急！急！急！哪为能帮我翻译一下论文摘要，多谢了

Question

MBO,即管理层收购, 在国外是一种成熟的企业所有权变更方式，无论是在英国、法国、德国等欧洲大陆还是在美国、日本，MBO都作为企业并购的一种重要方式而广泛受到认可。MBO在中国发展也非常迅速，自1999年以来,MBO被视为国企改革中一种明晰产权的手段,在上市公司中更被推崇为取代国有股,一股独大的并购经典，被我国国有企业广泛采用，并且在调整国有经济结构，优化国有资产配置，降低代理成本，加速中小企业改制，提高管理层的积极性和经营管理水平，以及促进中国企业家阶层的成长等几个方面有着十分重要的意义。但是，由于我国资本市场不健全、法律制度不完善以及相关配套制度尚未建立，而且作为一种制度创新，MBO 在我国仍是新生事物，运作的过程中还存在许多有待规范和完善的地方。针对上述问题，本文简述了管理层收购在中国的发展历史，以及对中国国有企业改革的意义，并通过伊利MBO案例的分析，总结了操作中存在的主要问题并提出了几点对策建议。

Answer 1

MBO, namely the management purchase, in overseas is one mature enterprise property rights alter mode, regardless in Europe continent and so on Britain, France, Germany in the US, Japan, MBO widely receives the approval as the enterprise merger and acquisition's one important way. MBO develops in China is also rapid, since 1999, MBO has regarded as in the state enterprise reform one defined property right method, in to be listed by the esteem is the substitution state-owned shares, alone big merger and acquisition classics, are widely used by our country State-owned business, and in the adjustment state economy structure, the optimized state asset disposition, reduces the proxy cost, accelerates the small and medium-sized enterprise remanufacture, enhances the management the enthusiasm and the managerial and administrative expertise, as well as promotes the Chinese entrepreneur social stratum growth and so on several aspects to have the very vital significance. But, because our country capital market not perfect, the legal regime imperfect as well as the related necessary system not yet establishes, moreover took one institutional innovations, MBO in our country was still the newly emerging things, in the operation process also exists many waits for the standard and the consummation place. In view of the above question, this article has summarized the management purchase in China's historical development, as well as to China state-owned enterprise reform's significance, and through the Ely MBO case's analysis, summarized the subject matter which in the operation exists and put forward several countermeasure proposals.

Answer 2

MBO, namely the management level purchase, in overseas is one mature enterprise property rights change way, regardless of is in Europe continent and so on the England, France, Germany in US, Japan, MBO all widely receives as the enterprise merger and acquisition one important way approves .MBO to develop in China extremely is also rapid, since 1999, MBO is regarded as the state-owned enterprise to reform one defined property right method, is esteemed in to be listed for the substitution state-owned stock, alone big merger and acquisition classics, by Our country State-owned Enterprise widespread use, and in the adjustment state economy structure, the optimized state asset disposition, reduces the proxy cost, the accelerationThe small and medium-sized enterprise remanufacture, enhances the management level the enthusiasm and the management and operation level, as well as promotes the Chinese entrepreneur social stratum growth and so on several aspects to have the extremely vital significance. But, because our country capital market not perfect, the legal regime imperfect as well as the correlation necessary system not yet establishes, moreover took one system innovation, MBO in our country still was the newly emerging things, in the operation process also has many pending standards and the consummation place. In view of the above question, this article has summarized the management level purchase in China's development history, as well as to the China State-owned enterprise reform significance, and through the Ely MBO case analysis, summarized the main question which in the operation exists and put forward several countermeasure proposals.