从停止MBO看国有股与流通股的起点公平与规则公平

The Analysis of the Stocks' Start and Rule Equity from Pausing MBO

从理论和国外的实践看,管理层收购(MBO)不失为产权制度改革的一种有效方式。但在中国MBO存在收购价格的起点不公平和运行规则不公平问题,从而导致国有资产流失已是不争的事实。因此,财政部作出"在相关法规未完善之前暂停受理和审批上市和非上市公司的管理层收购"的决定无疑是正确的。而在国有股以资产一元折一股和流通股以溢价认购的条件下,国有股按流通股规则减持,这与MBO一样存在起点不公平和运行规则不公平问题。文章提出通过另辟国有股市场(包括法人股),或者实施公众流通股还原扩股的全流通方案,从而解决我国股市股权分裂问题,重建股票市场的众多功能,实现国有股的有效退出。

<Abstrcat>From the theories and the foreign practices, MBO (Management Buy-out)is an effective means of the property right system innovation. Because the purchasing price's start and rule are inequitable in Chinese MBO, the state-assets have lost. Thus the exchequer's decision is right without question, that pausing the accepting and approving MBO. On condition that ex-changeing one capital with one state-owned shares and the circulated shares bought with overflow, the state-owned shares will decrease according to the circulated shares rule,which bring on the start and operational rule inequity. The article brings forward the means of solely setting up the state-owned market (including the corporation shares) or implemening the all-circulated scheme, which the public shares deoxidized and enlarged. It can settle the stock right separation problem in Chinese stock market, rebuild the stock markets' manifold function, and the state-owned shares effectually exit the stock market.