【作者】 王媛媛；

【导师】 田恩义；

【作者基本信息】 哈尔滨工程大学 ， 经济法学， 2006， 硕士

【摘要】 管理层收购起源于20世纪60、70年代，其作为一种金融技术创新与产权制度变革，在整合企业资源、降低代理成本、提高企业经营管理能力方面具有重大的意义，所以，在英美等西方发达国家管理层收购得到了广泛的应用。在我国，管理层收购出现于20世纪末期，它作为解决国有企业深化改革的一剂良方，曾一度热火朝天的被推而广之。然而，由于金融体制及法律规范存在着一些漏洞，使得管理层收购在实际操作过程中出现了一些“水土不服”的状况，以致被一度叫停。本文为探寻管理层收购中的法律缺陷的解决之道，重点分析了我国管理层收购的政策、法律环境的变化及其影响，并结合公司法、证券法的相关条款的修改，来大胆预测了我国管理层收购的发展趋势，最后提出了解决我国管理层收购相关法律问题的对策。笔者认为，管理层收购在我国还有很大的发展空间，新公司法、新证券法的实行，对中国管理层收购的透明化操作提供了重要的法律支持。管理层收购将在解决国有企业改革中的产权、分配制度改革等方面继续发挥其独特的作用。更多还原

【Abstract】 The management buy-outs origins from the 60’s and the 70’s in 20th century. As a kind of innovations in the financial technology and the transfonn of property right system, it has played an important role in conforming enterprises’s resources, reduction on agency costs , enhancing management abilities of enterprises and so on. Therefore, MBO has applied widely in western developed countries, as Britain and America. In our country, MBO appears at the end of 20th century, which has deepened the reform of the state-owned enterprise as a good solution, and was given extensive application. However, because of certain loopholes in the monetary system and the legal standard, some disadvantages appeared in the process of the actual operation, and it was once called to stop. To find some good ideas to solve the legal flaws of MBO in China, this article has analyzed the policies of MBO in our country, the change of its legal environment and its influence. Then combining with revisions in some related provisions of the Corporation law and the Secureties Law, it forecasts the development trend of MBO in our country, finally proposes some solutions. In my eyes, MBO should ha more development in our country, and the implementation of the new Corporation Law and the new Securities Law, has provided the important holding to the transparence operation of Chinese MBO. MBO will continue to play its unique role in the reform of the property right in state-owned enterprises and the distribution system.更多还原