【作者】 耿直；

【导师】 郭俊秀；

【作者基本信息】 厦门大学 ， 经济法学， 2006， 硕士

【摘要】 管理层收购是管理层利用自有资金或外部融资购买其所经营企业的股份,从而改变企业的所有权结构、控制权结构的行为。国外40多年的实践证明,管理层收购在减少企业的代理成本、完善企业治理结构方面的效果十分显著。作为我国企业产权改革的一种重要方式,管理层收购越来越受到法律界和金融界的重视。但由于我国的市场环境和法律制度的不完善,管理层收购在我国的发展面临着诸多限制。本文结合我国管理层收购的实施现状,对我国管理层收购的发展模式及其相关立法的完善提出了一些建议。本文除引言和结语外,主文共分四章。第一章在对各种观点进行概括和总结的基础上,提出了管理层收购的定义,接着分析了西方国家管理层收购形成和发展的历史,并对管理层收购的理论基础进行了探讨,以期对管理层收购有一个整体认识。第二章对我国管理层收购兴起的深层次动因进行了分析,在对中外管理层收购进行细致比较的基础上,探讨了我国现阶段什么样的企业适合进行管理层收购的问题。第三章对管理层收购在我国面临的法律问题进行了比较详细的分析,主要涉及与收购主体和融资方式相关的法律问题,并对完善我国管理层收购的立法提出了几点建议。第四章建议在我国以信托模式进行管理层收购,在分析信托模式优势的基础上,提出了管理层收购信托模式的具体运作方式,并对信托模式面临的信息披露问题提出了立法完善建议。更多还原

【Abstract】 Management Buy-out (MBO) means a conduct that the management make use of their own funds or outside funds to purchase the enterprise’s share, which is run by themselves, so that the enterprise’s property structure and controlling structure changes. In the past 40 years, the practice of MBO in western countries has proved that MBO significantly takes effect on reducing agency cost and improving corporate governance structure of enterprise. As an important method of property right reformation in Chinese enterprises, MBO attracts more and more attention in legal and financial circles. Because of the immaturity of market situation and legal system, MBO is confronted with many restrictions in China. The paper analyses these issues and gives some advices for consummating legislation of MBO, and advances evolutional mode of MBO in China.Besides preface and conclusion, the paper consists of four chapters.Chapter one summarizes different viewpoints of the conception of MBO and presents the definition of MBO, then analyses the origin and development of MBO in western countries, and discusses the theoretical basis of MBO in order to give an integrated understanding of MBO.Chapter two analyses the deep reason of the development of MBO in China, and discusses what kind of enterprise suit to MBO on the basis of detailed comparison of the differences of MBO between China and western countries.Chapter three analyses the legal issues that MBO is confronted with in China, mainly relate to Buy-out subject and financing, then gives some advices for consummating legislation of MBO.Chapter four suggest applying trust mode to process MBO in China, and advances material plan of trust mode on the basis of analyzing the advantages of this mode, then gives some advices for consummating legislation of information disclosure to solve the legal issues that trust mode is confronted with.更多还原