我国管理层收购法律问题研究

【作者】 关晓霞；

【导师】 王志生；

【作者基本信息】 天津工业大学 ， 企业管理， 2005， 硕士

【摘要】 在我国近几年的国企改革中,管理层收购是受到广泛关注的一种改革方式。作为一种舶来品,管理层收购由于解决了国有企业中长期存在的一些痼疾,因此受到了媒体的热炒和国有企业高管们的热烈欢迎。但由于不规范操作和缺少相关法律约束,管理层收购出现了不少偏差,涉及国有资产的流失问题,因此引起政府的警觉和社会各界的关注。为保护国有资产,国家紧急叫停了管理层收购,随后逐步地对管理层收购作了零星规定,但这些规定只是针对管理层收购中的个别问题而言的,并没有对管理层收购进行系统规范,起不到整体规范的作用。另一方面,目前的市场对管理层收购的需求较大,许多企业在变相实施管理层收购,使得国有资产面临流失的风险。因此,对管理层收购进行规制是当前刻不容缓的问题。本文运用比较的研究方法,着重从法律制度入手比较系统地研究了我国国有企业管理层收购中的若干重要问题。 本文共分为四章,主要内容如下: 第一章 管理层收购的概念和法律特征。管理层收购是企业管理层通过自有资金或社会融资等规范方式收购其所在企业的全部或部分国有产权,实施对企业的控股或参股,从而实现资产结构改革的一种收购行为。相对于其他收购方式而言,管理层收购自有其显著的特征,主要表现在收购主体、收购对象、收购目标、资金来源等方面。 第二章 管理层收购的经济理论基础。管理层收购制度的经济理论基础主要有代理人成本理论、激励机制理论、企业家人力资本理论、管理层控制公司理论、利润共享理论等。这些理论从不同的角度阐述了管理层收购制度出现的必然性和合理性,从而为实施管理层收购提供了理论支持。 第三章 管理层收购的现状和在我国存在的法律问题。管理层收购产生于20世纪70年代,在20世纪80年代曾风靡于西方,现在欧、美、日等国家和地区管理层收购基本上处于稳定实施阶段。在我国,第一个管理层收购案例始于1999年。由于管理层收购能够解决我国国有企业中出现的产权结构不合理、国有资产所有者缺位等问题,因此1999年后管理层收购广受推崇,国企纷纷实施管理层收购。由于经济背景、市场完善程度等方面的差异,相比西方国家管理层收购在我国发生了一些变异。山于对这些差变异了解不够,国内许多企业盲目实施管理层收购,结果造成了严重的负面影响,主要表现为信息不对称、暗箱操作、内部人控制、国有资产流失和不公平交易等。另外,作为一种全新的制度,管理层收购目前尚缺乏有效的机制,在法律上存在许多风险,表现在收购主体、国有股定价、资金来源几个方面。对这些问题本章进行了详尽地分析。山于管理层收购出现的问题,就我国是否适宜搞管理层收购,社会各界展开了激烈地争论,国资委也渐进地表明了政府的态度。笔者从赞成者和反对者两方面的观点入手,分析了当前我国国企改革的形势,认为应客观看待管理层收购,采取疏导的方式对其进行规范,探讨在当前安全、有效实施管理层收购的新方式,从法律制度上保证管理层收购为国企改革服务。 第四章 规范我国管理层收购制度的法律对策。针对前文所述管理层收购目前出现的法律问题和现实问题,本章探索性地提出了几点对策,主要内容是确立管理层收购立法的安全、公平原则,明确限定可实施管理层收购的企业范围,修改公司法、界定收购主体,引入中介机构,形成以市场为主的定价机制,运用信托、战略投资者投资等方式解决资金来源问题,建立健全的信息披露制度。更多还原

【Abstract】 In recent years, Management Buy-Out (MBO) is a very hot type of reformation of state-owned enterprises (SOEs). As an "imported goods", MBO has been added fuel to the flames by medium and has been greeted by managers of enterprises because MBO can resolve some problems of SOEs. But there are some deviation in process of MBO because of abnormal operation and lacking of rules. The loss of stated-owned assets is the key. In order to protect stated-owned assets, our government stopped MBO and do some fragmentary regulations later. But those regulations have no whole and radical function. Now in market there is eager require to MBO. Stated-owned assets have risk of loss in that many SOEs operate deformed MBO. So stipulating MBO is of great urgency. In this thesis, the author mainly study some problems of MBO from the angle of law.The whole thesis is divided into four chapters and the main content is set as the following:The first chapter is conception of MBO and legal feature of MBO. MBO means that top management of target companies purchase the stock assets of their own companies through getting the support of financial institutions, and change the corporation’s ownership structure, control structure and assets’ structure. Comparing with other purchase type, MBO has it’s own special feature concluding operator, object, target, origin of funds and so on..The second chapter is economic theory of MBO. Any commercial system has theoretical foundation. The economic theory of MBO concludes the theory of agent’ s cost, the theory of stimulating system, the theory of manager’s manpower capital, the theory of management controlling enterprise, the theory of sharing profits, the theory of corporation governance and so on. These theory discussed MBO’s rationality and inevitability and provide theoretical sustenance for MBO.The third chapter is present situation of MBO and MBO’s legal problems in our country. MBO originated in 1970’s and were popular in 1980’s in west. Now in Europe, American and Japan, MBO develops stably. In our country, the first case of MBO originated in 1999. Because MBO can resolve some problems which appeared in the process of SOEs’ reformation which include unreasonable property structure, lacking of the state-owned stockholder’s right possessor, MBO was welcomed and many SOEs have operated MBO since 1999. MBO has some difference between our country and developed countries because of different economic background, degree of market’s development. For unknowing of these difference, many SOEs operated MBO blindly which created serious negative influence. These influence mainly conclude of asymmetry information, secretly operation, inner people controlling, unfair exchange and loss of state-owned assets. In addition, as a new system, MBO lacks of feasible restrict and it is faced with some illegal risk. These risk conclude following aspects: legal problems of purchaser of MBO, price of state-owned stock, the source of fund. This chapter analyze these problems. Because of MBO’s problems, people discussed whether our country adapts to operate MBO or not. The committee of state-owned assets also indicate attitude of government. The author compare obverse and reversed viewpoint and analyze present situation of SOEs reformation. At last, the author think that we should treat MBO objectively and regulate MBO by dredging and try to make MBO serve for SOEs reformation.更多还原