试论中国上市公司管理层收购中的道德风险及其防范

Moral Hazards in Management Buy-outs (MBO) of China's Listed Companies and Their Preventative Measures

信息不对称容易导致委托代理关系中出现道德风险。中国上市公司特有的股权结构使得其MBO过程中广泛地存在着道德风险。国有股协议转让的定价是否公平等问题成为 MBO在中国发展的主要障碍。因此只有认真地分析中国上市公司管理层收购中的道德风险 ,提出有效防范措施 ,才能发挥 MBO的积极效应。

Information asymmetry tends to result in moral hazards in the delegating relationships. The unique stock right structure of China's listed companies makes it easy for moral hazards to appear in MBO. The fairness of the pricing of state-owned shares when transferring has become the major problem in the development of MBO in China. Therefore, it is necessary to study this issue and then propose effective preventative measures which help the application of MBO.