摘要
信息不对称的存在和管理层才能的高低是决定管理层收购能否成功的关键因素。首先介绍了管理层类型识别的内涵,然后针对原有股东和管理层的不同目标和选择,分别建立在不同假设条件下双方的决策模型,再次推导出信息对称条件下的最优MBO合约和管理层努力水平,最后使用筛选模型给出信息不对称条件下的惟一最优线性组合,并诠释了其启示意义。
Information asymmetry and management ability play a crucial role in Management Buyout (MBO). The connotation of the identification of management ability is introduced. Relevant decision models on the basis of different targets and choices of current shareholders and management are constructed. The optimal MBO contract and management effort level under the condition of information symmetry are developed. An optimal linear combination using screening models is presented.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2004年第6期248-251,共4页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
湖北省科技攻关计划资助(2003lg0092).
