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晋城翻译公司关键字："Channeling seeking" behavior. Personification of the state-owned shares are not shareholders, but their levels of so-called proxy agent only, agent with the right to transfer state-owned shares, but the lack of personification shareholder constraints, the level of transfer pricing is not directly related to their self-interest, lack raise prices power, which is different from other markets in the other, and will not use market pricing, rent-seeking behavior by managers only ①, the exercise of the right to transfer personal "buy", the transferee would have the initiative in the negotiations , low-cost acquisition will become possible. This manipulation of the decision-makers have sold too much discretion to the emergence of rent-setting, rent-seeking, corruption will inevitably lead to inefficient allocation of resources, unfair pricing, resulting in loss of state assets, against the small and medium state-owned shares interests of shareholders, management buyouts will also be used as opportunities for private capital riches.(C) the contribution of management science can not measureFor the contribution of management can not scientifically measure, making many of the listed company as a "shield" is no basis to reduce the purchase price. Currently, the implementation of management buyouts of listed companies related to the principle of avoided most of the pricing, the management view of this, the transfer price is considered low internal staff contributions to the company's history and other factors, does not violate the existing regulations . But there must be a scientific basis to measure, otherwise, only to become an excuse for low-cost acquisition, resulting in the loss of big state-owned assets.
Fifth, management buy-price factorsReasonable to confirm the successful MBO equity transfer price is the key. Implementation of MBO management in foreign countries want to target all of the outstanding shares of the company issued a takeover target, and allows other buyers bid for participation in the stock market, after the formation of the full market price of equity transfer should reflect the company's current operating status information, should also reflect the transfer of ownership associated with the future of information, that price should include the value of rational expectations of future information. In China, the MBO of the object is not in the market circulation of state-owned shares and legal person shares, the pricing process is not fully market circumstances, so that we can not copy the experience of foreign countries, and to our country有资质的正规翻译公司哪个好, the characteristics analysis on the pricing factor
(A) the enterprise value
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