经济转型中的“经理革命”——兼评国企改革中的“管理层收购”

Managerial Revolution in Economic Transition——Evaluation on MBO in the Reform of State-owned Enterprise

经济转型中的“经理革命”是历史的必然,这是由现代产权运动的基本趋势决定的。产权分化是现代产权运动的基本趋势,现代企业制度就是在产权分化基础上构造的企业治理结构。以马克思主义经济学分析,社会主义“新经理革命”在于它是公有制产权分化基础上的“经理革命”,是解决公有制经济中的委托-代理关系问题。公有制经济市场化转型实际上是一个不同利益趋向的博弈过程,必须存在有效监督和控制,在民主机制下依照法律程序进行的过程。管理层收购是与产权运动的基本趋势和社会主义经理革命的要求相背逆的。

Managerial revolution in economic transition is a historical necessity, which is determined by the basic movement trend of modern property rights. The differentiation of property rights is the basic movement trend of modern property rights. Modern corporate system is the enterprise governance constructed under the base of the differentiation of property rights. By Marxist economic theory, the originality of the new managerial revolution of socialism is embodied in the managerial revolution under the base of differentiation of publicowned property rights and in the solving the principalagency problem in public ownership. The marketoriented transition of public ownership economy is really a game process of interests. The process must be monitored and controlled effectively. And so, it must be carried on under the democratic system and according to the juridical procedure. MBO collides with the basic movement trend of property rights and the cohesive requirement of socialist managerial revolution.