完善MBO在国内上市公司运作的研究
摘要
MBO即管理层收购(Management Buy—outs)这一现象，正在引起企业界的广泛关注，并可能成为中国企业产权改造的主流性重组手段。尽管十几年来我们不断地接受有关利益机制、产权交易、职工及管理者持股等种种新观念的教育，也不时地耳闻学术界宣布相关理论的突破，更是不懈地承受着各级政府各种产权交易战略的实验。但是，归根到底，旗帜鲜明地将管理者收购这一重大的极具现实意义的国际性课题付诸学术的努力还很欠缺。
管理层收购在西方国家已是很成熟的做法，但在我国只是近年来才出现了管理层收购，由于社会制度、经济制度的不同以及社会经济发展水平的不一致，我国管理层收购既有着管理层收购的一般共性，又有着其特殊性。本文采用横向对比的方法，通过与外国管理层收购的对比分析，研究我国管理层收购的特殊问题。管理层收购在我国是一种制度创新，还处于起步阶段，相应的社会意识、金融环境、公司经营管理监管等相关制度环境还很欠缺，本文研究的目的就是立足于我国的现实环境来探讨我国管理层收购的特殊问题，并就运作程序这个关键问题进行详细的探讨。
作为一种公司治理结构上的制度创新，管理层收购(MBO)在我国应当有着广阔的发展空间。它解决了长期困扰我国企业改革的深层次问题，如所有者缺位问题、代理成本问题、激励和约束问题和政企不分。从理论上讲，对于我国现阶段“国退民进”的国企改革以及需要进一步发展壮大的民企来说，MBO都是非常适合。
MBO ( Management Buy- outs) is now causing extensive concern of the business enterprise field and may become the main reorganization means of the Chinese business enterprise in industry produces .Though more than ten years we study benefits mechanism ,shareholder trades and management and workers hold share also hearing the academic declare the related and theoretical breakthrough, we undertake an experiment of share trading strategy by all levels government. But, in the end, it lacks much to research MBO in scholarship.
MBO have been very mature in west nation, but just appear in our country in recent years. Because the difference of social system, economic system and economic development level, MBO in our country not only have general characters but also its own special character. This paper uses the method of the horizontal contrast, through comparing with MBO in foreign country studying the special problem of MBO in our country. MBO in our country is a new regulation innovation in the stage of start and the regulations of homologous social consciousness, financial environment, company management system is very deficient. The research purpose of this paper is to study special problems of MBO in our country standing in realistic environment of our country.
As a regulation innovation of company management structure , MBO has board develop space in our country. It resolved many difficult problems which perplex business enterprise in our country over a long period of time, such as proprietor losing power, cost of deputizing and the problem between spirit and restrict. Theoretically, MBO is very suit for reforming state owned enterprise and new developing private owned company.
管理层收购在西方国家已是很成熟的做法，但在我国只是近年来才出现了管理层收购，由于社会制度、经济制度的不同以及社会经济发展水平的不一致，我国管理层收购既有着管理层收购的一般共性，又有着其特殊性。本文采用横向对比的方法，通过与外国管理层收购的对比分析，研究我国管理层收购的特殊问题。管理层收购在我国是一种制度创新，还处于起步阶段，相应的社会意识、金融环境、公司经营管理监管等相关制度环境还很欠缺，本文研究的目的就是立足于我国的现实环境来探讨我国管理层收购的特殊问题，并就运作程序这个关键问题进行详细的探讨。
作为一种公司治理结构上的制度创新，管理层收购(MBO)在我国应当有着广阔的发展空间。它解决了长期困扰我国企业改革的深层次问题，如所有者缺位问题、代理成本问题、激励和约束问题和政企不分。从理论上讲，对于我国现阶段“国退民进”的国企改革以及需要进一步发展壮大的民企来说，MBO都是非常适合。
MBO ( Management Buy- outs) is now causing extensive concern of the business enterprise field and may become the main reorganization means of the Chinese business enterprise in industry produces .Though more than ten years we study benefits mechanism ,shareholder trades and management and workers hold share also hearing the academic declare the related and theoretical breakthrough, we undertake an experiment of share trading strategy by all levels government. But, in the end, it lacks much to research MBO in scholarship.
MBO have been very mature in west nation, but just appear in our country in recent years. Because the difference of social system, economic system and economic development level, MBO in our country not only have general characters but also its own special character. This paper uses the method of the horizontal contrast, through comparing with MBO in foreign country studying the special problem of MBO in our country. MBO in our country is a new regulation innovation in the stage of start and the regulations of homologous social consciousness, financial environment, company management system is very deficient. The research purpose of this paper is to study special problems of MBO in our country standing in realistic environment of our country.
As a regulation innovation of company management structure , MBO has board develop space in our country. It resolved many difficult problems which perplex business enterprise in our country over a long period of time, such as proprietor losing power, cost of deputizing and the problem between spirit and restrict. Theoretically, MBO is very suit for reforming state owned enterprise and new developing private owned company.
引文
[1] 王巍，李曙光等．MBO管理者收购-从经理到股东[M]．北京：中国人民大学出版社，1999：14-180．
[2] 田客．谁收购了“美的”[J]．中国乡镇企业报，2001，6(2)：2-4．
[3] 刘雪梅．卖掉宇通：21个人、郑州市和财政部的三角游戏[J]．21世纪经济报道，2001，7(2)：13．
[4] Steven Kaplan, Management buyouts:Evidence on taxes as a source of value Jurnal of Finance[M], 1989:44, 611-632.
[5] 黄中文．经理人融资收购(MB0)的国际经验及其在我国的发展[J]．经济研究参考，2000，24(3)：39．
[6] 王阳，李斌．从员工持股到管理层收购操作手册[M]．北京：机械工业出版社，2001：156-178．
[7] 张维迎．企业理论和中国改革[M]．北京：北京大学出版社，2000：49-69．
[8] 程恩寓，伍山林．企业学说和企业变革[M]．上海：上海财经大学出版社，2001：78-98．
[9] DeAngelo, Harry and Linda DeAngelo. Management buyouts of Publicly traded corporations[J], Financial Analyts Journal. 1987, 5 (6) :38-49.
[10] P．S．萨德沙拉姆．兼并与收购[M]．北京：中信出版社，1998：25-46．
[11] Abbie Smith, CaPital ownership structure and Performance:the case of management buyout[J].Journal of Financial Economics, 1990,27(8):143-164.
[12] 赵守日．西方国有经济体制革命[M]．广东：广东经济出版社，2000：192-208．
[13] Jensen. Agency costs of free cash flow[J].corporate finance and takeovers American Economic Review, 1986, (6):323-329.
[14] Lehn, Kenneth and Anette Poulsen. Free cash flow and stockholder gains in going Private transactions[J].Journal of Finance, 1989,8(44):771-788.
[15] 李崛．深方大：MBO坦途[J]．中国企业家，2001，(8)：33．
[16] 阿尔钦和德姆塞茨．生产、信息费用与经济组织[M]．上海：上海人民出版社，1994：206-219．
[17] 阿尔钦和伍德沃德．对企业理论的思考[M]．上海：上海财经大学出版社，1998：176-198．
[18] 钱颖一．转轨经济中的公司治理结构[M]．北京：中国经济出版社，1995：79-98．
[19] 张剑文．公司治理与股东激励[M]．广东：广东经济出版社，2001：134-146．
[20] Nicholas R Lardy. Intergrating China into Global Economy[M]. The Brooking Institution, 2002:158-188.
[21] 刘文通．公司兼并收购论．北京：北京大学出版社，1997：136-168．
[2] 田客．谁收购了“美的”[J]．中国乡镇企业报，2001，6(2)：2-4．
[3] 刘雪梅．卖掉宇通：21个人、郑州市和财政部的三角游戏[J]．21世纪经济报道，2001，7(2)：13．
[4] Steven Kaplan, Management buyouts:Evidence on taxes as a source of value Jurnal of Finance[M], 1989:44, 611-632.
[5] 黄中文．经理人融资收购(MB0)的国际经验及其在我国的发展[J]．经济研究参考，2000，24(3)：39．
[6] 王阳，李斌．从员工持股到管理层收购操作手册[M]．北京：机械工业出版社，2001：156-178．
[7] 张维迎．企业理论和中国改革[M]．北京：北京大学出版社，2000：49-69．
[8] 程恩寓，伍山林．企业学说和企业变革[M]．上海：上海财经大学出版社，2001：78-98．
[9] DeAngelo, Harry and Linda DeAngelo. Management buyouts of Publicly traded corporations[J], Financial Analyts Journal. 1987, 5 (6) :38-49.
[10] P．S．萨德沙拉姆．兼并与收购[M]．北京：中信出版社，1998：25-46．
[11] Abbie Smith, CaPital ownership structure and Performance:the case of management buyout[J].Journal of Financial Economics, 1990,27(8):143-164.
[12] 赵守日．西方国有经济体制革命[M]．广东：广东经济出版社，2000：192-208．
[13] Jensen. Agency costs of free cash flow[J].corporate finance and takeovers American Economic Review, 1986, (6):323-329.
[14] Lehn, Kenneth and Anette Poulsen. Free cash flow and stockholder gains in going Private transactions[J].Journal of Finance, 1989,8(44):771-788.
[15] 李崛．深方大：MBO坦途[J]．中国企业家，2001，(8)：33．
[16] 阿尔钦和德姆塞茨．生产、信息费用与经济组织[M]．上海：上海人民出版社，1994：206-219．
[17] 阿尔钦和伍德沃德．对企业理论的思考[M]．上海：上海财经大学出版社，1998：176-198．
[18] 钱颖一．转轨经济中的公司治理结构[M]．北京：中国经济出版社，1995：79-98．
[19] 张剑文．公司治理与股东激励[M]．广东：广东经济出版社，2001：134-146．
[20] Nicholas R Lardy. Intergrating China into Global Economy[M]. The Brooking Institution, 2002:158-188.
[21] 刘文通．公司兼并收购论．北京：北京大学出版社，1997：136-168．