中国管理层收购融资问题研究

【作者】 吴云龙；

【导师】 王仁喜；

【作者基本信息】 东北财经大学 ， 国民经济学， 2003， 硕士

【摘要】 随着所有权与经营权的分离，产生了委托—代理关系，由于所有者与经营者利益的不一致、信息的不对称，导致了代理成本的产生。如何使代理成本达到最小化是企业面临的一个问题，一些理论认为，最好的方法是使经营者本身也成为所有者，从而使经营者的利益与所有者利益联系在一起。而管理层收购(MBO)恰好是实现所有者与经营者合二为一的一条有效途径，它是流行于欧美国家二十世纪七八十年代，而近年来在我国兴起的一种企业并购模式。这种并购模式的特点在于，收购主体是原公司或企业的经营管理层，他们通过外部融资机构帮助收购所服务企业的股权，从而完成从单纯管理层到所有者身份的转变。它对我国国有企业改革也必然具有一定的影响。一方面它是我国明晰企业产权的有效途径，另一方面它也是一种提高企业管理人员积极性，并发挥企业家才能的机制。但在我国目前的法律背景和资本市场等制约下，管理层收购融资在我国还受到诸多方面的阻力，这就导致了管理层收购有效性的发挥还有待于相应融资制度的改善。目前国内企业企实施MBO的最大困难在于融资安排，许多国有企业的管理层根本不可能积累收购股权所需的巨额资金，必须依靠外部融资来解决。然而现在MBO融资渠道并不通畅。如果不能合理解决管理层收购融资问题，中国MBO也就无法健康发展。 本文主要在借鉴西方管理层收购融资模式基础上并将其运用于中国，全文共分四部分： 第一部分是关于MBO的概述及其对我国企业制度改革的意义，简要论述了管理层收购的定义及其在世界各国的发展概况，并从企业的有效整合、降低组织成本、经营管理以及社会资源的优化配置的角度分析了MBO在我国的现实意义。 第二部分比较了世界各国有代表性MBO融资模式，其中详细阐述了以美国、英国、俄罗斯及东欧国家、日本为代表的四种MBO融资模式特点和收购后融资退出问题。 第三部分通过论述我国MBO融资的特点及相关制约问题，揭示了我国MBO内容提要融资过程中涉及的制度和外部市场缺陷问题，阐明了我国资本市场MBO融资工具匾乏的问题。 第四部分是对我国优化我国MBO融资体制的建议，从理论和实践两个方面详细说明了如何在结合国外经验并考虑中国现有制度、市场条件基础上进行资本市场结构完善、宏观政策改革和融资模式的创新。更多还原

【Abstract】 With the separation of ownership and management, there comes agency relationship. There are agency costs because of the different benefit and the asymmetric information between the owner and the manager. How to minimize agency costs is a dilemma with which each enterprise is faced. Some theories claim that the best way is to make the manager themselves become one of the owners so that their benefits will be connected with the owners’. MBO is an efficient approach to unify the owner and the manager. In 1980s, MBO was popular in western developed country and it has sprung up in our country recently. The character of MBO is that the purchaser is the manager in former enterprise who accomplished the transfer from manager to owners through the agency. On one hand, it will make a certain positive effect on the reformation of our state-owned enterprises. On the other hand, it is a mechanism under which the enthusiasm of the corporation managers will be greatly promoted and they can exert their abilities thoroughly. However, under the restriction of our present legal circumstances and capital market, there are much resistance for the implementation of MBO in our country. The validity of MBO in our country will rely on the improvement of finance system. At present, the greatest difficulty in the domestic MBO is finance arrangement because such huge fund is needed in the buyout that the managers of state-owned enterprises must turn to outside finance agency although the outside finance channel is obstructed. Unless the problem of MBO finance is solved, MBO would not have a good development in China.Considering the MBO finance experience in western country and the current situation of MBO in China, some pieces of advice are given about perfecting the MBO finance mechanism in China. The thesis is composed of four parts:The first part is about the summarization and significance of MBO to our country’s enterprise system reformation. This part states briefly the definition ofMBO, the development of MBO in other countries of the world and the practical significance of MBO from a view of lowering the enterprise organization cost, improving the management level and optimizing the distribution of social resources.The second part compares the typical MBO finance modes in some countries. By analyzing MBO finance modes in U.S.A. U.K, Russia, Eastern Europe and Japan, the author summarizes the characteristics of MBO finance and related capital withdraws in these countries.The third part discusses the characteristics and restriction factors of MBO finance in China. In addition to the defects on finance system and outside finance market, this part discloses the lack of finance tools to our country’s MBO.The fourth part is about the advice to perfect MBO finance system in China. From both of the theoretical and practical view, this part generally states how to perfect the structure of finance market, reform the finance policies and innovate the finance mode, as far as our country’s current system, market conditions and foreign experience is concerned.更多还原