中外管理者收购融资的比较与启示

The Comparative Study on the Financing and Refinancing for MBO in China and Foreign Countries

国资委、财政部正式公布了《企业国有产权向管理层转让暂行规定》,对MBO的实施范围作了界定,对实施主体提出了规范化要求。文章比较研究了国内外MBO不同的融资模式,认为我国企业管理者收购受有关法律和金融制度的限制存在融资工具和融资机构单一,融资渠道和退出渠道不畅等问题,其潜在的法律和金融风险不可忽视。最后,笔者对改进我国管理者收购融资提出了新的政策建议。

The Temporary Regulation on the Transfer of the State-owned Assets to Advanced Managers, formally publicized by SASAC and MOF, regulates the types of state-owned enterprises which can be bought by the advanced managers qualified to buy their enterprise out. The article analyzes the different MBO financing models in China and abroad. We believe that potential law and financial risks exist because of the restrictions on the present law and finance system which lacks financing instru ments and channels, qualified financing institutions, and effective exiting mechanism. At last, we propose suggestions on financing policies of MBO in China.