【作者】 张硕；

【导师】 罗猛；

【作者基本信息】 哈尔滨工程大学 ， 经济法学， 2008， 硕士

【摘要】 管理层收购近年来在中国发展并广为流行起来。然而,在中国的管理层收购,特别是上市公司管理层收购过程中,缺乏完善的法律体系,有很多问题值得商榷。我国有关MBO主体的法规中,法人、“壳公司”等形式作为上市公司MBO主体面临着主体资格存在与否的法律风险,且在一定程度上存在着收购成本增加及股权收益减少等法律障碍,取消关于滞阻股权托管、公司托管等MBO行为的法律规定,对纯粹为实施MBO而设立的壳公司进行单独立法,是更为彻底、科学和有效的办法;上市公司MBO的融资模式中存在着管理层向公司、银行等机构融资不合法的困境,促进信用贷款发展、逐步放宽商业银行贷款的有关限制、放宽企业债券的发行限制、探索次级债务工具和建立企业优先股融资机制等有利于促进MBO的健康、快速发展。上市公司MBO定价的法律不健全,除了对国有股转让有不低于每股净资产等粗线条意见外,均未对MBO收购价格作特殊规定,客观上存在国有资产流失的可能。在确定的时间点以每股净资产为基础,参照市盈率大小的公开竞价模式更为科学;上市公司信息披露中存在公司违法披露信息、故意隐瞒或歪曲重要信息等问题,须严惩伪造资料的行为、建立有效的退出机制、加快会计制度的国际化、扩大财务报表的信息容量、建立外部监督体系及完善财务制度等以完善MBO的信息披露更多还原

【Abstract】 MBO is a kind of purchase way normally used in western market economy world. Recently, it is becoming a popular topic of law of the reform of state-owned enterprises and stock markets in China. However, during the process of MBO in China, the problems, such as the main body of purchasing, setting a price, financing, information disclosure and so on resulted in lots of MBO trouble.Under the laws about subject of MBO, the identification of individual, artificial person, shell company and employee shareholder association as MBO’s subject is risking the legal punishment, and legal obstacles such as purchase expansion increase and shareholder income decrease exist in some case. The abolishment of legal obstacles of MBO actions such as trusteeship of stock ownership and company, and independent legislation of shell companies founded for MBO specially, are quite scientific and effective ways to improve the legislation. Then the legal obstruction of financing is analyzed. The financing of management getting loan from companies and banks is illegal sometimes according to the laws of China. And the suggestion of improving the credit and loan restriction, gradually broadening the restrain of bank loans and etc. to consummate it is presented. After that, legislation of pricing in MBO is incomplete. The laws for MBO price are insufficient except the suggestion of not less than complete asset per share. In addition, the public pricing mode of price based on complete asset per share and considering the market surplus rate is recommended. The problems of information disclosure illegally and disguising or distorting important information exist in information disclosure of listed companies sometimes. At last, the suggestion of severe punishments on acts of forging documents, found of effect exit system of fond and extend of the information amount of finance report forms to regulate the information disclosure of listed companies is proposed.更多还原