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1、本科畢業(yè)論文（設計）外文翻譯原文：ManagementbuyoutsandentrepreneurialopportunitiesIntroduction:Amanagementbuyout(MBO)occurswhenacompanyispurchasedbyitsincumbentmanagreement.Thesepurchasesareoftentheresultofthesaleofadivisionbyaparentcompany.TheMBOmayberegardedasprovidingthenewmanagementteamwi
2、thunexpectedopportunitiesandachangeincircumstances,thekeychangebeingthattheteammembersnolongerfulfilltheroleofemployeebutarenowtherisktakers.Themanagersbecometheprovidersofsome,orall,ofthecapital.However,inreturnforthefinancialstake,theygaintheincentiveofsharingdirectlyinthep
3、rofitabilityofthefirm.Thereisnosingledefinitionofanentrepreneur,butagenerallyacceptedstartingpointistoregardtheentrepreneurassomeonewhoperceivesanopportunityandinitiatesactionsinpursuitofthatopportunity.Thatsomeonemaybeanindividualoragroupofindividualsactingtogether.AnMBOclea
4、rlyfallswithinthisinterpretation,sincetheopportunitybeingpresentedisthatofbecomingthenewownerofabusiness.TheMBOalsoprovidesinterestinginsightsintotheownership-controlperformancedebate.Largefirmstendtohavediffuseshareownershipwhich,itisclaimed,permitsmanagerialdiscretion.Onepo
5、ssibleconsequenceofthisispoorerperformance.How-ever,alternativemodels,forexamplethemarketsandhierarchies(ortheinternalorganizationmodel),arguethatadoptingtheappropriateinternalstructurepreventsdiscretionandboostsperformance.However,thereisonlylimitedevidencetosupportthisview.
6、TheMBOisonemethodofsolvingthispotentialproblembyconcentratingownershipwithinasmallnumberofclearlydefinedgroups.ThisarticlelooksatthereasonsbehindMBOanddiscusseshowtheconceptofentrepreneurshipisahelpfulframeworkwithinwhichtoanalyzetheMBOmarket.ThemarketforMBOAnMBOinvolvesthetr
7、ansferofownershipinsuchawaythattheoriginalownersnowhaveeitherverylittleornoownershipofthenewlyformedcompany.Normally,theman-agreementteamprovidespartofthevalueofthepurchasefromitsownpersonalfunds.InsomecircumstancestheMBOteamprovidesallofthefunds,inotherssignificantshare-hold
8、ingsaretakenbyventurecapitalists.Thepresenceoftheventurecapitalistso
