管理层收购应用于我国企业改革的法律规制研究-法律专业论文.docx

摘要摘要 摘要 摘要 MBO在降低代理成本、明晰产权镭构、提高经济效率方面起着非常重要的作 用，因此被认为是我国国企改革的一个新思路。但是由于我国有关MBO法律制度 的缺位，在我国MBO实践中产生了一些暗箱操作、侵吞国有资产、损害投资者和 股东权益的负面影响，因此引起了巨大的争议。但最终商事活动是否合法强调的 是双方意志自由，MBO从本质上讲是一种市场交易行为，MBO作为产权交易的一 种形式不应受到非难。我国管理层收购与西方国家经典意义的管理层收购之间的 经济背景、目的等诸多方面存在差异，因此我国显然无法照搬西方国家的现成做 法，而是需要我们逐步探索，法制缺失的状况必须得到改善，管理层收购过程中 不稳定因素必须得到有效解决，必须构建一种有序的管理层收购交易秩序和规则 以对其进行严格的监督规制。在完善各项法律法规的基础上坚持保护国有资产与 实旌管理层收购并举。本文拟在比较我国与西方国家管理层收购差异的基础上， 通过对这种收购方式存在问题的根源分析，试图从法律角度对完善我国管理层收 购做一初步探讨，以探求有效的法律规制途径。 关键词：管理层收购(船0) 法律规制 国有企业 lI Abstrac--t．Abstract Abstrac--t． Abstract Management Buy Outs(“MBO”)is very significant in the reduction of agency COSTS，the clarification of property rights and the improvement of economic efficiency， and thus regarded as a new approach for Chinese state owned enterprise(SOE)reform by many people．But managers were often found cheating or engaged in malpractice damaging the interests of employees、investors and financial institutions but bring themselves private gains．The application of MBO in China has caused some negative effects like black case work，theft of state owned assets induced by the self-benefit orientation of economic men and the absence of Chinese laws and regulation related to MBO．But in es,．e汜nee，whether business activities is legal or not is decidcd by the will of people，There is no reason to ban management buyouts．Management Buy Outs in our country is different from MBO in the west in the economic background， purpose and etc．It helps us not a lot．Such irregularities and unstable factors have to be dealt with efficiently．Management acquisitions of state assets and equities must be done in an orderly way．The decision was made to secure an ordered transfer of state propeaies and to facilitate the SOE reform．To remedy the situation，the regulation should be made to stipulate that MBO reform must be strictly supervised．This article tries to justify the essentiality and mtionality of legal supervision on MBO from a brand new angle．ne article also makes a comprehensive stu