列问题。由于监 管不力、操作不当导致MBO在一定程度上成为国有资产流失的途径。MBO到底是“改 革利器”还是“害群之马”?一时间，MBO在支持者与反对者激烈的争论声中陷入了困境。 本文认为虽然MBO在中国的发展还存在这样或那样的问题，但对于中国的企业的 发展有特殊意义，对中国改革发展的大局也有着重要的现实作用，对于MBO而言“堵不 如疏”，关键在如何借鉴国外经验，结合中国国情实施MBO，解决国内MBO实施中的 问题。 本文从财务会计角度找出我国实施管理层收购中存在的财务问题，并就融资和资产 定价等关键问题进行深入的分析与探讨，并结合自己的观点，尝试着提出适当的解决方 法，旨在为规范我国的MBO做出一点贡献。 文章分四个部分。文章首先介绍了管理层收购国内外研究情况，对MBO的国内外 相关研究文献进行了回顾和对比分析。接着介绍管理层收购的概念、特征并分析了管理 层收购的动因，最后介绍MBO的操作流程。 其次，文章分析了管理层收购的融资问题。在融资问题中，文章首先分析对比国内 外MBO融资渠道和融资结构，接着对我国近年来实施管理层收购的上市公司融资情况 进行现状分析。最后指出了我国管理层收购融资存在的问题，并分析产生上述问题的根 源所在。 再次文章分析管理层收购的定价问题。在定价问题中，文章首先对我国近年来实施 管理层收购的上市公司资产定价情况进行现状分析，接着指出了我国管理层收购资产定价存在的问题和这些问题导致的风险，最后分析产生上述问题的根源所在。 最后，文章从三方面提出了解决管理层收购财务问题的措施及途径。一是拓宽融资 渠道，改善融资环境；二是完善监督体系，避免MBO融资风险；三是规范MBO收购 价格，防止国有资产流失。

Management Buy—outs(MBO)refers to buying the company’S shares by the managements for the purpose of changing its ownership structure，power of control structure and the assets structure，thereby restructuring the company and obtaining expected returns from the investment． It has proven that MBO played an active role in clearing property right of enterprises， improving internal incentives，and reducing agent cost．In China MBO Can help the state．owned capital strategically retreat from the general competitive fields，provide solution to the problem of”Owner Absence”，which has disturbed the state-owned enterprises(SOE) for many years，and smoothly transfer the SOE from present mode to modem corporate system．Series problems，however,appeared during the process of carrying out MBO in China． For example，the trades went unpublicized，the prices of trade were underestimated，or the sources of funds for purchase were illegal and SO on．Ineffective supervision and improper operation，to great extent，contributed to the loss of state-owned property．Is MBO a wrong or a right prescription for the symptom of SOE?It seems that MBOhas run into a dilemma with the drastic argument between the proponents and the opponents． This paper considers that although the development of MBO in china exits many problems，it has special significance not only to the development of Chinese enterprises but also to the innovation of China．It is better to improving criterions of MBO than to forbidding it in China．The key problem is how to using overseas experience for reference，combining the special situation in China，and solving problems in implement ofMBO in China． This paper finds out the financial problems in the implement of MBO in China on the point of accounting，deeply analyses the important financial problems such as financing and assets pricing and putting forward proper solutions with own opinions．It is hoped that this paper Can make a little contribution to the criterions ofMBO in China．