我国上市公司管理层收购（MBO）规范运作的的研究论文.docx

摘要管理层收购（MBO）作为西方成熟市场的主流并购模式，在降低企业委托代理成本，改善公司治理结构，实现对企业家的有效激励等方面具有积极的功效和作用。近年来随着国有企业改革的深化、产业结构调整的发展和经济全球化带来的国际竞争加剧，MBO在国内也得到了迅猛的发展。MBO在国内的兴起不仅为国有企业产权改革提供了一条好的思路，对理顺国有企业的产权关系，优化国有资产布局，和国有经济的战略性调整具有重要战略意义，同时也作为一种企业资产重组和资源重新配置的崭新方式而日益受到重视。但是，由于MBO的复杂性和多样性，目前我国MBO在实施中遇到了诸多障碍，存在着国有股转让如何定价，融资瓶颈如何解决等关键问题，需要在今后的实践中解决。本文介绍了MBO的起源及其在国外的发展历史，并对其理论基础进行了深入的分析，同时结合国内MBO运用的实践，从实证研究的角度，分析了我国上市公司MBO实践中存在的主要问题和相关的法律政策障碍及其成因，进而从法律和政策层面提出了相应的措施和对策。关键词：管理层收购；委托代理；产权AbstractAs one of the major means of Merger Acquisition (hereafter “MA”) in themore mature western world, Management Buyout (hereafter “MBO”) hasdemonstrated to be highly effective in lowering agency costs, improving corporategovernance and motivating entrepreneurs. In recent years, with the deepening of stateowned enterprise restructuring, the development of industry structural adjustment andthe increased global competition brought about by economic globalization, MBO as ameans of MA has also made rapid progress in China.The surge of MBO in china not only provides intuition in the ownershiprestructuring of SOEs, the optimization of state asset allocation, and the strategicadjustment of state economy, but also is more and more valued as a new way torestructure enterprise assets and to reallocate resources. However, due to thecomplication and diversity of MBO, its application has met with many obstacles, suchas the pricing of state owned shares and the resolution of capital bottlenecks, whichare to resolved in practice.This article introduces the origin and history of MBO overseas and makes a deepanalysis of its theoretic grounding. It also analyzes the major problems in MBOpractices of Chinese listed companies and related legal obstacles and causes from anempirical perspective, and accordingly makes suggestions at both legal and politicallevels.Keywords: Management Buyout（MBO）; Principal-agent; Ownership厦门大学学位论文原创性声明兹呈交的学位论文，是本人在导师指导下独立完成的研究成果。本人在论文写作中参考的其他个人或集体的研究成果，均在文中以明确方式标明。本人依法享有和承担由此论文产生的权利和责任。声明人（签名）：年月日厦门大学学位论文著作权使用声