管理层收购的理论依据及对我国实践的效应分析

管理层收购起源于资本市场相对成熟的英美国家,其理论基础是西方经济学家提出的效率提高论,代表理论有代理成本说、防御剥夺说、信息不对称性假说。文章分析了管理层收购对我国企业的正负影响,由此提出今后我国管理层收购的几点思路。

The Theoretical Basis of Management Buyout and the Effect Analysis of Practice in Our Country

Management buyout originated from relatively mature capital markets in Great Britain and American. Its theoretical basis is western efficiency theory including agency cost theory, defense deprives theory, information unsymmetry hypothesis. Management buyout has some positive-negative influences on the enterprises of our country. Therefore some thoughts about management buyout in our country are proposed.