管理层收购与创业机会【外文翻译】.doc

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外文翻译
原文:
Management buyouts and entrepreneurial opportunities
Introduction: A management buyout (MBO) occurs when pany is purchased by its incumbent man agreement. These purchases are often the result of the sale of a division by a pany. The MBO may be regarded as providing the new management team with unexpected opportunities and a change in circumstances, the key change being that the team members no longer fulfill the role of employee but are now the risk takers. The managers e the providers of some, or all, of the capital. However, in return for the financial stake, they gain the incentive of sharing directly in the profitability of the firm.
There is no single definition of an entrepreneur, but a generally accepted starting point is to regard the entrepreneur as someone who perceives an opportunity and initiates actions in pursuit of that opportunity. That someone may be an individual or a group of individuals acting together. An MBO clearly falls within this interpretation, since the opportunity being presented is that of ing the new owner of a business.
The MBO also provides interesting insights into the ownership-control performance debate. Large firms tend to have diffuses hare ownership which, it is claimed, permits managerial discretion. One possible consequence of this is poorer performance. How-ever, alternative models, for example the markets and hierarchies (or the anization model), argue that adopting the appropriate internal structure prevents discretion and boosts performance. However, there is only limited evidence to support this view. The MBO is one method of solving this potential problem by concentrating ownership within a small number of clearly defined groups.
This article looks at the reasons behind MBO and discusses how the concept of entrepreneurship is a helpful framework within which to analyze the MBO market.
The market for MBO
An MBO involves the transfer of ownership in such a way that the original owners now ha