国企改革中的管理层收购研究
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摘要
管理层收购(MBO)是在传统并购理论基础上发展起来的一种新型收购方式。由于MBO在激励内部人积极性、降低代理成本、改善公司经营状况等方面起到了积极作用,因此在英美等国家得到了广泛的发展。在我国,MBO是伴随着产权改革而逐步出现的。从一开始,我国企业实施的MBO就已经被赋予了特殊的使命——解决企业产权问题。2004年8月的“郎顾之争”在社会引起巨大反响,在学术界、理论界掀起了一场对于我国需不需要MBO、能不能MBO、国企需不需要产权改革的大讨论。争论的焦点主要在于现实中各种“曲线MBO”大行其道,存在着黑箱操作、“掌勺者私吞大锅饭”等不公正行为,导致了国有资产流失,企业职工、中小股民等相关利益主体的利益受损问题。2005年“顾雏军神话”的破灭更加引发了社会强烈的反响。那么MBO在我国到底是否行的通?西方市场经济体制下行之有效的MBO方式,在我国发生了怎样的异化?MBO是否适合我国任何组织或企业?针对这些问题,本文的目的在于探讨利用MBO帮助国企改革的可行性、实践中遇到的问题及其出路所在。
本文主要围绕MBO在我国国有企业改革中是否具有普遍的实施意义以及现阶段我国实施MBO存在的主要问题进行研究的。本文从介绍西方MBO产生的背景、特征以及近二十年来的发展状况入手,对MBO的一般理论依据和结合我国的实际情况进行了详细地分析,并通过国有企业MBO的案例分析指出了现阶段我国实施MBO和国有企业产权改革中出现的主要问题,最后,针对这些问题从制度和完善市场环境等方面提出了规范MBO在我国中小国有企业中发展的建议。本文的结论认为,我国国有大型企业是特殊的企业,掌握着国有经济的命脉,具有特殊的功能和优点,能够发挥特殊作用,在国民经济中占有特殊的地位,因此MBO不适合国有大型企业的产权改革,而MBO作为国有中小企业改制的一种形式和调动企业经营管理者积极性的一种激励方式,可以有选择性地进行,但针对目前我国实施MBO出现的问题,必须做到规范推进,公开、公正,有效维护出资人、债权人和职工群众的合法权益。
本文运用了比较分析、案例研究、规范分析等多种分析研究方法,旨在揭示出MBO一般理论依据分析及MBO与我国国有企业改革的关系所在,指出现阶段我国MBO实践中存在的问题,提出深化产权改革、规范MBO发展的有效途径,对于进一步推动国企改革、正确认识MBO具有较为积极的意义。
Management Buy-out (MBO) is a new mode based on the traditional theory of merging. MBO has been widely applied in England and USA because of its positive effect on inspiring with managers, reducing cost of agent and improving status of corporations' work. MBO appeared step by step with the innovation of property right in China. At very beginning, MBO was endowed with special mission—solving the problem of enterprises' property right in China. A dispute between a scholar of Hong Kong named Larry. H. P. Lang and a businessman named Chujun Gu causes a large scale discussion in academic world on whether MBO is needed, whether Chinese economic reform on property could be feasible and so on. The main focus of the discussion is that MBO in reality has brought loss of state assets and that some relative sides, like employees and small stock holders, lose their due interest in the MBO process. The end of Gu' fable caused strong social echo. So, is MBO available for China? MBO is effctive in western market economy system, but MBO disimilated in China. Is MBO available for any organization or any enterprise in China? Aiming at these problems, this thesis focuses on studying the feasibility of MBO in China, problems that MBO encounters in reality and ways for MBO to break through.
The thesis discusses mainly the universal meaning of implement in any state-owned enterprise and the problems which occurred in process of MBO implement at present. The thesis starts from introducing the evolvement of MBO in western countries, then states and analyzes the common theory which combined with facts of our country's enterprises. After this, it shows mian problems that MBO and the innovation of preoperty right encounter in reality through a case study of MBO in a state-owned enterprise. In the en, it provides ways to further state-owned enterprise reform. The conclusion of the thesis shows, MBO isn't available for big-sized state-owned enterprises which is vital to economy and have special function and strongpoint in China. But MBO which is a effective reform way is available for small and medium-sized enterprises in China.The key to implement MBO is to improve institutional environment and build up democratic procedure which every relative sides can take part in.
The thesis uses many study methods like comparison, case study and normative analysis. It aims at revealing defects in MBO theory and its application and providing ways to further state-owned enterprise reform. Therefore, the thesis must have positive meaning for understanding MBO correctly and furthering state-owned enterprise reform.
本文主要围绕MBO在我国国有企业改革中是否具有普遍的实施意义以及现阶段我国实施MBO存在的主要问题进行研究的。本文从介绍西方MBO产生的背景、特征以及近二十年来的发展状况入手,对MBO的一般理论依据和结合我国的实际情况进行了详细地分析,并通过国有企业MBO的案例分析指出了现阶段我国实施MBO和国有企业产权改革中出现的主要问题,最后,针对这些问题从制度和完善市场环境等方面提出了规范MBO在我国中小国有企业中发展的建议。本文的结论认为,我国国有大型企业是特殊的企业,掌握着国有经济的命脉,具有特殊的功能和优点,能够发挥特殊作用,在国民经济中占有特殊的地位,因此MBO不适合国有大型企业的产权改革,而MBO作为国有中小企业改制的一种形式和调动企业经营管理者积极性的一种激励方式,可以有选择性地进行,但针对目前我国实施MBO出现的问题,必须做到规范推进,公开、公正,有效维护出资人、债权人和职工群众的合法权益。
本文运用了比较分析、案例研究、规范分析等多种分析研究方法,旨在揭示出MBO一般理论依据分析及MBO与我国国有企业改革的关系所在,指出现阶段我国MBO实践中存在的问题,提出深化产权改革、规范MBO发展的有效途径,对于进一步推动国企改革、正确认识MBO具有较为积极的意义。
Management Buy-out (MBO) is a new mode based on the traditional theory of merging. MBO has been widely applied in England and USA because of its positive effect on inspiring with managers, reducing cost of agent and improving status of corporations' work. MBO appeared step by step with the innovation of property right in China. At very beginning, MBO was endowed with special mission—solving the problem of enterprises' property right in China. A dispute between a scholar of Hong Kong named Larry. H. P. Lang and a businessman named Chujun Gu causes a large scale discussion in academic world on whether MBO is needed, whether Chinese economic reform on property could be feasible and so on. The main focus of the discussion is that MBO in reality has brought loss of state assets and that some relative sides, like employees and small stock holders, lose their due interest in the MBO process. The end of Gu' fable caused strong social echo. So, is MBO available for China? MBO is effctive in western market economy system, but MBO disimilated in China. Is MBO available for any organization or any enterprise in China? Aiming at these problems, this thesis focuses on studying the feasibility of MBO in China, problems that MBO encounters in reality and ways for MBO to break through.
The thesis discusses mainly the universal meaning of implement in any state-owned enterprise and the problems which occurred in process of MBO implement at present. The thesis starts from introducing the evolvement of MBO in western countries, then states and analyzes the common theory which combined with facts of our country's enterprises. After this, it shows mian problems that MBO and the innovation of preoperty right encounter in reality through a case study of MBO in a state-owned enterprise. In the en, it provides ways to further state-owned enterprise reform. The conclusion of the thesis shows, MBO isn't available for big-sized state-owned enterprises which is vital to economy and have special function and strongpoint in China. But MBO which is a effective reform way is available for small and medium-sized enterprises in China.The key to implement MBO is to improve institutional environment and build up democratic procedure which every relative sides can take part in.
The thesis uses many study methods like comparison, case study and normative analysis. It aims at revealing defects in MBO theory and its application and providing ways to further state-owned enterprise reform. Therefore, the thesis must have positive meaning for understanding MBO correctly and furthering state-owned enterprise reform.
引文
[I]张立勇.中国上市公司管理层收购(MBO)研究.中国财政出版社,2005.1-2
[2]Jensen,Michael C.Agency Cost of Free Cash Flow:Corporate Finance and Takeover.American EconomicReview,76,May:322-329
[3]威斯通.兼并、重组和公司控制(中译本).北京:经济科学出版社,1998
[4]Wright,Hoskisson,Busenitz & Dial.Entrepreneurial Growth through Privatization:The Upside of Management Buy-outs.Academy ofManagementReview,vol.25:591-601
[5]Lowenstein L.Management Buyouts.Columbia Law Review,1985:730-784
[8]科斯、阿尔钦等:《财产权利与制度变迁》,上海三联书店、人民出版社,中译本,1994,第166页
[9]交易费用或交易成本是指交易双方在协议与遵守协议的过程中发生的成本。在人类社会中,人具有有限理性、具有机会主义倾向,还存在着资产专用性。因此,人们在进行交易活动时,交易成本不可能为零。
[10]科斯:《社会成本问题》,《财产权利与制度变迁》,中译本,上海三联书店、上海人民出版社,1994,第20页
[11]科斯、阿尔钦等:《财产权利与制度变迁》,上海三联书店、人民出版社,中译本,1994,第208页
[12]詹姆斯·E.米德:《效率、公平与产权》,北京经济学出版社,中译本,1992,第322-323页
[13]周其仁:“市场里的企业:一个人力资本和非人力资本的特别合约”,《经济研究》,1996年第6期
[15]Jensen,M(1989),Eclipse of public corperation,Harvard BusinessReview,67,September-October,61-74
[1]兰纪平.反思改制中的国资流失.经济与管理研究.2004,6
[2]兰纪平.MBO理论的误导.国际融资.2003,11
[3]张立勇.中国上市公司管理层收购(MBO)研究,北京:中国财政经济出版社,2005
[4]宋力,刘英勇,韩亮亮.管理层收购理论与实务.沈阳:东北大学出版社,2004
[5]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
[6]徐士敏,张更鑫,李飞等.管理层收购--中国企业家关注的热点.北京:中国金融出版社,2003
[7]李盾主编.管理层收购ABC.北京:对外经济贸易大学出版社,2003
[8]郭雷.管理层收购中国实践:企业改制与员工持股操作指南.北京:电子工业出版社,2004
[9]魏建.管理层收购的成功之路--管理层收购在中国的困境及突破.北京:人民出版社,2005
[10]王培荣主编.经营管理层收购与经营者持股.北京:中国经济出版社,2005
[11]科斯、阿尔钦.财产权利与制度变迁(中译本).北京:人民出版社,1994.166-167
[12]科斯.社会成本问题,财产权利与制度变迁(中译本).上海:上海三联书店,上海人民出版社,1994.20-21
[13]威斯通.兼并、重组和公司控制(中译本).北京:经济科学出版社,1998
[14][美]曼昆.经济学原理(上册).北京:生活读书新知三联书店、北京大学出版社,2001.216-217
[15]王巍,李曙光.MBO管理者收购--从经理到股尔.北京:中国人民大学出版社,1999
[16]石晓群.浅析MBO视域下的国有资产流失.北方经济,2006,9:85-86
[17]郎咸平.MBO到底是什么.经理人,总149期www.sino-manager.com
[18]周程.MBO之路,我们如何走下去.国际融资,2003,10:18-27
[19]王咏梅,李石燕.从“郎顾之争”看国企改革中的公正问题.湖南经济管理干部学院学报,2006,17(3):35-36
[20]杨振中,柳澎.从管理层收购看国有企资产流失.内蒙古煤炭经济,2006,6:7-8
[21]张亮.“顾雏军神话”的破灭--MBO收购导致国有资产流失?.法制与社会,2006,2:99-100
[22]孙可飞.MBO在中国的异化.北方经济,2006,4:28-29
[23]金淼.国企改制模式探究--以MBO模式的分析为视角.现代企业,2004,11:95
[24]孙少岩.国有资产流失及管理层收购问题.学习与探索,2005,(3):205-207
[25]潘怡吴.MBO对中国企业的影响.企业改革,2006,6:77-78
[26]万燕平,朱旭强.国外MBO的运作及对我国的启示.沿海企业与科技,2006,2(总第72期):160
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[38]Harbir Singh.Management Buyouts:Distinguishing Characteristic and Operating Change Prior to Public offering.Strategic Management Journal.,Vol.11.1990
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[2]Jensen,Michael C.Agency Cost of Free Cash Flow:Corporate Finance and Takeover.American EconomicReview,76,May:322-329
[3]威斯通.兼并、重组和公司控制(中译本).北京:经济科学出版社,1998
[4]Wright,Hoskisson,Busenitz & Dial.Entrepreneurial Growth through Privatization:The Upside of Management Buy-outs.Academy ofManagementReview,vol.25:591-601
[5]Lowenstein L.Management Buyouts.Columbia Law Review,1985:730-784
[8]科斯、阿尔钦等:《财产权利与制度变迁》,上海三联书店、人民出版社,中译本,1994,第166页
[9]交易费用或交易成本是指交易双方在协议与遵守协议的过程中发生的成本。在人类社会中,人具有有限理性、具有机会主义倾向,还存在着资产专用性。因此,人们在进行交易活动时,交易成本不可能为零。
[10]科斯:《社会成本问题》,《财产权利与制度变迁》,中译本,上海三联书店、上海人民出版社,1994,第20页
[11]科斯、阿尔钦等:《财产权利与制度变迁》,上海三联书店、人民出版社,中译本,1994,第208页
[12]詹姆斯·E.米德:《效率、公平与产权》,北京经济学出版社,中译本,1992,第322-323页
[13]周其仁:“市场里的企业:一个人力资本和非人力资本的特别合约”,《经济研究》,1996年第6期
[15]Jensen,M(1989),Eclipse of public corperation,Harvard BusinessReview,67,September-October,61-74
[1]兰纪平.反思改制中的国资流失.经济与管理研究.2004,6
[2]兰纪平.MBO理论的误导.国际融资.2003,11
[3]张立勇.中国上市公司管理层收购(MBO)研究,北京:中国财政经济出版社,2005
[4]宋力,刘英勇,韩亮亮.管理层收购理论与实务.沈阳:东北大学出版社,2004
[5]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
[6]徐士敏,张更鑫,李飞等.管理层收购--中国企业家关注的热点.北京:中国金融出版社,2003
[7]李盾主编.管理层收购ABC.北京:对外经济贸易大学出版社,2003
[8]郭雷.管理层收购中国实践:企业改制与员工持股操作指南.北京:电子工业出版社,2004
[9]魏建.管理层收购的成功之路--管理层收购在中国的困境及突破.北京:人民出版社,2005
[10]王培荣主编.经营管理层收购与经营者持股.北京:中国经济出版社,2005
[11]科斯、阿尔钦.财产权利与制度变迁(中译本).北京:人民出版社,1994.166-167
[12]科斯.社会成本问题,财产权利与制度变迁(中译本).上海:上海三联书店,上海人民出版社,1994.20-21
[13]威斯通.兼并、重组和公司控制(中译本).北京:经济科学出版社,1998
[14][美]曼昆.经济学原理(上册).北京:生活读书新知三联书店、北京大学出版社,2001.216-217
[15]王巍,李曙光.MBO管理者收购--从经理到股尔.北京:中国人民大学出版社,1999
[16]石晓群.浅析MBO视域下的国有资产流失.北方经济,2006,9:85-86
[17]郎咸平.MBO到底是什么.经理人,总149期www.sino-manager.com
[18]周程.MBO之路,我们如何走下去.国际融资,2003,10:18-27
[19]王咏梅,李石燕.从“郎顾之争”看国企改革中的公正问题.湖南经济管理干部学院学报,2006,17(3):35-36
[20]杨振中,柳澎.从管理层收购看国有企资产流失.内蒙古煤炭经济,2006,6:7-8
[21]张亮.“顾雏军神话”的破灭--MBO收购导致国有资产流失?.法制与社会,2006,2:99-100
[22]孙可飞.MBO在中国的异化.北方经济,2006,4:28-29
[23]金淼.国企改制模式探究--以MBO模式的分析为视角.现代企业,2004,11:95
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