本科毕业论文（设计）外 文 翻 译原文：Management buyouts and entrepreneurial opportunitiesIntroduction: A management buyout (MBO) occurs when a company is purchased by its incumbent man agreement. These purchases are often the result of the sale of a division by a parent company. The MBO may be regarded as providing the new management team with unexpected opportunities and a change in circumstances, the key change being that the team members no longer fulfill the role of employee but are now the risk takers. The managers become the providers of some, or all, of the capital. However, in return for the financial stake, they gain the incentive of sharing directly in the profitability of the firm.There is no single definition of an entrepreneur, but a generally accepted starting point is to regard the entrepreneur as someone who perceives an opportunity and initiates actions in pursuit of that opportunity. That someone may be an individual or a group of individuals acting together. An MBO clearly falls within this interpretation, since the opportunity being presented is that of becoming the new owner of a business.The MBO also provides interesting insights into the ownership-control performance debate. Large firms tend to have diffuses hare ownership which, it is claimed, permits managerial discretion. One possible consequence of this is poorer performance. How-ever, alternative models, for example the markets and hierarchies (or the internal organization model), argue that adopting the appropriate internal structure prevents discretion and boosts performance. However, there is only limited evidence to support this view. The MBO is one method of solving this potential problem by concentrating ownership within a small number of clearly defined groups. This article looks at the reasons behind MBO and discusses how the concept of entrepreneurship is a helpful framework within which to analyze the MBO market. The market for MBOAn MBO involves the transfer of ownership in such a way that the original owners now have either very little or no ownership of the newly formed company. Normally, the man-agreement team provides part of the value of the purchase from its own personal funds. In some circumstances the MBO team provides all of the funds, in others significant share-holdings are taken by venture capitalists. The presence of the venture capitalists or other financial institutions is important because the management team has to ensure an adequate return to those who helped fund the MBO; thus they would be expected to provide effective monitoring of the managements actions. The market for MBO consists of three elements: companies willing to sell, management teams willing to buy and mechanisms for financing deals. In terms of the supply of companies available for MBO, the following are the main sources: Buyouts from independent companies in receivershipAt first glance, MBO from companies in receivership do not appear to have much chance of success given that the same management will be in place after the buyout. However, it is probable that prior to receivership, the MBO team would have had neither the authority nor the freedom to manage in the way it thought best. Buyouts from parent companies in receivership These would provide the same opportunities as above in that the managers would now be able to make their own decisions.Buyouts from parent companies by means of divestment Divestment occurs for a variety of reasons. Some of these are: activities making insufficient profit; operations may be either loss making or only marginally profitable; assets may be sold to raise capital for projects perceived to be more profitable, or the parent may wish to cease producing specific goods or services. Buyouts as a result of the retirement of the ownerBuyouts as part of the privatization processIn a number of areas, for example buses, freight and rail, he UK Governments policy of transferring assets from the public to the private sector has resulted in the incumbent management successfully tendering for the right to manage the business.Entrepreneurs and entrepreneurshipThere is no single definition of the term“entrepreneur”. However, an entrepreneur may be thought of someone who undertakes a variety of activities. For example an entrepreneur may start a business, change a businesss direction, acquire a business or be involved in innovative activity. Explicit in this is that the entrepreneur is a risk taker and has the opportunity to initiate and implement decisions which deal with the uncertain business environment within which the firm operates. The business environment consists of many complex interrelated elements including:Customers;Competition;Economic factors;Social and demographic trends;Government policyboth macroeconomic and microeconomic;TechnologyWithin the overall environment, the entrepreneur is responsible for identifying and meeting market needs. Entrepreneur