我国管理层收购若干问题的研究
摘要
近年来,我国已有多家企业的国有产权直接或间接实现了管理层收购。管理层收购成为国有企业改革改制的实现形式,这种形式充分调动了企业管理层的工作积极性,使企业的经营重新焕发了生机与活力,大大加强了企业的核心竞争力。但是,我国的社会主义建设仍处于初级阶段,经济环境尚不发达、经济体制尚不完善,有关管理层收购的实施还缺乏法规和制度依据,使得企业的国有产权在实施管理层收购的过程中,在定价、融资等方面出现了诸多争议,在事实上也造成部分企业的国有资产流失,给国家造成一定的损失。
本文阐述了管理层收购的概念和理论基础,研究了国内外管理层收购的现状,通过对我国目前政策、制度的分析和已实施管理层收购的案例进行分析,发现国有股权转让价格和融资渠道成为管理层收购的焦点和瓶颈问题,从而对这两大焦点问题进行了探讨,提出了解决定价和融资问题的对策,并对我国管理层收购的发展方向进行了探讨,以期对实践具有指导意义。
In recent years, the state-run property rights of many enterprises have already realized direct or indirect Management buy-out in our country. Management buy-out becomes the form of SOE reforms which plays a positive role in arousing the enthusiasm of administration and supervision authorities of enterprises, revitalizing the operation of enterprises and greatly strengthening the kernel competitiveness of enterprises. However, the socialism construction of our country is still at the primary stage with undeveloped economic environment and unsound economic system ,the implementation of relevant Management buy-out lacks the basis of the regulation, leading a great deal of disputes over such respects as fixing price , financing and the like during the process of implementing Management buy-out of the state-run property rights of many enterprises, causing the losses to the state-run assets of some enterprises as well as to our country.This text has explained the concept and the oretical foundation of Management buy-out, has studied the current situation of domestic and international Management buy-out. The transfer price of the state-run stock right and financing channel are found to become focuses and bottleneck questions as analyzing the current policies of our country and studying cases of Management buy-out which has been complemented , thus carrying on the discussion to these two major focus questions , putting forward the key to the questions of fixing price and financing, discussing the developing direction of the Management buy-out in our country which aims to play a directive role in practice.
本文阐述了管理层收购的概念和理论基础,研究了国内外管理层收购的现状,通过对我国目前政策、制度的分析和已实施管理层收购的案例进行分析,发现国有股权转让价格和融资渠道成为管理层收购的焦点和瓶颈问题,从而对这两大焦点问题进行了探讨,提出了解决定价和融资问题的对策,并对我国管理层收购的发展方向进行了探讨,以期对实践具有指导意义。
In recent years, the state-run property rights of many enterprises have already realized direct or indirect Management buy-out in our country. Management buy-out becomes the form of SOE reforms which plays a positive role in arousing the enthusiasm of administration and supervision authorities of enterprises, revitalizing the operation of enterprises and greatly strengthening the kernel competitiveness of enterprises. However, the socialism construction of our country is still at the primary stage with undeveloped economic environment and unsound economic system ,the implementation of relevant Management buy-out lacks the basis of the regulation, leading a great deal of disputes over such respects as fixing price , financing and the like during the process of implementing Management buy-out of the state-run property rights of many enterprises, causing the losses to the state-run assets of some enterprises as well as to our country.This text has explained the concept and the oretical foundation of Management buy-out, has studied the current situation of domestic and international Management buy-out. The transfer price of the state-run stock right and financing channel are found to become focuses and bottleneck questions as analyzing the current policies of our country and studying cases of Management buy-out which has been complemented , thus carrying on the discussion to these two major focus questions , putting forward the key to the questions of fixing price and financing, discussing the developing direction of the Management buy-out in our country which aims to play a directive role in practice.
引文
[1] 赵慧,杜新建.管理层收购:中外比较分析.北京:企业管理出版社.2004
[2] 王苏生,彭小毛.管理层收购——杠杆收购及其在公司重组中的应用.北京:中国金融出版社.2004
[3] Lowenstein, Louis. Management Buyouts. Columbia Law Review. 1995
[4] Burrough, Bryan, John Helyar. The Fall of R JR Nabisco. Haper Row. 1990
[5] Wright, Mike, John Coyne. Management Buyouts. Croom Helm Ltd. 1985
[6] 李盾.管理层收购ABC.北京:对外经济贸易大学出版社.2003.5～6
[7] 魏建.管理层收购的成功之路.北京:人民出版社.2005.159～162
[8] 威斯通.兼并、重组与公司控制.经济科学出版社.1998
[9] Lowenetein, Louis. No more cozy management buyouts. Harvard Business Review. 1985. 1
[10] Hans Bruining, Mike Wright. Entrepreneurail orientation in management buyouts and the contribution of venture capital. ERIM Report Series. 2002
[11] 朱宝宪.中国并购评论.北京:清华大学出版社.2002.105～106
[12] 朱武祥.MBO的国际比较.资本市场杂志.2003.8.45～47
[13] 岳峥.管理层收购.资本市场杂志.2003.4.38～40
[14] 陆蓉青,金铭.我国管理层收购问题与对策.上海会计.2003.7.8～10
[15] 蒋顺才.我国上市公司MBO定价问题研究.上海会计.2003.11.46～48
[16] 张伟,赵淑敬.浅析我国实施MBO的现实意义.经济前沿.2003.7.60～61
[17] 陈红.管理层收购的障碍及前途.中国证券期货.2003.9.58～59
[18] 杨光.管理层收购的融资策略.中国经济评论.2003.3.46～48
[19] 常青.如何成功实施管理层收购.经济导刊.2003.3.28～30
[20] 杨如彦,孟辉.信托工具在管理层收购中的运用.资本市场杂志.2003.1.57～60
[21] 魏兴耘.国内上市公司MBO案例.资本市场杂志.2003.6.36～38
[22] 戴艺勇.试析我国当前MBO所面临的问题及其对策.经济问题探索.2003.9.32～34
[23] 田进,钱弘道.兼并与收购.中国金融出版社.2000
[24] Gregory, Alan. Strategic Valuation of Companies. Pearson Education Limited. 2001
[25] 谷照明.产权改革与员工持股.北京:北京大学出版社.2001
[26] 胡俞越.经理层革命——股票期权制度与经理层融资收购.北京:中国财政经济出版社.2000
[27] 杨大鹏,孙峥.对我国管理层收购问题的几点认识.投资与证券.2003.8:50～51
[28] 刘园,李志群.股票期权制度分析.北京:对外经济贸易大学出版社.2002
[29] 李果,黄继刚,王钦.员工持股制度理论与实践.北京:经济管理出版社.2002
[30] 陈海清.刍议管理层收购在我国的应用.上海会计.2002.1
[31] 沈协栋.浅谈我国的管理层收购.经济师.2003.3
[32] 杜景来.企业并购中管理层收购问题探析.上海会计.2002.7
[33] 亚历山大里,J弗雷德.并购的艺术——融资与再融资.北京:中国财政经济出版 社.2001
[34] Mike Wright. The Upside of Management Buyouts. Academy of Management Review 2000. 25. 591～601
[35] Travlos. Going Private Buyouts and Determinants of Shareholders Returns. Journal of Accounting, Auditing and Finance 1989. 122～156
[36] Kitching, J. Early Return on LBOs. Harvard Business Review. 1989
[37] Kaplan, S. The Staying Power of Leveraged Buyouts. Journal of Financial Economics. 1991. 29
[38] A. J. Smith. Corporate Ownership Structure and performance:The case of Management Buyouts. Journal of Financial Economics. 1990. 27. 143～164
[39] Stulz, R. M. Managerial Control of Voting Rights:Financing Policies and Marker for Corporate Control. Journal of Financial Economics. 1989. 20. 25～54
[40] Weston. Takeovers, Restructuring and Corporate Governance. Prentice Hall. 1996
[41] 殷醒民.企业购并的金融经济学解释.上海:上海财经大学出版社.1999
[42] 许小年.中国上市公司的所有制结构与公司治理.北京:中国人民大学出版社.2000
[43] 郭永清.企业兼并与收购实务.大连:东北财经大学出版社.1999
[44] 姚诤.对管理层收购的几点思考.经济纵横.2002.12
[45] 张德亮.管理层收购及其在我国的实践.上海经济研究.2002.8
[46] 吴德庆.企业兼并问题研究.北京:中国人民大学出版社.2000
[47] 金雪军,杨晓兰.管理层收购与中国企业改革.商业研究.2002.22
[48] 朱杏珍.国有企业管理层收购探析.经济师.2002.6
[49] 威斯通.兼并、重组与公司控制.北京:经济科学出版社.1999
[50] 益智.中国上市公司管理层收购的实证研究.财经研究.2003.5
[51] 方明.我国上市公司管理层收购的难点及对策研究.财会月刊.2003.8
[52] 袁天荣.我国上市公司实施管理层收购的风险分析.财会月刊.2003.11
[53] 赵西卜.管理层收购中的融资安排.商业会计.2002.2
[2] 王苏生,彭小毛.管理层收购——杠杆收购及其在公司重组中的应用.北京:中国金融出版社.2004
[3] Lowenstein, Louis. Management Buyouts. Columbia Law Review. 1995
[4] Burrough, Bryan, John Helyar. The Fall of R JR Nabisco. Haper Row. 1990
[5] Wright, Mike, John Coyne. Management Buyouts. Croom Helm Ltd. 1985
[6] 李盾.管理层收购ABC.北京:对外经济贸易大学出版社.2003.5～6
[7] 魏建.管理层收购的成功之路.北京:人民出版社.2005.159～162
[8] 威斯通.兼并、重组与公司控制.经济科学出版社.1998
[9] Lowenetein, Louis. No more cozy management buyouts. Harvard Business Review. 1985. 1
[10] Hans Bruining, Mike Wright. Entrepreneurail orientation in management buyouts and the contribution of venture capital. ERIM Report Series. 2002
[11] 朱宝宪.中国并购评论.北京:清华大学出版社.2002.105～106
[12] 朱武祥.MBO的国际比较.资本市场杂志.2003.8.45～47
[13] 岳峥.管理层收购.资本市场杂志.2003.4.38～40
[14] 陆蓉青,金铭.我国管理层收购问题与对策.上海会计.2003.7.8～10
[15] 蒋顺才.我国上市公司MBO定价问题研究.上海会计.2003.11.46～48
[16] 张伟,赵淑敬.浅析我国实施MBO的现实意义.经济前沿.2003.7.60～61
[17] 陈红.管理层收购的障碍及前途.中国证券期货.2003.9.58～59
[18] 杨光.管理层收购的融资策略.中国经济评论.2003.3.46～48
[19] 常青.如何成功实施管理层收购.经济导刊.2003.3.28～30
[20] 杨如彦,孟辉.信托工具在管理层收购中的运用.资本市场杂志.2003.1.57～60
[21] 魏兴耘.国内上市公司MBO案例.资本市场杂志.2003.6.36～38
[22] 戴艺勇.试析我国当前MBO所面临的问题及其对策.经济问题探索.2003.9.32～34
[23] 田进,钱弘道.兼并与收购.中国金融出版社.2000
[24] Gregory, Alan. Strategic Valuation of Companies. Pearson Education Limited. 2001
[25] 谷照明.产权改革与员工持股.北京:北京大学出版社.2001
[26] 胡俞越.经理层革命——股票期权制度与经理层融资收购.北京:中国财政经济出版社.2000
[27] 杨大鹏,孙峥.对我国管理层收购问题的几点认识.投资与证券.2003.8:50～51
[28] 刘园,李志群.股票期权制度分析.北京:对外经济贸易大学出版社.2002
[29] 李果,黄继刚,王钦.员工持股制度理论与实践.北京:经济管理出版社.2002
[30] 陈海清.刍议管理层收购在我国的应用.上海会计.2002.1
[31] 沈协栋.浅谈我国的管理层收购.经济师.2003.3
[32] 杜景来.企业并购中管理层收购问题探析.上海会计.2002.7
[33] 亚历山大里,J弗雷德.并购的艺术——融资与再融资.北京:中国财政经济出版 社.2001
[34] Mike Wright. The Upside of Management Buyouts. Academy of Management Review 2000. 25. 591～601
[35] Travlos. Going Private Buyouts and Determinants of Shareholders Returns. Journal of Accounting, Auditing and Finance 1989. 122～156
[36] Kitching, J. Early Return on LBOs. Harvard Business Review. 1989
[37] Kaplan, S. The Staying Power of Leveraged Buyouts. Journal of Financial Economics. 1991. 29
[38] A. J. Smith. Corporate Ownership Structure and performance:The case of Management Buyouts. Journal of Financial Economics. 1990. 27. 143～164
[39] Stulz, R. M. Managerial Control of Voting Rights:Financing Policies and Marker for Corporate Control. Journal of Financial Economics. 1989. 20. 25～54
[40] Weston. Takeovers, Restructuring and Corporate Governance. Prentice Hall. 1996
[41] 殷醒民.企业购并的金融经济学解释.上海:上海财经大学出版社.1999
[42] 许小年.中国上市公司的所有制结构与公司治理.北京:中国人民大学出版社.2000
[43] 郭永清.企业兼并与收购实务.大连:东北财经大学出版社.1999
[44] 姚诤.对管理层收购的几点思考.经济纵横.2002.12
[45] 张德亮.管理层收购及其在我国的实践.上海经济研究.2002.8
[46] 吴德庆.企业兼并问题研究.北京:中国人民大学出版社.2000
[47] 金雪军,杨晓兰.管理层收购与中国企业改革.商业研究.2002.22
[48] 朱杏珍.国有企业管理层收购探析.经济师.2002.6
[49] 威斯通.兼并、重组与公司控制.北京:经济科学出版社.1999
[50] 益智.中国上市公司管理层收购的实证研究.财经研究.2003.5
[51] 方明.我国上市公司管理层收购的难点及对策研究.财会月刊.2003.8
[52] 袁天荣.我国上市公司实施管理层收购的风险分析.财会月刊.2003.11
[53] 赵西卜.管理层收购中的融资安排.商业会计.2002.2