中国上市公司管理层收购探析

Analysis of MBO in Chinese corporations

股东和经营者的利益差异 ,是全世界企业都难以回避的矛盾。国外的委托代理理论和我国前些年人们常提到的“59岁现象” ,都是这一矛盾的显形。特别是目前在我国企业经营者的薪酬体系之下 ,矛盾尤为突出。作为企业家 ,要么有一天两手空空 ,突然出局。要么 ,从中渔利 ,中饱私囊。这可能对整个企业、企业家、投资人乃至整个经济发展都不是什么好事。那么 ,能不能找到一条理性、平和的另外一条道路呢 ?这就滋生了管理层收购 (ManagementBuy outs,MBO)

Lt is unavoidable that there is always a conflict between the shareholders and the managements, especially in the salary system of current Chinese management class. As a manager , he should make a chioce between leaving the corporation suddenly without any rewards one day and benefiting himself by doing harm to the corporation ,which is no good to the corporation,manager,investor and even the economic development.In order to deal with the dilemma ,the MBO(Management Buy outs) comes into being.