問18
頻出度★★★
事業の再編などに用いられる MBO の説明として, 適切なものはどれか。
平成24年度 秋期 ITパスポート試験 問18
ストラテジ系経営戦略マネジメント › 経営戦略手法
This question's explanation and your answers so far.
解説
問 18
Incorrectア
This describes an alliance (a business tie-up or strategic partnership). It is a cooperative relationship in which the partners supplement management resources that each lacks, such as technical capability and sales capability, and in principle it does not involve a transfer of control. It is a different method from an MBO, in which shares of one's own company are bought up to acquire control.
- イ
正解 MBO (Management Buyout) is a method in which the company's own managers or management team buy up the majority of the company's shares and thereby acquire control of the company. Its biggest feature is that the buyer is not another company from outside but the management team from inside. It is used in business restructuring situations, such as taking a listed company private so that rebuilding and reform can be pursued away from short-term shareholder pressure, or having the management of a business that a parent company is spinning off take that business over and make it independent. Choice イ states exactly this, so イ is correct.
Incorrectウ
This describes the method of separating part of one's own business and combining it with a similar business of another company to create a new company, that is, a business integration through a corporate split, or the establishment of a joint venture. It is restructuring at the business-unit level, not a case of managers buying up the shares of their own company.
Incorrectエ
This describes an acquisition within M&A (buying a company through means such as acquiring another company's shares). Its target is another company, and in that respect it points in the opposite direction from an MBO, whose target is one's own company.
ここがポイント
- Definition of MBO: the management buys up the shares of their own company (or of one of its businesses) and acquires control. Remember them as a set: if the buyer is the company's own management it is an MBO, if it is the employees it is an EBO, and if an outside company buys another company it is M&A (acquisition).
- Telling business restructuring methods apart: alliance (a tie-up that complements resources without, in principle, any transfer of management control) / corporate split and establishment of a joint venture (carving out a business and combining it) / M&A and acquisition (taking over another company) / MBO (the management taking over its own company). Note also that MBO can mean Management by Objectives, so judge from whether the context is business restructuring, as it is in this question.
用語