对规范管理层收购的几点思考

Some Thoughts on How to Regulate Management Buy-out

作为国企改革,"国退民进"的一种方式,管理层收购有其积极意义,但也存在诸如定价、融资、信息不对称等问题。2003年4月,为防止国有股贱卖,财政部对国有企业的管理层收购暂停受理和审批,但各种形式的"曲线MBO"却在各地大行其道。规范管理层收购的问题再次引起社会各界关注,成为热点问题。因此,要采取措施对管理层收购进行规范化监督与管理。

As one method to advance state-owned enterprise reform, Management Buy-out is effective to some extent. However, it also has some problems, such as pricing, money raising and information asymmetry. In April 2003, to prevent state-owned stock from being sold cheaply, Ministry of Finance stopped accepting and approving the application for MBO. Even though, all kinds of 'crooked MBO' are stil existent. So, it becomes hot spot again and it is important to adopt measures to supervise and regulate MBO.