信托模式——我国MBO发展的现实选择

Trust Pattern——Realistic Choice of MBO Development in China

当前,我国国有企业在转换经营机制、完善法人治理结构、提高资产运营效率等方面进行了有益的尝试,具有中国特色的MBO也取得了一定的实践经验。但是,由于我国法律环境不完善,而国企改革的问题又是一个复杂的机制问题和社会问题,MBO实践中面临着管理层收购的收购主体、融资方式等方面的法律障碍问题。信托制度的介入在一定程度上可以有效规避相关法律制度的约束,为这些问题的解决提供思路和可行的方法。从这点出发,本文作者认为:在我国现有的法律制度背景下,信托模式是我国MBO发展的现实选择。

Management Buyout (MBO) drew back to last century in better-developed western countries. Nowadays, state-owned enterprises have made ualuable attempts at transforming operating mechanism, perfecting corporate governance structure and improving capital management efficiency, so MBO with distinct Chinese characteristics has accumulated more practical experience. However, because there are some faults in our legal clauses, the reform of the state-owned enterprises is also a complex systematical and social problem, in practice MBO faces legal obstructions and problems of administrants' purchasing subject and financing mode. Trust system can effectively avoid restrictions of relevant legal system to some extent and provides better thoughts and feasible methods. From this point, I suppose, at the background of our existing legal system, trust mode is the practical choice for our MBO development.