管理层收购在中国的现状和发展前景分析

【作者】 蒋科瑛；

【导师】 姚先国；

【作者基本信息】 浙江大学 ， 政治经济学， 2002， 硕士

【摘要】 进入90年代以来，随着管理层收购被我国一些企业采用，众多管理层收购案例的成功实施引起了中国经济界和企业界的强烈关注，管理层收购作为一种公司管理层购买本企业的股票或资产，以取得目标企业的控制权，从而改变公司所有权结构、控制权格局以及公司资产结构的制度安排方式对我国解决国有企业和民营企业产权不清问题，从而激励管理层提高企业业绩具有重要作用。 本文从理论比较和实证分析两个方面分析了管理层收购，对管理层收购的经济学意义加以明确阐述，并与西方系统化管理层收购运作和中国年薪制、员工持股、股票期权制度做对比理论分析，得出中国目前实施管理层收购的好处。另外，本文还通过搜集8家中国上市公司数据，建立计量经济模型，第一次实证分析了中国企业实行管理层收购的效果，并从分析中找出目前中国存在的制约因素，进一步提出中国实行管理层收购的相关对策建议和前景展望。 本文第一部分对管理层收购的基本情况进行概括性论述，从其特点、程序、经济学基础、西方效果分析等方面具体展开，从理论上阐述了实行管理层收购的意义和西方的情况。本文第二部分首先分析了中国企业产权和管理者激励存在的问题，并将管理层收购与年薪制、员工持股、股票期权制作对比理论分析，得出在中国应用管理层收购的好处。本文第三部分针对中国管理层收购与西方管理层收购的区别，指出 中国目前应用管理层收购的企业特点和模式，并对中国8个上市公司实行管理层收购进行实证研究，从研究中得出目前中国管理层收购存在的差距和不足，最后对现阶段实行管理层收购加以前景展望。更多还原

【Abstract】 From 1990’s, with the use of Management Buy-outs (MBO) by several enterprises in China, a lot of successful cases of MBO had let the economists, managers and policy-makers all concerned with this method. A MBO is a transaction that a group of managers buying a substantial amount of equity or asset in the firm for which they work. After that, the managers control the firm, change the equity and asset structure of the firm. It plays an important role in solving the property right problem of GOE and privately- owned enterprises and their lack of incentive mechanism in China.This thesis analyzes the MBO from two aspects, such as theoretic comparison and empirical analysis. It mainly discusses the economic basis of MBO and compare the MBO used in China with the systematic MBO operated in Western countries and the system of annual salary, ESOP, manager option operated now in China, leading to the conclusion of using MBO in enterprise reform. Also with the data from 8 listed company in Stock market, we establish a quantitative model to analyze the effect of MBO on the firms in China. It is the first time that the effects be showed in detail. We aim to find the restrictive factors that inhibit the development of MBO and want to find solution to resolve them.The first part generally discusses the main information of MBO, such as feature, process, economic basis and effect in Western countries from the aspect of theoretic analysis. The second part mainly analyzes the problems in enterprise property right and incentive mechanism and compare MBO with the system of annual salary, ESOP, manager option operated now in China. The third part discusses the difference between MBO used in China and Western countries. With the data from 8 listed company in Stock market, we analyze the effect of MBO on the firms in China by quantitative method. It is the first time that the effects be showed in detail. At last the restrictive factors that inhibit the development of MBO are found and the solutions to resolve them are advised.更多还原