MBO（管理层收购）的法律探讨
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摘要
MBO(管理层收购，Management Buy-out)作为20世纪80年代英美国家的股权收购形式，以管理层控股本公司对传统公司结构中，因所有权和经营权相分离所造成的种种弊病进行矫正。MBO以有效降低代理成本，改善经营绩效的优势，在中国证券市场停止减持国有股后，作为一条解决国有资产退出的有效途径得到关注。在中国，MBO实行的背景、特点等，与英美等国家存在着诸多差异，其运作模式尤其是法律保障机制，也有待深入讨论。
MBO在我国处于起步阶段，其实施过程，一方面受到原有法律法规的制约，存在着种种法律障碍；另一方面又面临许多法律空白，缺乏必要的法律监管制度。这些法律问题，主要体现在收购主体、融资渠道、股权定价和信息披露等几个方面。
本文通过MBO的法律性质与法律问题的分析，针对其制度障碍和监管空白，进行立法性探讨。建议立法者在MBO的收购主体、融资等方面，应当取消不合理限制，建立健全国有股权定价和信息披露制度，并加强对MBO目标公司运作的监管，以防止可能出现的后遗症。论文通过规范MBO的运作，为运用MBO方式落实国有资本从一般性竞争部门向战略部门集中，继续深化国有企业改革提供法律保障。
MBO is prevailing in China. It started off in Britain and US in the 1920s. It attempts to avoid the setbacks caused by the separation of management from ownership of the traditional structure of companies by letting the management control the company. Practice has proven that MBO can effectively reduce cost and improve management.
MBO has aroused national interest as a way to withdraw state-owned assets since the reduction of shares of state-owned enterprises came to a halt. But due to different background, MBO in China varies from that in the West in terms of the model of operation.
MBO is just at its preliminary stage in China. On the one hand legal barriers of previous laws and regulations have contained its realization. On the other hand, there's certain legal vacuum and short of necessary monitoring system. The problems have appeared in the subject, channels for financing and release of information.
This paper analyzes legal nature and matters of MBO, explores the legal barriers and monitoring vacuum, makes suggestions on lifting irrational restrictions to the subject and financing and establishing the system of pricing the shares of state-owned enterprises as well as intensify post MBO monitoring so as to prevent possible problems. It aims at promoting the legal procedure of MBO, standardizing MBO operation and providing legal guarantee for carrying out the policy of transferring state-owned assets from general competitive sectors to those of strategic importance as well as intensifying SOE reforms.
MBO在我国处于起步阶段，其实施过程，一方面受到原有法律法规的制约，存在着种种法律障碍；另一方面又面临许多法律空白，缺乏必要的法律监管制度。这些法律问题，主要体现在收购主体、融资渠道、股权定价和信息披露等几个方面。
本文通过MBO的法律性质与法律问题的分析，针对其制度障碍和监管空白，进行立法性探讨。建议立法者在MBO的收购主体、融资等方面，应当取消不合理限制，建立健全国有股权定价和信息披露制度，并加强对MBO目标公司运作的监管，以防止可能出现的后遗症。论文通过规范MBO的运作，为运用MBO方式落实国有资本从一般性竞争部门向战略部门集中，继续深化国有企业改革提供法律保障。
MBO is prevailing in China. It started off in Britain and US in the 1920s. It attempts to avoid the setbacks caused by the separation of management from ownership of the traditional structure of companies by letting the management control the company. Practice has proven that MBO can effectively reduce cost and improve management.
MBO has aroused national interest as a way to withdraw state-owned assets since the reduction of shares of state-owned enterprises came to a halt. But due to different background, MBO in China varies from that in the West in terms of the model of operation.
MBO is just at its preliminary stage in China. On the one hand legal barriers of previous laws and regulations have contained its realization. On the other hand, there's certain legal vacuum and short of necessary monitoring system. The problems have appeared in the subject, channels for financing and release of information.
This paper analyzes legal nature and matters of MBO, explores the legal barriers and monitoring vacuum, makes suggestions on lifting irrational restrictions to the subject and financing and establishing the system of pricing the shares of state-owned enterprises as well as intensify post MBO monitoring so as to prevent possible problems. It aims at promoting the legal procedure of MBO, standardizing MBO operation and providing legal guarantee for carrying out the policy of transferring state-owned assets from general competitive sectors to those of strategic importance as well as intensifying SOE reforms.
引文
(1) 海虹、范海洋．我国MBO存在的问题和对策．上市公司．2003-02
(2) 刘志云．国内上市公司MBO若干法律问题探析．财经问题研究．2003-01
(3) 胡滨．上市公司收购的若干法律问题．王保树．商事法论集第四卷．法律出版社．2001
(4) 元硕．上市公司欲掀MBO风暴．中国改革．2001-08
(5) 刘文．管理层收购及其在中国的运用和发展．资本市场．2002-11
(6) 孙耀唯．企业并购谋略．北京：中华工商联合出版社．1997
(7) 刘震．MBO：国企改革新话题．国研网．2002-04
(8) 夏英．你们MBO了吗．南方周末．2003-03-20
(9) 顾列铭．管理层收购：无人管理的收购．中国工商时报．2002-11-18
(10) 丁秀洪．MBO开闸民营化改造“先驱”还是“先烈”．南方都市报．2002-11-20
(11) 周力军．MBO：企业并购新手段．经济参考报．2002-04-30
(12) 奚玉芹．MBO本土化的问题与对策．上市公司．2003-03
(13) 吴硕．美国ESOP和MBO对我国股份制改革的启示．广西商业经济．1999-01
(14) 刘文通．公司兼并收购论．北京：北京大学出版社．1997
(15) 缪舢．抉择MBO．中国企业报．2003-02-17
(16) 段海虹．我国MBO的运作．上市公司．2003-02
(17) 赵西卜、刘瑜宏．管理层收购与经营者持股．商业会计．2002-12
(18) 黄湘源．中国式MBO收购．资本市场．2002-11
(19) 米险峰．管理层收购：作用、效果及影响．国际经济合作．2002-01
(20) 施晓红．管理层的收购及其在中国的应用．经济管理．2001-11
(21) 申音、和姗姗．投行抢食MBO．南方周末．2003-03-27
(22) 段海虹．范海洋．MBO作用与美国公司的实践经验．上市公司．2003-02
(23) 王阳等．从员工持股到管理层收购．中国企业在线并购网．2002-05
(24) 刘仪舜．国资改革箭在弦上 立法先行知易行难．南方周末．2003-04-10
(25) 张炜．MBO收购转让价如何定．中国经济时报．2002-11-08
(26) 黄湘源．警惕逃控机制下的MBO．人民日报．2002-12-19
(27) 春燕．MBO收购：一股就灵?．中国经济时报．2003-01-03
(28) 陈怀红．管理层收购(MBO)与国企改革．21世纪经济报道．2001-07-23
(29) 郑轶楠．管理层收购反叛现代企业制度．中国证券期货．2002-09
(2) 刘志云．国内上市公司MBO若干法律问题探析．财经问题研究．2003-01
(3) 胡滨．上市公司收购的若干法律问题．王保树．商事法论集第四卷．法律出版社．2001
(4) 元硕．上市公司欲掀MBO风暴．中国改革．2001-08
(5) 刘文．管理层收购及其在中国的运用和发展．资本市场．2002-11
(6) 孙耀唯．企业并购谋略．北京：中华工商联合出版社．1997
(7) 刘震．MBO：国企改革新话题．国研网．2002-04
(8) 夏英．你们MBO了吗．南方周末．2003-03-20
(9) 顾列铭．管理层收购：无人管理的收购．中国工商时报．2002-11-18
(10) 丁秀洪．MBO开闸民营化改造“先驱”还是“先烈”．南方都市报．2002-11-20
(11) 周力军．MBO：企业并购新手段．经济参考报．2002-04-30
(12) 奚玉芹．MBO本土化的问题与对策．上市公司．2003-03
(13) 吴硕．美国ESOP和MBO对我国股份制改革的启示．广西商业经济．1999-01
(14) 刘文通．公司兼并收购论．北京：北京大学出版社．1997
(15) 缪舢．抉择MBO．中国企业报．2003-02-17
(16) 段海虹．我国MBO的运作．上市公司．2003-02
(17) 赵西卜、刘瑜宏．管理层收购与经营者持股．商业会计．2002-12
(18) 黄湘源．中国式MBO收购．资本市场．2002-11
(19) 米险峰．管理层收购：作用、效果及影响．国际经济合作．2002-01
(20) 施晓红．管理层的收购及其在中国的应用．经济管理．2001-11
(21) 申音、和姗姗．投行抢食MBO．南方周末．2003-03-27
(22) 段海虹．范海洋．MBO作用与美国公司的实践经验．上市公司．2003-02
(23) 王阳等．从员工持股到管理层收购．中国企业在线并购网．2002-05
(24) 刘仪舜．国资改革箭在弦上 立法先行知易行难．南方周末．2003-04-10
(25) 张炜．MBO收购转让价如何定．中国经济时报．2002-11-08
(26) 黄湘源．警惕逃控机制下的MBO．人民日报．2002-12-19
(27) 春燕．MBO收购：一股就灵?．中国经济时报．2003-01-03
(28) 陈怀红．管理层收购(MBO)与国企改革．21世纪经济报道．2001-07-23
(29) 郑轶楠．管理层收购反叛现代企业制度．中国证券期货．2002-09