摘要
效率提高说和财富转移说是解释管理层收购的既有理论假说 ,它们存在彼此对立、分割和没有对转型国家的管理层收购 (MBO)实践及其新特点给出解释两大缺陷 ,为弥补既有理论的不足 ,本文提出了一个新的理论框架 ,解释了投资者保护与管理层收购绩效源泉的关系 ,指出提高投资者保护水平是促生效率型管理层收购的关键。
The efficiency increases theory and the wealth transfer theory are the current theories hypothesis that explain Management Buy-out. They stand opposite to each other, and didn't explain the MBO practice in the transfer economic countries. In order to perform the MBO's theory, the author bring a new theory frame, to explain the relation between investor protection and the performance of MBO, and point out the exaltation of investor protection level is the key to produce the efficient MBO.
出处
《中国工业经济》
CSSCI
北大核心
2003年第5期63-70,共8页
China Industrial Economics
