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产生于二十世纪八十年代西方国家并购浪潮中的MBO(管理层收购),近年来已经成为中国资本市场一个最热门的话题。2000年至2004年间我国国有企业股权的改革过程中大胆启用了该制度。然而,由于我国对杠杆并购在理解上存在的误区、资本市场的不发达以及交易过程中国有股权价格计算的不规范,造成了国有资产流失事件频频发生。2005年4月15日,国务院国有资产监督管理委员会、财政部公布了《企业国有产权向管理层转让暂行规定》,禁止国有企业进行管理层收购。本文通过比较和实证分析认为,MBO在国有企业改革中所起的促进作用是不可质疑的,它将会是未来国有企业改革的重要手段。针对现在国有企业改革中MBO所存在的问题,本文尝试从法律制度、融资、定价等方面分析对策,以促进MBO在中国的发展。
MBO, a management buyout that originated in the Western wave of mergers and acquisitions in the 1980s, has emerged as one of the hottest topics in China’s capital markets in recent years. From 2000 to 2004, the system of state-owned enterprises in our country’s equity reform boldly enabled the system. However, due to our misunderstanding of Leveraged Mergers and Acquisitions, the underdeveloped capital markets and the non-standard calculation of state-owned equity prices during the transaction, the loss of state assets has been frequent. On April 15, 2005, the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance promulgated the Interim Provisions on the Assignment of State-owned Property Rights to Management and prohibited the state-owned enterprises from making management buyouts. Through comparison and empirical analysis, this paper argues that the promotion role of MBO in the reform of state-owned enterprises is beyond doubt. It will be an important means for the reform of state-owned enterprises in the future. In view of the existing problems of MBO in the reform of state-owned enterprises, this paper attempts to analyze the countermeasures from the aspects of legal system, financing and pricing in order to promote the development of MBO in China.