【作者】 张薇；

【导师】 赵玲玲；

【作者基本信息】 广东工业大学 ， 企业管理， 2005， 硕士

【摘要】 上市公司MBO(management buy-outs)指的是被收购公司的管理层通过购买本公司的股份,改变本公司所有权结构和资产结构,从而达到重组目的的一种收购行为。管理层收购在上世纪80年代曾风靡西方,以美国为例,仅1987年的MBO交易总值即达380亿美元。进入90年代,管理层扩大持股比例成为全球公司治理结构的发展方向,经营权和所有权又一次呈现融合的趋势,在这种背景下,管理层收购日趋活跃。此外,一些由计划经济向市场经济转型的国家,如俄罗斯、东欧国家,也在某种程度上采用了MBO形式,以加快其转轨速度。 引人注目的是,随着国有企业改革近年来不断深化,MBO在我国逐步兴起,我国政府(尤其是地方政府)往往成为MBO的推动主体,以MBO方式进行“放小”,解决国有资产退出和管理层激励问题。目前,我国上市公司MBO主要存在于上市公司国有股的协议收购中,其主要目的是改变公司资本的所有权结构,从根本上体现管理层的实际控制。而在事实上,我国国有控股的上市公司大多是按照“逃控机制”模式设立的,这种“逃控机制”模式为上市公司MBO的无政府状态提供了便利条件,由原来意义上的反收购工具,蜕变成为国有资产流入企业经营者和管理者腰包的“暗渠”。 因此,在我国的MBO热潮涌动之际,2003年4月,财政部向原国家经贸委企业司发涵,建议“在相关法规制度本完善之前,对采取管理层收购的行为予以暂停受理和审批,待有关部门研究提出措施后再作决定”。 在MBO被叫停之后,国内对于上市公司MBO的批评声迭起,特别是在2004年的夏天,香港的著名经济学家郎咸平质疑国企产权改革及国企上市公司MBO,管理层收购在我国到底是否适用成为争议的焦点,有人甚至主张现阶段应该禁止MBO在中国的实施。面对争议,如何做出理性的选择?本篇论文将对MBO作为我国国有企业产权改革方式之一进行理论及实用层面的论述,辨证分析MBO在我国的可行性、现实意义及适用范围,深入挖掘现阶段国有企业施行MBO所遇到的障碍和问题,探讨要在国有企业实施MBO所要做的制度上的准备。更多还原

【Abstract】 MBO(the management buy- outs)in the Listed company procures the management layer through the share of purchase the shares of the company, changing the ownership structure and the power structure of the company, thus attaining the purpose of Reorganization. MBO became popular in the west in 80’s of last century, for example in the United States, only in 1987 the total amount of MBO is $38,000,000,000. Entering 90’s, the extension of MBO became the development direction of the management structure in the global company, conducting the trend that the fusion of the power of management and ownerships once again. Under the background, MBO gradually became active. In addition, some nations that were transformed toward market economy from the planned economy, such as Russia, the Eastern Europe nation, also adopted the form of MBO on a certain degree to speed the turning track.With the reform in the state-owned enterprise turning continuously and deeply in recent years, MBO gradually rise in our country, the government(particularly the local government) usually becomes the impetus to pushing MBO, carrying on "unlash small" with the method of MBO, resolving the problem that withdrawing the state-owned property and encouraging manager. Currently, our country states that MBO mainly exist in the purchase agreement of the state-owned listed company, its main purpose is to change the ownership structure of capital structure, radically materialize the manager actual control. But in fact, the state-owned listed company mostly set up by "the mechanism of escaping control", this kind of the mechanism of escaping control" provided the convenient for the listed company actualizing anarchy MBO, transforming "culvert" that the state-owned property flows into the executive and governor’s purse from the tool of anti-purchase.Therefore, when the fever of MBO in China flows ,the April of 2003, the Ministry of Finance delivers letter which towards the former state economics & tradecommission, suggest "MBO must be suspended before perfecting the related laws & decide after putting forward the measure by the concerned department".After MBO was called to stop, the domestic’s animadversion that aim at MBO of the listed company occurs repeatedly, especially the summer in 2004, Lanxianping who is an economist of the Hong Kong oppugned the power reform & MBO of the listed company in the state- owners enterprise, the applicability of MBO in our country becomes the controversy, someone even states MBO should be forbidden at present. Facing the controversy, how to make rational choice? The thesis discusses that MBO will be one of the power reform methods in the state-owned enterprise on the theories and practical level, the penman dialectic analysis the feasibility, realistic meaning & accommodator of MBO in China, go deep into the obstacle & problem of MBO nowadays, discuss the preparation of MBO in the state-owned enterprise.更多还原