上市公司MBO应该缓行

Slow Down:MBO

上市公司MBO已获得了中央政府的认可和支持 ,为其发展提供了必要的政策条件。但目前我国推行MBO的整体环境与西方发达国家有较大的差距 ,因此在上市公司MBO的操作过程中存在着而且已经出现了一些必须慎重对待的问题 ,隐藏着严重的风险。在产权关系没有理顺之前 ,特别是在证券市场非流通股和流通股并存的双轨制情况下 ,事实上并不具备在上市公司推行MBO的时机和土壤。上市公司MBO不能实现非流通股股东、流通股股东、公司管理层和其他投资者的共赢 ,既缺乏公平 ,也谈不上效率 ,最终结果可能与人们的美好愿望南辕北辙。因此 ,MBO并不是上市公司国有股退出的惟一方式 ,更不是最佳方式 ,在现阶段推行上市公司管理层收购可以说是弊大于利。

MBO has been accepted by the central government and has got some help such as policy to advance. But the MBO conditional gap between west countries an d our country is very wide, so there have been some serious problems in the cour se of running. Before the property rights are clear, especially there are both n on-exchangeable security and exchangeable security, there is no chance and soil for MBO in the market. MBO can not co-exist with exchangeable stock holder, non- exchangeable stock holder, administrators and other investors, so people can not get efficiency and justice. MBO is not the only way for the state-owned stock w ithdraw, nor the best way.