食品业图谋MBO,一慢二看三通过

Food Industry Conspires MBO

今年的伊利独董事件,可谓中国食品业和中国证券市场的一大看点。通过有关媒体和当事人的陈述,也使一些不为外界知晓的事情浮出水面,用一句话来概括争论的焦点,就是伊利准备管理层收购,也就是MBO,尽管目前没有官方定论。 MBO,管理层收购(Management Buy-outs,MBO),自上世纪70-80年代起流行于欧美国家,其主要动因是希望有效降低企业代理成本、优化公司治理结构。90年代初期,在国外极盛而衰,但作为我国国企产权多元化改革的一种探索方式,MBO自90年代末在国内出现以来,就以其致富的速度之快、点石成金的魔力之大而受到广泛的关注和异议。

As far as china is concerned, the current risk of the MBO related to state-owned shares due to the juvenility of the legal system and capital market. The administrations concerned should take a serious look into the problems revealed and set up relevant rules and measures to promote the smooth progress of the use of MBO in development of the state-owned economy. But someone thought that MBO, as it is being implemented in China right now, violates the principle of fair competition.