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论文编号：	2112
作者编号：	2005005
上传时间：	2010/4/20 16:22:39
中文题目：	阳煤集团主辅分离过程中管理层收购应用研究
英文题目：	YangQuan Coal Industry Group
指导老师：	武立东
中文关键字：	阳煤集团 主辅分离 管理层收购 产权改制
英文关键字：	YangQuan Coal Industry Group; The separate of the main and the subsidiary
中文摘要：	阳煤集团作为资源型的大型国有企业，它的形成有其特定的历史背景。企业“大而全，小而全”的自我服务体系与企业办社会的功能相互交织的格局，严重制约了企业的发展。目前，企业庞大的组织结构与多元化的发展战略与现代企业的发展很不适应。为了做大做强主业，做精做实辅业，实施主辅分离势在必行。而管理层收购在阳煤集团主辅分离中的应用，不仅能解决目前辅业企业存在的所有者缺位和产权虚置的问题，还可以促进整个企业资产结构的有效调整及业务的重新整合，最大限度地调动管理者的积极性和创新意识，降低代理成本，解决在原有激励机制下企业家的价值被严重低估的现实问题，进而达到提高企业经营管理效率，实现资源优化配置的目的。 本文具体介绍了管理层收购相关理沦，着重分析了阳煤集团目前的发展战略，辅业对主业形成的束缚，造成这种困境的原因以及解决困境的途径。管理层收购作为阳煤集团辅业产权改制的方式，有其自身独特的优势，同时和中国的具体国情相结合，符合国企渐近式改革的需要；并结合管理层收购理论在国内外的发展状况；以及目前管理层收购面临的观念、法律、融资、定价、中介机构、人员安置等方面的瓶颈提出具体的对策，从而论证了其在阳煤集团主辅分离中应用中的可行性。最后，对管理层收购在阳煤集团主辅分离中的应用设计了具体的操作方案。 本文通过对阳煤集团主辅分离过程中管理层收购的应用，得出管理层收购可以在国有大型煤炭企业主辅分离中推广应用的结论，但要同时满足几个条件：一是实施管理层收购要“阳光操作”；二是要与管理者的业绩、社会责任意识挂钩；三是要引入战略投资者与外部竞争者。文章的结尾就目前外部环境对管理层收购的不利因素，提出了几点建议，并指出本文研究的不足与后续的研究方向。
英文摘要：	As a large public corporation, YangQuan Coal Industry Group has its own history. It restricts the corporation’s development to have a complete organization structure with crossing pattern between self-serving system and corporation-supporting society. Nowadays the large organization structure and multiple developing strategies are not good for the development of the modern corporation. As a result, in order to develop the major industry and the subsidiary industry, it is need to separate them. The application of MBO in the YangQuan Coal Industry is a solution to the problem of the absent of the owner and the emptiness of the property right. And it promotes the property structure’s adjust and the vocational work’s reunion of the entire corporation. And it arouses the enthusiasm and the creature of the managers and declining the cost and increasing the efficiency of management and operation and motorization the dispose of the resource. What’s more, it has the function of reforming the corporation of YangQuan Coal industry Group as a public corporation. The research introduces the MBO theory, and analyzes the condition of YangQuan Coal Group. The subsidiary is becoming the shackle of the mother corporation and the reason of the condition and the way to solve the problem. MBO has its own advantage as the way of transform of YangQuan Coal Group. And combined with the condition of China, it accords with the need of the gradual transform in China. And combined the develop condition of the MBO theory all over the world and the entire problem it faces the research demonstrate the possibility of the MBO in YangQuan Coal Group. At last of the research it gives out the plan of the application of MBO in YangQuan Coal Group. Through the application of the MBO in YangQuan Coal Industry Group, it reaches the conclusions that can spread in the public coal industry. And at first it must be the “sunshine operation”; and the second is that it must be related to the manager’s achievement and the aware to the social responsibility; and the last but not the least it must lead into the strategy investor and the external competitor. At last the research gives some advices on that the Chinese MBO is lack of normalized operating procedure. And it pointed out the lack of the research and the future research direction.
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