中国发展MBO的理性思考

The rational thought about developing MBO in China

管理层收购(MBO)被认为是可以降低企业代理成本和解决内部人控制的一种长期激励制度。中国的MBO刚刚起步,但已被赋予了特殊的使命———解决国有企业产权问题。目前社会各界对我国要不要发展MBO和如何发展MBO存在很大争议。明确中国MBO的实施目的是解决问题的关键,应从中国的现实出发对MBO有一个科学理解和正确认识,同时对MBO的定价原则、融资问题、实施效果和实施环境等应进行理性的再思考。

Management-Buy-Out(MBO)is recognized as a long-term stimulative system in lowerring the agent cost of enter-prises and solving insider control.Although MBO just gets start in China,it is assigned a special task-solving problems about the ownership of state-owned enterprises.At present,hot debates exist in views on whether China should develop MBO and how to develop MBO.The author holds the view that the key to the settlement of the question lies in specifying the purposes of developing MBO in China,and we should have a scientific comprehension and correct recognization about MBO from Chi-na's present situation.Moreover,the author gives a rational reconsideration about MBO in the following aspects:the principle of pricing,financing problems,effects of application and the environment of application.