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臨汾翻譯公司關(guān)鍵字：(C) the relevant national policies and regulations on the pricing of theSo far, the "Company Law", "Securities Law", "Acquisition of Listed Companies," the "state-owned capital and financial management Interim Measures", "on the strengthening of non-tradable shares of listed companies standardized management protocol transfers," and other For an agreement to acquire the shares of listed companies are not expressly provide pricing. At present, China has been the practice of the basic concerns of the MBO of the two previously mentioned states: "The acquisition of 30% held by the target company shares, holdings must be taken if you choose to continue the tender offer approach" and "the exercise of state-owned shareholders equity Ltd. , the transfer price shall not be less than the net assets per share. " Thus, MBO tender offer as much as possible to avoid the 30% limit, the net assets per share as the standard, the transfer of the acquisition by agreement of non-tradable state shares and legal person shares, the formation of today's MBO's "net asset complex" (MBO purchase price has been implemented Net assets per share are based on the standard of the phenomenon). Party Congress report on the expression of state-owned assets management changed to "state, the central government政府許可的定點正規(guī)翻譯公司 and local government政府許可的定點正規(guī)翻譯公司s have to fulfill the responsibilities of investor on behalf of state, enjoying owner's equity." With the State-owned Assets Management Committee in the central and local settings, its ownership of state assets, usufruct and disposal exercise of the right, in the preservation of state-owned assets as the fundamental starting point the premise of the introduction of laws and regulations will affect the future of the MBO pricing.
(D) history of credit management incentives and recognition of MBO also has a great influence pricingGuangdong Midea MBO of two equity transfer price is lower than the net assets per share, the transferor to explain the reasons for such pricing is to consider the internal employees of the company's historical contributions and other factors, does not violate the existing regulations. At present a number of listed companies has achieved, in large part because the management in business專業(yè)英語翻譯公司科技文件翻譯哪里最好 development and growth in the outstanding contributions made by the same time as the entrepreneur's management has long been not reasonably reflect the value created, therefore, when the MBO occurs, reflected by the low prices as the acquirer for the management of incentives and compensation, the truth is feasible, and state and local government政府許可的定點正規(guī)翻譯公司s have issued shares to employees and management over the relevant preferential policies, specifically through direct incentives , payment terms and payment methods to indirectly achieve flexible forms. However, due to the absence of long-standing issue of property rights, how to define the management of former state-owned enterprises, collective enterprises contribution, without compromising the interests of other shareholders to determine the purchase price becomes the key
6, on the management buyout pricing SuggestionsPricing of listed companies MBO process, in fact, stock assessment process and the combination of the negotiation process. Therefore, to develop scientific and fair pricing method must ensure that these two aspects of scientific impartiality. Also, because the theme of management buyouts made contributions to the target company and will rely on key management or employees, either emotionally or need long-term interests to give certain concessions, which involves the management contribution to the scientific measurement issues; Finally, the pricing depends on the reasonableness of management buyouts, the fair market still have the final say.
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