資源描述：
《管理層收購(gòu)與創(chuàng)業(yè)機(jī)會(huì)【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在應(yīng)用文檔-天天文庫(kù)。
1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：ManagementbuyoutsandentrepreneurialopportunitiesIntroduction:Amanagementbuyout(MBO)occurswhenacompanyispurchasedbyitsincumbentmanagreement.Thesepurchasesareoftentheresultofthesaleofadivisionbyaparentcompany.TheMBOmayberegardedasprovidingthene
2、wmanagementteamwithunexpectedopportunitiesandachangeincircumstances,thekeychangebeingthattheteammembersnolongerfulfilltheroleofemployeebutarenowtherisktakers.Themanagersbecometheprovidersofsome,orall,ofthecapital.However,inreturnforthefinancialstake,theygaint
3、heincentiveofsharingdirectlyintheprofitabilityofthefirm.Thereisnosingledefinitionofanentrepreneur,butagenerallyacceptedstartingpointistoregardtheentrepreneurassomeonewhoperceivesanopportunityandinitiatesactionsinpursuitofthatopportunity.Thatsomeonemaybeanindi
4、vidualoragroupofindividualsactingtogether.AnMBOclearlyfallswithinthisinterpretation,sincetheopportunitybeingpresentedisthatofbecomingthenewownerofabusiness.TheMBOalsoprovidesinterestinginsightsintotheownership-controlperformancedebate.Largefirmstendtohavediff
5、useshareownershipwhich,itisclaimed,permitsmanagerialdiscretion.Onepossibleconsequenceofthisispoorerperformance.How-ever,alternativemodels,forexamplethemarketsandhierarchies(ortheinternalorganizationmodel),arguethatadoptingtheappropriateinternalstructurepreven
6、tsdiscretionandboostsperformance.However,thereisonlylimitedevidencetosupportthisview.TheMBOisonemethodofsolvingthispotentialproblembyconcentratingownershipwithinasmallnumberofclearlydefinedgroups.ThisarticlelooksatthereasonsbehindMBOanddiscusseshowtheconcepto
7、fentrepreneurshipisahelpfulframeworkwithinwhichtoanalyzetheMBOmarket.ThemarketforMBOAnMBOinvolvesthetransferofownershipinsuchawaythattheoriginalownersnowhaveeitherverylittleornoownershipofthenewlyformedcompany.Normally,theman-agreementteamprovidespartoftheval
8、ueofthepurchasefromitsownpersonalfunds.InsomecircumstancestheMBOteamprovidesallofthefunds,inotherssignificantshare-holdingsaretakenbyventurecapitalists.Thepresenceoftheventurecapitalistso
