作为我国国有资产战略重组背景下的一种激励机制,管理层收购近年来引起了国内的广泛关注。充分发挥管理层收购的作用离不开成熟的市场经济环境,由于我国当前的市场经济环境不太成熟,使得管理层收购中固有的利益冲突更为严重,极易发生管理层道德危机。要解决这一问题,最主要的不是技术上的优化,而是制度上的改进。 As an incentive mechanism under the background of strategic reorganization of state-owned assets in our country, MBO has aroused widespread domestic attention in recent years. To fully play the role of MBO is inseparable from the mature market economy environment. Because the current market economy environment in our country is not mature enough, the conflicts of interest inherent in MBO are more serious and the management ethics crisis is prone to happen. To solve this problem, the most important thing is not technical optimization, but institutional improvement.