【作者】 袁媛；

【导师】 刘定华；

【作者基本信息】 湖南大学 ， 经济法， 2005， 硕士

【摘要】 管理层收购是指公司的经理层或管理层利用借贷所融资本或以股权交易及其他产权交易手段购买自己所在公司的股份资产,从而改变公司所有者结构、控制权结构和资产结构,进而达到重组本公司的目的并获得预期收益的一种收购行为。它始于二十世纪六十年代的美国,我国第一个实施管理层收购的是四通集团。从传统的委托—代理理论来看,降低代理成本是实施管理层收购的原动力。从法律性质上分析,我国管理层收购是一种特殊的民商事法律行为,受民法和经济法双重调整,且带有浓厚的行政色彩。在收购过程中管理层应遵循依法、三公等原则。 2005年4月,国有资产监督管理委员会、财政部联合公布《企业国有产权向管理层转让暂行规定》其中明确禁止国有大型企业实施管理层收购,但准许中小型国有及国有控股企业进行探索。这主要是由于我国目前对于管理层收购缺乏完善的配套法律法规,使得在过去的管理层收购实践中出现了很多问题。在收购主体设立上,管理层是否是合法的收购主体还存在疑问,设立公司型收购主体也存在诸如转投资规模严格受限、注册资本要求严格等法律障碍。在融资过程中,禁止银行资金入市、禁止国有股权质押、重复征税等规定使得管理层很难通过合法渠道筹措收购所需巨额资金。在定价机制上,我国的“净资产情结”并没有使股权价值得以合理体现。但从理论上讲,管理层收购本身的积极作用还是客观存在的,尤其是对我国国有企业改革有着重大意义。因此,应该积极对中小企业进行管理层收购探索,逐步完善管理层收购的法律环境,加快对管理层收购融资定价等制度的创新,加强对管理层收购的法律监管,以期使管理层收购将来在更大范围内发挥积极作用。更多还原

【Abstract】 Management buy-outs is that, manager layer of the company , by using loan capital or by means of stock right trade and other transactions of property right, buy the company’s assets to change its ownership structure、 control power structure and assets structure, in order to recombine the company and obtain the prospective earnings. It began in the 60’s of 20century in U.S.A, and the Stone Group is the first one who do MBO in China. As far as the traditional theory of entrust-act is concerned, reducing the agent’s cost is motive power to do MBO. MBO in China is a special civil legal action, which is adjusted by civil law and economic law, with thick administrative color. During the purchasing, managers should obey the laws.Because of the lack of perfect laws to standardize MBO, a lot of questions have appeared in the past practice, in April 2005, State Assets Supervision and Administration Commission of the State Council(SASAC) and Ministry of Finance jointly stipulated that large-scale state-own enterprises were forbidden to carry out MBO, middle and small-scale enterprises were permitted to explore. In setting up the purchasing subject, if the managers are legal subjects still exist doubt; setting up company type subjects will faces some legal obstacles, such as restrict of scale of transferring investment and registered capital. During the financing, it’s difficult to managers to raise money through legal channel, because our country forbid bank fund to enter stock market and forbid stock right to hypothecate. In fixing frice, the stock value is not reflected perfectly in our country. Theoretically MBO’s own positive role, however, still exists objectively, especially to state-own enterprises reform. So, we should explore MBO in small and medium-sized enterprises, perfect the legal environment of MBO progressively, accelerate system innovation and strengthen the law to supervise to make MBO play appositive role in larger range in the future.更多还原