管理层收购法律问题研究
摘要
本文在探讨管理层收购含义及其基本理论的基础上,对中国企业管理层收购面临的政策、法律环境、发展现状等问题进行了实证分析。本文共分四部分,各部分主要内容如下:
第一部分:管理层收购的基本法律理论。本部分主要介绍了管理层收购的概念、特征等。
第二部分:中国企业管理层收购发展现状及法律环境剖析。本部分在归纳并分析中国企业管理层收购发展三个阶段的基础上,对中国企业管理层收购的特点与原因及中国管理层收购面临的法律、政策环境进行了探讨。
第三部分:中国管理层收购面临的法律困境。
第四部分:解决中国管理层收购面临法律困境的对策。在收购主体方面和收购融资方面分别作了探讨。
In this paper, basing on the discussion of meaning of management buy-out and its basic theory, the author gives a practical analysis on the legal difficulties we are facing in the management buy-out in China and related solutions from the perspective of development history of Chinese enterprises management buy-out, differences on management buy-out between China and overseas and the experiences that we can learn from the overseas management buy-out. Meanwhile, deep research has been made on the key point of main legal system of management buy-out, financing laws and a pricing of transferring national assets. There are four parts in the article, and the main idea of each part is as follows:
First Part: Basic legal theory of management buy-out. The main content in this part is the definition of management buy-out and features etc. First of all, the author briefly introduces the understanding of management buy-out definition and legal features, including specified quality of purchase subject, high financial leverage effect of purchase financing and the changing of enterprise form caused by management buy-out. Secondly, the category of management buy-out: mainly includes subsidiaries of purchase group or branch institutions, state-owned company purchasing to realize private possession, public companies purchasing and bankrupt companies purchasing or the ones in crisis. Thirdly, the basic mode of management buy-out includes the start, financing arrangement and rights and interests. Fourthly, the significance of management buy-out is highlighted. Through the introduction in the first part, the author believed that management buy-out provides a new road to the property right reform of Chinese enterprises, which is also a new means to perfect the structure of control in Chinese enterprises, meanwhile, the management buy-out should be conducted in a complete legal environment so as to properly handle the national assets protection issues.
Part two the history of domestic and overseas management buy-out development. In this part, after discussing the overseas management buy-out development, the author analyzes the development of management buy-out in China, and divides it into three stages: 1. exploring period in small scale (from the end of 1980s to 1998). The key mission in this stage is to reform, and save the bankrupt small-sized state-owned companies in the market full of furious competition, with strict regulation on employee arrangement and comparatively irrelative with property right, so the influence is limited.2. Drawing attention stage (1998-2002), in this period, both the theoretical circle and practical circle believe that as one of the major approaches of national assets retreating, management buy-out has a bright perspective. However, because of the incompleteness of related laws and imperfect operation, the implementation of management buy-out is still facing all-round restrictions and risks. Therefore, the management buy-out is still in the primary attempt stage in small scope in China. 3. Primary establishment of related laws stage (since 2002), in this period, the regulations and laws are issued successively to standardize the management buy-out. Therefore, it becomes standard step by step, but there are still something need completing. Basing on the three stages, the author discusses the management buy-out features and reasons for Chinese enterprises and the legal and political environment of management buy-out in China. The author is convinced that the significance of local management buy-out is to improve the property right reform for state-owned companies and collective corporations. Chinese enterprises have got preliminary condition to implement management buy-out: the gradual breakthroughs in reform ideas of state-owned enterprises provide politic opportunities for management buy-out and the regulatory reform of standardizing management buy-out has basically formed.
Part three: difficulties that management buy-out is facing in China. In this part, the author discusses this issue in three aspects: 1. legal difficulties that purchase subject faces. On the basis of summarizing the main types of management buy-out in domestic enterprises, the author points out the existed restrictions of all purchase subjects: (1) restrictions of employee stock ownership meeting as purchase subject. Ever since Aug. 22, 2001, Temporary Rules for Employee Stock Ownership Meeting Registration in Foreign Economic and Trade Pilot Enterprises, issued by the all-China Federation of Trade Unions, Foreign Trade and Economic Cooperation Department, and State Industrial, Commercial and Administrative General Bureau, the purchase subject of the target enterprise will not be the employee stock ownership meeting any more. (2) The new built shell company is the restriction as purchase subject. Whether the trading cost we saved from purchasing the target company as purchase subject will overtake the increased tax it brings, is a vital question that the management layer of quasi-buyer should carefully think about. (3) There are mainly two defects in the restriction of the management layer taking the status of a natural person as purchase subject. That is the number of people there, the ability to invest, financing problem and the unlimited liability and high risk the company should take when the individuals play as transaction participants. (4)Dormant purchase of management layer has restrictions. The biggest risk of dormant purchase is that the status of being actual investor is unstable, which makes the management difficult to protect their benefits of investment through other legal approaches. 2. Legal difficulties in purchasing financing. The author systematically analyzes the current management buy-out financing state and major modes and its restrictions as well, believing that the existing management buy-out financing modes such as capital accumulated by means of individual wealth or personal credit equity pattern, employee stock ownership meeting mode, stock collateral loan pattern and financing mode of government or original property subject all have restrictions in some extent. As to the national assets protection in the management buy-out, basing on the systematic analysis of current state of pricing the asset transfer, the author points out that there are some problems in the pricing of asset transfer which would bring legal risks to the national assets protection as a result of the lack of national assets law.
Part four: Countermeasure of difficulties that management buy-out is facing in China. On the purchase subject aspect, it is believed that as the main type of purchase subject in the future, trust institution has certain advantages, but its strength and credit basis should be further improved, the improper legal restriction should be abolished and its tax system need completing as well. On the perspective of purchase financing, the author is convinced that the breakout of difficulties the management buy-out financing is facing depends on the issue of Industrial Fund Law and the release of financial control. The enterprises should be freer in financing as well as more financing opportunities. As to the protection of national assets, the author proposes several legal suggestions on its perfection, such as creating a catalogue of the state-owned enterprises that can implement management buy-out, founding a special commission on asset transfer evaluation and pricing programs, prioritizing the public biding as the uniform procedure in transferring national assets, increasing the rationality of asset transfer pricing through asset ratchet wheel, completing the information disclosure system in management buy-out and issuing National Assets Law as soon as possible to solve the problem of nominal owner of national assets.
第一部分:管理层收购的基本法律理论。本部分主要介绍了管理层收购的概念、特征等。
第二部分:中国企业管理层收购发展现状及法律环境剖析。本部分在归纳并分析中国企业管理层收购发展三个阶段的基础上,对中国企业管理层收购的特点与原因及中国管理层收购面临的法律、政策环境进行了探讨。
第三部分:中国管理层收购面临的法律困境。
第四部分:解决中国管理层收购面临法律困境的对策。在收购主体方面和收购融资方面分别作了探讨。
In this paper, basing on the discussion of meaning of management buy-out and its basic theory, the author gives a practical analysis on the legal difficulties we are facing in the management buy-out in China and related solutions from the perspective of development history of Chinese enterprises management buy-out, differences on management buy-out between China and overseas and the experiences that we can learn from the overseas management buy-out. Meanwhile, deep research has been made on the key point of main legal system of management buy-out, financing laws and a pricing of transferring national assets. There are four parts in the article, and the main idea of each part is as follows:
First Part: Basic legal theory of management buy-out. The main content in this part is the definition of management buy-out and features etc. First of all, the author briefly introduces the understanding of management buy-out definition and legal features, including specified quality of purchase subject, high financial leverage effect of purchase financing and the changing of enterprise form caused by management buy-out. Secondly, the category of management buy-out: mainly includes subsidiaries of purchase group or branch institutions, state-owned company purchasing to realize private possession, public companies purchasing and bankrupt companies purchasing or the ones in crisis. Thirdly, the basic mode of management buy-out includes the start, financing arrangement and rights and interests. Fourthly, the significance of management buy-out is highlighted. Through the introduction in the first part, the author believed that management buy-out provides a new road to the property right reform of Chinese enterprises, which is also a new means to perfect the structure of control in Chinese enterprises, meanwhile, the management buy-out should be conducted in a complete legal environment so as to properly handle the national assets protection issues.
Part two the history of domestic and overseas management buy-out development. In this part, after discussing the overseas management buy-out development, the author analyzes the development of management buy-out in China, and divides it into three stages: 1. exploring period in small scale (from the end of 1980s to 1998). The key mission in this stage is to reform, and save the bankrupt small-sized state-owned companies in the market full of furious competition, with strict regulation on employee arrangement and comparatively irrelative with property right, so the influence is limited.2. Drawing attention stage (1998-2002), in this period, both the theoretical circle and practical circle believe that as one of the major approaches of national assets retreating, management buy-out has a bright perspective. However, because of the incompleteness of related laws and imperfect operation, the implementation of management buy-out is still facing all-round restrictions and risks. Therefore, the management buy-out is still in the primary attempt stage in small scope in China. 3. Primary establishment of related laws stage (since 2002), in this period, the regulations and laws are issued successively to standardize the management buy-out. Therefore, it becomes standard step by step, but there are still something need completing. Basing on the three stages, the author discusses the management buy-out features and reasons for Chinese enterprises and the legal and political environment of management buy-out in China. The author is convinced that the significance of local management buy-out is to improve the property right reform for state-owned companies and collective corporations. Chinese enterprises have got preliminary condition to implement management buy-out: the gradual breakthroughs in reform ideas of state-owned enterprises provide politic opportunities for management buy-out and the regulatory reform of standardizing management buy-out has basically formed.
Part three: difficulties that management buy-out is facing in China. In this part, the author discusses this issue in three aspects: 1. legal difficulties that purchase subject faces. On the basis of summarizing the main types of management buy-out in domestic enterprises, the author points out the existed restrictions of all purchase subjects: (1) restrictions of employee stock ownership meeting as purchase subject. Ever since Aug. 22, 2001, Temporary Rules for Employee Stock Ownership Meeting Registration in Foreign Economic and Trade Pilot Enterprises, issued by the all-China Federation of Trade Unions, Foreign Trade and Economic Cooperation Department, and State Industrial, Commercial and Administrative General Bureau, the purchase subject of the target enterprise will not be the employee stock ownership meeting any more. (2) The new built shell company is the restriction as purchase subject. Whether the trading cost we saved from purchasing the target company as purchase subject will overtake the increased tax it brings, is a vital question that the management layer of quasi-buyer should carefully think about. (3) There are mainly two defects in the restriction of the management layer taking the status of a natural person as purchase subject. That is the number of people there, the ability to invest, financing problem and the unlimited liability and high risk the company should take when the individuals play as transaction participants. (4)Dormant purchase of management layer has restrictions. The biggest risk of dormant purchase is that the status of being actual investor is unstable, which makes the management difficult to protect their benefits of investment through other legal approaches. 2. Legal difficulties in purchasing financing. The author systematically analyzes the current management buy-out financing state and major modes and its restrictions as well, believing that the existing management buy-out financing modes such as capital accumulated by means of individual wealth or personal credit equity pattern, employee stock ownership meeting mode, stock collateral loan pattern and financing mode of government or original property subject all have restrictions in some extent. As to the national assets protection in the management buy-out, basing on the systematic analysis of current state of pricing the asset transfer, the author points out that there are some problems in the pricing of asset transfer which would bring legal risks to the national assets protection as a result of the lack of national assets law.
Part four: Countermeasure of difficulties that management buy-out is facing in China. On the purchase subject aspect, it is believed that as the main type of purchase subject in the future, trust institution has certain advantages, but its strength and credit basis should be further improved, the improper legal restriction should be abolished and its tax system need completing as well. On the perspective of purchase financing, the author is convinced that the breakout of difficulties the management buy-out financing is facing depends on the issue of Industrial Fund Law and the release of financial control. The enterprises should be freer in financing as well as more financing opportunities. As to the protection of national assets, the author proposes several legal suggestions on its perfection, such as creating a catalogue of the state-owned enterprises that can implement management buy-out, founding a special commission on asset transfer evaluation and pricing programs, prioritizing the public biding as the uniform procedure in transferring national assets, increasing the rationality of asset transfer pricing through asset ratchet wheel, completing the information disclosure system in management buy-out and issuing National Assets Law as soon as possible to solve the problem of nominal owner of national assets.
引文
ii.[美]R.W.汉密尔顿:《公司法》,中国人民大学出版社 2001 年版,第573-574 页。
3.赵慧、杜新建编著:《管理层收购中外比较分析》,企业管理出版社 2004年版,第 65 页。
iv.广发证券股份公司课题组:“管理层收购融资体制的国际比较与借鉴”,上证联合研究所计划第七期课题报告(2003 年 1 月),第 12 页,课题主持人:叶勤、刘少波。
v.金雪军 杨晓兰:《转型经济国家的管理层收购—以俄罗斯及东欧国家为例》,载《外国经济与管理》, 2002 年 3 月第 24 卷第 3 期, 第 25-26页。
vi.张小冲、张学军主编:《经济体制改革前沿问题:国际比较与借鉴》,人民出版社 2003 年版,第 343-353 页。
ix.史尚宽:《信托法论》,台湾商务印书馆 1972 年版,第 1-12 页。
xii.杨如彦主编:《中国金融工具创新报告》。中国人民大学出版社 2004年版,190 页。
xiii.朱楷:《管理层收购中董事行为法律问题研究》,清华大学法学院2003 届博士学位论文,第 85 页。
1.迟福林:《国有企业改革与股份制》,外文出版社,1998 年版。
2.川木:《股份制巨擘》,新华出版社,2001 年版。
3.范健:《商法》,高等教育出版社,2002 年版。
4.胡俞越:《经理层革命--股票齐全与经理层融资收购》,中国财政经济出版社,2000 年版。
5.黄耀华、周奇凤:《中国企业管理层收购》,广东经济出版社,2002 年版。
6.高立法、孙健南、吴贵生:《资产评估》,中国审计出版社,2000 年版。
7.[加]布莱恩.R.柴芬斯:《公司法:理论、机构和运作》,法律出版社, 2001 年版。
8.李朝辉:《证券市场法律监督比较研究》,人民出版社,2000 年版。
9.[日]片庭浩久:《管理层收购》,中信出版社,2001 年版。
10.任自力:《管理层收购 MBO 的法律困境与出路》,法律出版社,2005年版。
11.孙耀唯:《企业并购谋略》,中华工商联合出版社,1997 年版。
12.石少侠:《公司法》,吉林大学出版社,1994 年版。
13.梅慎实:《现代公司机关权力构造论(修订本)》,中国政法大学出版社,2000 年版。
14.[日]田中诚二:《会社法详论》,劲草书房,1993 年版。
15.王苏生,彭小毛:《管理层收购—杠杆收购及其在公司重组中的作用》,中国金融出版社,2004 年版。
16.王巍、李曙光:《MBO 管理层收购——从经理到股东》,中国人民大学出版社,1999 年版。
17.吴弘、贾希凌、程胜:《信托法论》,立信会计出版社,2003 年版。
18.[英]亚当.斯密:《国民财富性质和原因的研究》,商务印书馆,1974年版。
19.杨荣旭:《现代企业并购策略》,中国工人出版社,2003 年版。
20.张忠军:《上市公司法律制度》,法律出版社,2000 年版。
1.陈雁飞:《MBO 法律规制的经济分析》,载《企业经济》2005 年第 3 期。
2.陈虹:《辨证地看待中国的 MBO》,载《企业经济》2003 年第 1 期。
3.何光辉、杨咸月:《管理层收购中的四个问题》,载《经济理论与经济管理》2003 年第 4 期。
4.何晓晴:《MBO 基金市场潜力可观》,载《投资与证券》2003 年第 3期。
5.李江伟、王芳:《管理层收购与民营高科技企业产权改革》,载《经营与管理》2003 年第 1 期。
6.陆静:《我国资本市场制度缺陷剖析》,载《上海经济》2002 年第 7 期。
7.陆满平:《为 MBO 声辨》,载《中国证券期货》2003 年第 1 期。
8.金雪军、杨晓兰:《转型经济国家的管理层收购—以俄罗斯及东欧国家为例》,载《外国经济与管理》2002 年第 3 期。
9.彭真明、常健:《论管理层收购的立法完善——以国有资产保护为中心》,载《浙江社会科学》2004 年第 2 期。
10.童道驰:《管理层收购 不必遮遮掩掩》,载《人民日报海外版》2002年 12 月 7 日。
11.邬俊:《实施 MBO 中问题的思考》,载《法学》2002 年第 11 期。
12.王化成、佟岩:《从粤美的看我国的管理层收购》,载《经济理论与经济管理》2002 年第 10 期。
13.张哲:《MBO 是馅饼还是陷阱》,载《经济管理》2003 年第 5 期。
14.徐申华、胡钧:《我国公司管理层收购(MBO)的法律问题与对策》,载《政治与法律》2003 年第 4 期。
15.尤工:《MBO 在国有企业应该慎行》,载《企业活力》2003 年第 3 期。
16.余劲松:《独立董事与监事会的关系探析》,载《当代法学》2003 年第 4 期。
17.益智:《我国上市公司 MBO 的实证研究》,载《财经研究》2003 年第 5期。
18.张志超:《现阶段我国上市公司不宜实施 MBO》,载《企业活力》2003年第 2 期。
19.周放生:《MBO 呼唤规则》,载《21 世纪经济报道》2003 年 5 月 8日。
20.仲易、苏杰:《MBO 浴火待重生》,载《证券投资》2003 年第 13 期。
3.赵慧、杜新建编著:《管理层收购中外比较分析》,企业管理出版社 2004年版,第 65 页。
iv.广发证券股份公司课题组:“管理层收购融资体制的国际比较与借鉴”,上证联合研究所计划第七期课题报告(2003 年 1 月),第 12 页,课题主持人:叶勤、刘少波。
v.金雪军 杨晓兰:《转型经济国家的管理层收购—以俄罗斯及东欧国家为例》,载《外国经济与管理》, 2002 年 3 月第 24 卷第 3 期, 第 25-26页。
vi.张小冲、张学军主编:《经济体制改革前沿问题:国际比较与借鉴》,人民出版社 2003 年版,第 343-353 页。
ix.史尚宽:《信托法论》,台湾商务印书馆 1972 年版,第 1-12 页。
xii.杨如彦主编:《中国金融工具创新报告》。中国人民大学出版社 2004年版,190 页。
xiii.朱楷:《管理层收购中董事行为法律问题研究》,清华大学法学院2003 届博士学位论文,第 85 页。
1.迟福林:《国有企业改革与股份制》,外文出版社,1998 年版。
2.川木:《股份制巨擘》,新华出版社,2001 年版。
3.范健:《商法》,高等教育出版社,2002 年版。
4.胡俞越:《经理层革命--股票齐全与经理层融资收购》,中国财政经济出版社,2000 年版。
5.黄耀华、周奇凤:《中国企业管理层收购》,广东经济出版社,2002 年版。
6.高立法、孙健南、吴贵生:《资产评估》,中国审计出版社,2000 年版。
7.[加]布莱恩.R.柴芬斯:《公司法:理论、机构和运作》,法律出版社, 2001 年版。
8.李朝辉:《证券市场法律监督比较研究》,人民出版社,2000 年版。
9.[日]片庭浩久:《管理层收购》,中信出版社,2001 年版。
10.任自力:《管理层收购 MBO 的法律困境与出路》,法律出版社,2005年版。
11.孙耀唯:《企业并购谋略》,中华工商联合出版社,1997 年版。
12.石少侠:《公司法》,吉林大学出版社,1994 年版。
13.梅慎实:《现代公司机关权力构造论(修订本)》,中国政法大学出版社,2000 年版。
14.[日]田中诚二:《会社法详论》,劲草书房,1993 年版。
15.王苏生,彭小毛:《管理层收购—杠杆收购及其在公司重组中的作用》,中国金融出版社,2004 年版。
16.王巍、李曙光:《MBO 管理层收购——从经理到股东》,中国人民大学出版社,1999 年版。
17.吴弘、贾希凌、程胜:《信托法论》,立信会计出版社,2003 年版。
18.[英]亚当.斯密:《国民财富性质和原因的研究》,商务印书馆,1974年版。
19.杨荣旭:《现代企业并购策略》,中国工人出版社,2003 年版。
20.张忠军:《上市公司法律制度》,法律出版社,2000 年版。
1.陈雁飞:《MBO 法律规制的经济分析》,载《企业经济》2005 年第 3 期。
2.陈虹:《辨证地看待中国的 MBO》,载《企业经济》2003 年第 1 期。
3.何光辉、杨咸月:《管理层收购中的四个问题》,载《经济理论与经济管理》2003 年第 4 期。
4.何晓晴:《MBO 基金市场潜力可观》,载《投资与证券》2003 年第 3期。
5.李江伟、王芳:《管理层收购与民营高科技企业产权改革》,载《经营与管理》2003 年第 1 期。
6.陆静:《我国资本市场制度缺陷剖析》,载《上海经济》2002 年第 7 期。
7.陆满平:《为 MBO 声辨》,载《中国证券期货》2003 年第 1 期。
8.金雪军、杨晓兰:《转型经济国家的管理层收购—以俄罗斯及东欧国家为例》,载《外国经济与管理》2002 年第 3 期。
9.彭真明、常健:《论管理层收购的立法完善——以国有资产保护为中心》,载《浙江社会科学》2004 年第 2 期。
10.童道驰:《管理层收购 不必遮遮掩掩》,载《人民日报海外版》2002年 12 月 7 日。
11.邬俊:《实施 MBO 中问题的思考》,载《法学》2002 年第 11 期。
12.王化成、佟岩:《从粤美的看我国的管理层收购》,载《经济理论与经济管理》2002 年第 10 期。
13.张哲:《MBO 是馅饼还是陷阱》,载《经济管理》2003 年第 5 期。
14.徐申华、胡钧:《我国公司管理层收购(MBO)的法律问题与对策》,载《政治与法律》2003 年第 4 期。
15.尤工:《MBO 在国有企业应该慎行》,载《企业活力》2003 年第 3 期。
16.余劲松:《独立董事与监事会的关系探析》,载《当代法学》2003 年第 4 期。
17.益智:《我国上市公司 MBO 的实证研究》,载《财经研究》2003 年第 5期。
18.张志超:《现阶段我国上市公司不宜实施 MBO》,载《企业活力》2003年第 2 期。
19.周放生:《MBO 呼唤规则》,载《21 世纪经济报道》2003 年 5 月 8日。
20.仲易、苏杰:《MBO 浴火待重生》,载《证券投资》2003 年第 13 期。
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