【作者】 方铁道；

【导师】 陈富良；

【作者基本信息】 江西财经大学 ， 经济法， 2004， 硕士

【摘要】 MBO产生于20世纪60年代，盛行于20世纪80年代，它一般发生于下列情况：公司管理层人员进行创业尝试、希望摆脱上市制度约束、实现大额股票转让、集团公司实现对子公司或分支机构的剥离等。在MBO过程中，会滋生诸多风险，如行政风险、道德风险、分红风险、运作风险等，这些风险在我国表现的尤为典型。所以，在管理层收购过程中，一般要求坚持平等原则、强制公开披露和诚实信用原则。在我国，MBO公司法上的价值取向从传统的减低代理成本逐渐“本土化”为解决国有股所有者缺位问题。从理论上讲，MBO实质为一种特殊的商事法律行为，其特殊性体现在强制性与当事人意思自治相结合。实施MBO必然会导致一定的法律后果：若收购不成功，公司管理层就有可能被公司解聘，且再次收购也会受到限制；反之，若收购成功，则可能会导致公司控制权转移、公司形态变更或目标公司退市。从我国现行的法律法规看，对于MBO的实施并未作禁止性的规定，具有一定的法律生存空间。但在实践过程中，由于缺乏具体的操作规范指引，暴露出诸多问题：如收购主体资格、收购资金来源的合法性问题，信息披露以及国有股转让等问题。这些问题的产生一方面是由于制度移植本身“排异性”特点所决定的，另一方面也是由我国特殊国情所造成的。鉴于此，本文在考察西方发达国家相关制度的基础上，充分考虑我国的一些特殊情况，对我国的MBO法律制度的构建和完善提出了一个初步的构想：第一，在制定一个操作性较强的指引规范的同时完善相关立法，明确自然人、“壳”公司以及职工持股会的收购主体资格，并合理界定收购过程中收购者、目标公司董事、股东应享有的权利和义务，构建一个合理的权利义务制衡体系，让MBO有章可循。同时，引入战略投资者以进一步规范管理层收购，并明确其收购行动中“一致行动人”的法律地位。第二，在资金筹集上，一方面可以借鉴我国现有的成功融资模式：另一方面还可以在法律允许的范围内进行融资方式创新，如通过MBO资金信托或私募资金。对于资金的退出，可以灵活的采用股权转让、发行上市、重新资本化等方式实现。第三，在定价机制上，批判地继承现行净资产定价模式，充分考虑公司成长性，制定合理的定价标准值和定价模式，引入竞价机制，提高定价过程的透明度和价格本身的合理性。在我国，MBO实践由于缺乏具体的规范指引和有效的监管机制，暴露出许多问题，这为MBO监管提出了现实要求。所以，有必要根据MBO自身特点，结合我国的具体情况，创新监管模式，构建一个多边的协调监管机制，以确保规范的遵守和制度预期价值的实现。更多还原

【Abstract】 Management Buyout (MBO) was resulted from the sixties of the 20th century, prevailed in the eighties of the 20th century, it’s generally taken in following cases: Companies’ administration and supervision authorities personnel cany on undertaking try, breaking away from listing systems retrain, realizing the transfer of heavy volume stocks, subsidiary or the branch striped from group company. In the course of MBO, some risks appear, such as administration risk, morals hazard, risk of sharing out bonus, operation risk, etc., particularly in our country. So, during the course of MBO, requiring insisting on the equal principle, forcing publishing publicly and honest credit principle.In our country, MBO’s value orientations in company law has changed from a traditional one that lowering the cost of agent to solving the problem state-owned stock lack of owner location gradually. In theoretically analysis, MBO is a kind of special commercial juristic action in fact, it’s peculiarity is that combine its embodiment with party’s autonomy. Several legal consequence will be caused certainly by the implementation of MBO: If it does not succeed, the administration and supervision authorities of the company will be discharged probably and it’s limited to buy-out again; On the contrary, if succeed, it may lead to the fact that the ownership of company be shifted, the company form changes or the targeted company go into private.Seeing from the current laws and regulations of our country, the implementation of MBO is permitted. In the course of practice, some problems expose for lacking of the guiding of concrete operation standard, Such as the illegitimacy of the qualification of purchasing subject and the source of purchasing fund, some questions concerned publish publicly and state-owned stocks, etc. On one hand, the productions of these questions are determined by transplantation its own character, on the other hand, it is even caused by special national conditions of our country.In view of this, on the basis of observing the relevant system of western developed country, considering the special circumstances of our country fully, We put forward a preliminary idea about the construction and perfection of MBO legal system in our country: The first, perfecting the relevant legislation while making a operation standard with good effectiveness, making the qualification of purchase subject like natural person, shell company and worker-hold-share meeting clear, and defining the rights and obligations which the purchaser, targeted company directors and shareholders should enjoy in course of purchasing rationally, constructing a piece of rational check andbalance system of rights and obligations to make MBO have regulations to abide by,besides, in order to standardize MBO further, introducing strategic investors, and making its purchase legal status that person take action unanimously clear. Secondty, on fund raising, on one hand, drawing lessons from our country’s existing success financing mode; on the other hand, carrying on innovation of financing ways within the range of what the law is allowed, such as private fund, MBO’s fund trust. The fund car. withdraw flexibly by means of transfer of stock right, listing and capitalization, etc. Thirdly, On the pricing mechanism, inheriting the current mode of net assets pricing critically, fully considering the company growth, making rational pricing value standard and pricing mode, introducing competition mechanism of pricing, improving the transparency of the course of the price confirmed and rationality of price itself.In our country, a lot of questions exposing during the course of MBO for lacking of concrete operation standard and effective supervision mechanism, this has put forward the realistic request for MBO’s regulation. In order to guarantee the realization of system observing and expectancy value of the standard, it is necessary to innovate the mode of regulation and construct a multilateral coordination regulation mechanism on the base of its own characteristic.更多还原