【摘要】 2002年10月,新颁布的《上市公司收购管理办法》首次认可了MBO这一新生的杠杆收购形式,MBO从此在我国迅速盛行起来。作为西方国家实行公营部门私有化最直接、最有效的形式,MBO在我国的盛行使一度陷入困境的国有股减持问题看到了新的希望。本文从分析我国国有股减持的现状和存在的问题入手,论证了MBO的可行性,通过分析西方国家实行MBO的经验教训,总结出在我国目前的经济和法律条件下推行MBO可能存在的风险,并给出了几点政策建议。更多还原

【Abstract】 The newly issued Managing Method of Listed Company Acquisition in Oct. 2002 legalized MBO as a kind of leverage acquisition for the first time, and MBO becomes more and more popular from then on. As a most direct and effective way for the privatization of the stateowned company in the western countries, MBO enlightened the circulation of stateowned stock, which has been in a troubled situation for a long time. This paper will begin with the analyzing of the established situation and problems about the circulation of stateowned stock, and the feasibility of MBO will be demonstrated consequently. Through analyzing the experiences and lessons arisen in the process of MBO in the western countries, this paper will summarize the possible risks under the established economic and legal condition in China, and some suggestion will be bought forward in the last part of this paper.更多还原