【作者】 周子凡；

【导师】 彭真明；

【作者基本信息】 华中师范大学 ， 经济法， 2004， 硕士

【摘要】 管理层收购，英文简称为MBO，起源于20世纪70年代的美国，80年代风靡西方，90年代末被有识之士引进我国。一进入中国，原本在西方已经休眠的MBO便如枯木逢春般焕发出勃勃生机。2003年，近百家上市公司先后报出MBO实施方案，全国上下呈现一片繁忙热闹景象。MBO如此受管理层青睐，它是否就是目前治疗国企顽症的一剂良药?它在我国有没有适宜生长的法律环境，如何规范它并使之为我所用?为弄清这些问题，本文从MBO的法律界定、法律障碍和法律完善三个角度进行了深入分析。 第一部分法律界定，文章阐述了MBO的含义、特点、相关概念比较，中西方MBO比较。相关概念包括国有股减持、员工持股、外资并购、企业破产等。中西方MBO比较，包括五个方面，即形成背景、收购主体、持股比重、融资策略、定价模式。文章认为，MBO具有清理产权和股权激励双重功能，对我国产业结构调整和产权改革具有一定的借鉴意义，可以合理谨慎地推行。 第二部分法律障碍，文章结合实践中MBO采取的各种操作模式，分别分析了这些做法可能会遭遇来自公司法、证券法、《商业银行法》、《贷款通则》等的法律障碍。法律上的空白使得法律面对MBO束手无策，而MBO的某些做法又与现行法律的相关规定存在冲突，这些冲突必然会增加MBO的操作难度。因此，要规范引导MBO行为，保障MBO顺利进行，不仅要完善现行立法，查漏补缺，还要加强对MBO实施过程的监管力度。 第三部分法律完善，文章针对MBO过程巾存在的种种弊端，提出了六点规制构想：1．制定专门的《管理层收购管理条例》；2．加强对管理层收购过程的监管，重点监管关联交易、操纵证券市场、内幕交易、国有股东的权利保护等问题；3．限定收购对象、明确收购主体资格；4．明确国有资产理算范围及国有股定价标准；5．进一步完善信息披露制度，不仅要细化披露的内容，而且还要加强对造假人员的惩罚力度，使其不敢以身试法；6．限定管理层本人的居住、任职年限以及壳公司的经营年限等，以保证MBO不偏离企业原有的改制目的。更多还原

【Abstract】 Management buy-out, whose abridgement is mbo, originated in 20 century 70th in America, prevailed in western countries in 80th.it was introduced into China in the late 90th.in China, mbo is so active and alive. About 100 listed companies submit their scenarios in 2003.but, is mbo a real good remedy for state owned companies? Does China have legal environment to support mbo? How to standardize mbo and make use of it? to answer these questions, this article analyzes it from three angles: legal conception, legal obstacle, legal consummation.In the first part, the article describes mbo’s conception, characteristics, comparing with interrelated conceptions, comparing with western mbo. the interrelated conceptions including state share reducing, personnel holding shares, foreign capital merger, company bankruptcy. The differences between Chinese mbo and western mbo are divided into five aspects: background, purchasing persons, share holding proportion, financing strategy, price mode. The article thinks that mbo has two functions: clearing property rights, share impetus, so, mbo can be used to help the industry adjustment and equity reform.In the second part, the article conjoins with the reality, analyze that what kind of legal obstacle from company law, securities law, commercial bank law, loan general rule that mbo can encounter .the law blankness makes the law feel useless to mbo, while the conflicts add the difficulty to mbo. So. In order to guarantee mbo go smoothly, the best way is to consummate the legislation, and strengthen the supervision.In the third part, the article gives six suggestions. The first is to enact special mbo law and stipulate all things that related to mbo. The second is to supervise over related dealing, manipulating share market, insider dealing, safeguarding the state shareholders’ interesting. The third is to limit the purchaser and seller. The fourth is to evaluate the state owned asserts and the share price. The fifth is to make out the detail information which should be revealed in public, and strengthen punishment to these wrongdoers. The sixth is to confine the managers’ tenure and special company’s duration.更多还原