中国上市公司MBO中的道德风险及预防策略

Moral Hazard and the Preventive Strategy for the MBO of Chinese Public Companies

上市公司MBO在中国本土化过程中,由于其严重的信息不对称,法律和规范化市场监控机制的严重缺失与滞后,政策和监管态度的模糊性,以及管理层道德理性的有限性等因素的制约与影响,面临着诸多的风险及障碍,尤其是道德风险。因此,从经济学及法学的视角,理性分析中国上市公司MBO中的道德风险,探索、构建预防机制和策略,对于规范和促进中国MBO的健康发展,深化企业制度改革,具有特别重要的现实意义和理论意义。

During the dynamic developing process of the MBO in Chinese public companies, due to its serious information imparity, serious flaw and lag in legal and standardized market monitoring mechanism, ambiguity in policy and supervising and managing manner, and the restriction and influence caused by the limitation of the moral rational at the management level, the MBO in Chinese public companies is facing many risks and barriers, in particular moral hazard. Therefore, from the view point of the economic and the legal sciences, to rationally analyze the moral hazard in the MBO of Chinese public companies, and to explore and to construct the appropriate has preventive mechanism and the strategy would have special important practical and theoretical significance for the promotion and regulation of the healthy development of the MBO of Chinese public companies as well as the enhancement of the system reform for the corporate companies.