Abstract Background and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs. Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO. Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful. Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.

中文翻译：

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层次分析法在管理层收购绩效指标中的应用

摘要背景和目的：在斯洛文尼亚，很少进行管理层收购（MBO）研究。重点主要放在收购公司的动机和收购成功率上。本文旨在分析那些暗示公司即将破产或财务重组的指标，并探讨这些指标对于成功和失败的MBO而言有何不同。方法：在调查中，我们采用层次分析法，使用以下财务和非财务指标，包括2005年至2008年期间在斯洛文尼亚选择的23家MBO：盈利能力，绩效，偿付能力和流动性。该调查的主要目的是使用财务和非财务指标来研究那些尚未发起破产或财务重组的目标公司是否具有比已经开始破产或财务重组程序的公司更高的总价值。因此，我们使用选定的指标来演示一种预测特定MBO成功的可能方法。结果：我们发现，与成功的MBO相比，在大多数未成功进行MBO的示例中，目标公司在绩效，偿付能力和流动性方面的业绩较差。根据选定的区域，我们将结果分为四个季度。我们发现，大多数没有成功进行MBO的目标公司的排名都比大多数MBO成功的目标公司的排名低。结论：论文的主要贡献在于发现在成功和不成功的管理层收购案例中，选定的财务指标和非财务指标是不同的。这些知识有助于我们找到将来避免这些情况的方法。