利用MBO进行股权激励与公司治理再造的思考

The Problems in the Implementation and Development of MBO in China and the Countermeasures

MBO作为一种激励内部人积极性和改善企业经营状况的有效方式在国外获得了广泛的运用,但从其在我国的实施与发展来看,仍面临着一些问题与障碍:缺乏推行MBO的制度保证;收购主体的合法性值得商榷;确定收购资产价格的公正性值得怀疑;融资的合法性存在问题;目标公司MBO完成后的整合与还款压力存在问题;缺乏实施MBO的专业人才等。规范实施MBO,推进企业治理机制改革可从以下几个方面进行:完善监管法规;建立公平确定转让价格的机制;促进金融市场的发展,拓宽收购者的资金来源渠道;促进交易方式的创新;加强对实施全过程的监督和管理;重视对MBO完成后目标公司的整合等。

As an effective way to improve operation status of enterprises, MBO is widely utilized overseas. The existing problems and obstacles of MBO in China are as follows: lack of systematic guarantee, the uncertainty of the legitimacy of buyers, the uprightness of the pricing mechanism, the legitimacy of financing, the problems in integra-tion and their paying capability of target enterprise after MBO, lack of talents for execution, etc. Suggestions are given as follows: to perfect supervision laws and regulations on MBO, establish mechanism of transfer price, im-prove development of financial market, broaden financing channel of buyers, accelerate innovation of trading ap-proach , reinforce supervision and control over execution, etc.