MBO在国有企业中的适用性及相关法律问题

【作者】 王明辉；

【导师】 丁丁；

【作者基本信息】 对外经济贸易大学 ， 法律， 2004， 硕士

【摘要】 MBO是指公司的管理者或经理层利用杠杆收购的方式，利用借贷所融资本购买本公司的股份，从而改变公司的所有者结构、控制权结构和资产结构，使企业的原经营者变成企业的所有者的一种收购行为。MBO起源于20世纪70年代的美国。当时一些公司中由于所有权与经营权过度分离，导致经理人滥用权力，挥霍公司财产，于是出现了MBO，其主要是为了降低过高的代理成本。而中国随着国有股的减持及国有企业的“抓大放小”政策的出台，大量处于竞争性行业中的国有企业的国有资产要进行转让，MBO就应运而生了。它被认为是明晰产权，激励管理者的有效途径。然而MBO在中国大型国有企业中的应用却存在很大弊端，诸如导致国有资产的流失，损害中小股东的利益等。本文从MBO在国有上市公司中产生的弊端入手，就其在国有企业中的适用性以及相关的法律问题进行了探讨，得出MBO在国有企业的应用方案。本文的结论是：MBO不适合在大型的国有企业，包括国有上市公司与非上市公司中进行；它适合在中小型国有企业中进行。为了使MBO在中国现阶段的经济背景条件下，能够发挥其积极的作用，应当尽快完善相关的法律法规；同时加强法律监管；注意保护相关人的权益，对MBO过程中的违法犯罪行为要严格追究相关人的法律责任。更多还原

【Abstract】 MBO is a kind of acquisition act, which makes the original management of enterprises become the owners by acquiring the shares of their own companies with loaned capital. MBO originated in America in 1970s with the purpose of reducing high risking cost due to extreme separation between managements’ power and owners’ power. While in China, with the further reform of stated-owned enterprises in China, and the changing of government’s economic function after China’s entry of WTO, it is certain that the state economic construction should be adjusted accordingly. Stated-owned asset needs to be reallocated, which must bring the transferring of a large number of stated-owned assets from challenging areas to individual. In such economic situation, MBO is employed by many enterprises and supposed to be an active way to clarify property right and excite management. However, there are some serious problems with MBO when carried out in big state-owned enterprises. For instance, the stated-owned asset lost and the right of social shareholders suffered. This essay first analyzes the defects when applying MBO in stated-owned list companies. Then it makes further study on the issue of what state-owned enterprises can apply MBO. The author concludes that MBO can be used in medium and small-sized enterprises instead of big enterprises because of present economic conditions in China. The author puts forward some suggestion to make full use of MBO in stated-owned enterprises. First of all, relative laws and regulations should be improved or established as soon as possible in order to show the advantages of MBO during the special period of stated-owned enterprises’ reform. The legal supervision and protection of other shareholders’ and creditors’ right should be enhanced. If there are breaches of laws during MBO, certain legal actions should be taken against wrongdoers.更多还原