粤美的MBO研究
摘要
管理层收购MBO在证券市场发达的国家曾经风靡一时，在国外已有20多年的历史，但在中国，MBO近些年才开始试行并逐步兴起。由于MBO在明确产权、强化激励等方面可以对企业管理、尤其是对管理者产生积极作用，所以越来越多的企业准备着手实施MBO，我国更有专家将2003年定为MBO年。目前，我国已有宇通客车、粤美的、深圳方大、佛塑股份多家上市公司试行了MBO方案。
MBO在西方发起的动因主要是解决经理人代理成本等问题，意在解决公司的所有者结构、控制权结构及企业的资产结构。而我国的产权制度不同于西方的产权制度，这就决定了中国MBO的动因和特点决然不同于西方。
粤美的从2000年4月开始推行员工持股计划，通过管理层出资设立了美托投资公司，于2000年4月和12月分两次受让22.19％的股权而成为美的集团的第一大股东，在国内开上市公司管理层收购的先河。
本文从上市公司粤美的MBO方案的实施及效果分析入手，结合相关的理论知识，以及国外MBO的实践经验试图结合我国企业的实际情况来分析MBO理论及其操作实践，力图诠释我国本土化MBO的特点，希望对MBO感兴趣的企业能够从中获益。
Management buy out (MBO) become fashionable for a time in the country that security market is developed. MBO has been used in western countries for almost 20 years, while in China, it is new and spring up gradually. MBO plays a positive role in management in making clear property right and strengthening incentives. In this way, more and more enterprises are ready to take MBO and moreover, some experts in China call 2003 MBO year. Till now, there are many joint-stocks Ltd, Co. which has been used MBO, such as, YuTong, Midea, Dafang, Fosu, etc.
The direct motivation of MBO is to solve the cost of agent in western countries. Through MBO, the structure of ownership, control power, and assets can be reasonable. Because the property right in China is different from that in west countries, the motivation and the features are entirely different also.
From April 2000, Midea began to implement the plan of employee-be-share-holders. By using the' capital form the management group, Meituo Company was set up. And Meituo Company became the NO.1 share-holder through buying 22.19% share rights in April and December 2000. And this is the first case of management group purchase in mainland.
This paper analyzes the implementation of Midea MBO and the results; combines with the related theory, MBO experiments in western countries and the reality of our enterprises; manages to explain the features of MBO in China. And hope the enterprises, who are interest in MBO, can benefit from the paper.
MBO在西方发起的动因主要是解决经理人代理成本等问题，意在解决公司的所有者结构、控制权结构及企业的资产结构。而我国的产权制度不同于西方的产权制度，这就决定了中国MBO的动因和特点决然不同于西方。
粤美的从2000年4月开始推行员工持股计划，通过管理层出资设立了美托投资公司，于2000年4月和12月分两次受让22.19％的股权而成为美的集团的第一大股东，在国内开上市公司管理层收购的先河。
本文从上市公司粤美的MBO方案的实施及效果分析入手，结合相关的理论知识，以及国外MBO的实践经验试图结合我国企业的实际情况来分析MBO理论及其操作实践，力图诠释我国本土化MBO的特点，希望对MBO感兴趣的企业能够从中获益。
Management buy out (MBO) become fashionable for a time in the country that security market is developed. MBO has been used in western countries for almost 20 years, while in China, it is new and spring up gradually. MBO plays a positive role in management in making clear property right and strengthening incentives. In this way, more and more enterprises are ready to take MBO and moreover, some experts in China call 2003 MBO year. Till now, there are many joint-stocks Ltd, Co. which has been used MBO, such as, YuTong, Midea, Dafang, Fosu, etc.
The direct motivation of MBO is to solve the cost of agent in western countries. Through MBO, the structure of ownership, control power, and assets can be reasonable. Because the property right in China is different from that in west countries, the motivation and the features are entirely different also.
From April 2000, Midea began to implement the plan of employee-be-share-holders. By using the' capital form the management group, Meituo Company was set up. And Meituo Company became the NO.1 share-holder through buying 22.19% share rights in April and December 2000. And this is the first case of management group purchase in mainland.
This paper analyzes the implementation of Midea MBO and the results; combines with the related theory, MBO experiments in western countries and the reality of our enterprises; manages to explain the features of MBO in China. And hope the enterprises, who are interest in MBO, can benefit from the paper.
引文
【1】徐士敏 张更鑫《管理层收购—中国企业家关注的热点》中国金融出版社 2003 P4-5．
【2】Jensen. Michael C. and William Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976, 10.
【3】张维迎，《所有权，治理结构与委托——代理关系》，《经济研究》1996，9
【4】张维迎《控制权损失的不可补偿性与国有企业兼并中的产权障碍》北京大学工商管理研究所 1998
【5】杨瑞龙《国有企业治理结构创新的经济学分析》中国人民大学出版社 2001 P97-99
【6】让雅克·拉丰 大卫·马赫蒂摩《激励理论委托—代理模型》2002 P31
【7】奥利弗．哈特：《公司治理：理论与启示》，《经济学动态》1996，6
【8】李传军《利益相关者共同治理的理论基础与实践》《管理科学》2003，4
【9】东方高圣投资顾问公司《中国并购评论》清华大学出版社 2003 P100
【10】王阳李斌《从员工持股到管理者收购》机械工业出版社 2003 P93-95
【11】刘畅著：《MBO：产权之痒的良药?》《经济导刊》2003，3
【12】柯武刚、史漫飞著：《制度经济学——社会秩序与公共政策》商务印书馆 2000年版P 215。
【13】林毅夫、蔡方、李周《充分信息与国有企业改革》，上海人民出版社。1997
【14】Tittenbrun, Jack, "Private Versus Public Enterprises", Janus Publishing Company, London. 1996
【15】Martin, Stepher & David Parker "The impact of Privatization--Ownership and Corporate in He UK" Rontledge 1997,
【16】 Vicker, J "Concept of Competition", Oxford Economic Paper, 1996. 1
【17】 Hay, Donald & 刘芍佳 "The Efficiency of Firms: What difference does Competition make?" The Economic Journal, 1997 Vol 107
【18】 Fama, Eugene F."Agency problems And the theory of the Firm",Journal of Political Economy, April 1980, 88(2)
【19】 吴志峰《管理层收购宏观意义与微观监管》，《国泰君安证券研究通讯2003，2
【20】 李收昀，《初探管理层融资收购》，《财会月刊》2000，8
【2】Jensen. Michael C. and William Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976, 10.
【3】张维迎，《所有权，治理结构与委托——代理关系》，《经济研究》1996，9
【4】张维迎《控制权损失的不可补偿性与国有企业兼并中的产权障碍》北京大学工商管理研究所 1998
【5】杨瑞龙《国有企业治理结构创新的经济学分析》中国人民大学出版社 2001 P97-99
【6】让雅克·拉丰 大卫·马赫蒂摩《激励理论委托—代理模型》2002 P31
【7】奥利弗．哈特：《公司治理：理论与启示》，《经济学动态》1996，6
【8】李传军《利益相关者共同治理的理论基础与实践》《管理科学》2003，4
【9】东方高圣投资顾问公司《中国并购评论》清华大学出版社 2003 P100
【10】王阳李斌《从员工持股到管理者收购》机械工业出版社 2003 P93-95
【11】刘畅著：《MBO：产权之痒的良药?》《经济导刊》2003，3
【12】柯武刚、史漫飞著：《制度经济学——社会秩序与公共政策》商务印书馆 2000年版P 215。
【13】林毅夫、蔡方、李周《充分信息与国有企业改革》，上海人民出版社。1997
【14】Tittenbrun, Jack, "Private Versus Public Enterprises", Janus Publishing Company, London. 1996
【15】Martin, Stepher & David Parker "The impact of Privatization--Ownership and Corporate in He UK" Rontledge 1997,
【16】 Vicker, J "Concept of Competition", Oxford Economic Paper, 1996. 1
【17】 Hay, Donald & 刘芍佳 "The Efficiency of Firms: What difference does Competition make?" The Economic Journal, 1997 Vol 107
【18】 Fama, Eugene F."Agency problems And the theory of the Firm",Journal of Political Economy, April 1980, 88(2)
【19】 吴志峰《管理层收购宏观意义与微观监管》，《国泰君安证券研究通讯2003，2
【20】 李收昀，《初探管理层融资收购》，《财会月刊》2000，8