我国上市公司MBO的制度供给偏差及其修正

Institutional Supply Bias and Correction in Management Buy-outs of China's Listed Companies

由于制度形成中各方博弈不充分以及国有股权的市场交易存在基本制约,我国上市公司MBO的制度供给不能适应市场主体内在的制度需求,出现了供给偏差,引致了 MBO行为隐性化、收益租金化的效应。对MBO制度供给偏差的修正需要建立合理的博弈参与机制以及消除国有股权市场化交易的基本制约。

Due to inefficient interaction of related parties in the process of institutional supply as well as the fundamental barrier currently existed in market exchanges of state--owned shares, a bias between institutional demand and supply emerges in the practice of MBO of China ＇s listed companies, leading to several negative effects. The correction needed relies on both the mechanism that ensures efficient participation in interaction of related parties in the process of institutional supply and the elimination of the fundamental restraint in market trades of state--owned shares.