上市公司管理层收购MBO--双汇

我国上市公司MBO问题的研究郭晋(经济管理学院会计系会计学2008-01班山西省太原市030024)【摘要】管理层收购(Management-Buy-out，简称MBO)，是指目标公司的经理层或管理者利用借贷融资控制或买断公司的股份，已达到改变公司的资产结构、所有者结构和控制权结构，使公司原经营者变成企业所有者的一种收购行为。由于管理层收购在激励内部人员积极性、降低代理成本、改善企业经营状况等方面起到了积极的作用，因而它成为20世纪70-80年代流行于欧美国家的一种企业收购方式。对中国企业而言，MBO最大的魅力在于能理清企业产权，实现所有者回归，建立企业的长期激励机制，这是中国MBO最具鲜明的特色。【关键词】管理层收购上市公司激励机制国有资产目录文献综述································································································1一、选题背景及意义········································································-5-（一）选题背景··············································································-5-（二）选题意义··············································································-5-二、国内外研究动态········································································-6-（一）国内外发展的历史及现状·························································-6-（二）国内外理论···········································································-9-三、论文研究的基本框架和内容·······················································-11-（一）论文提纲及各部分内容间的逻辑关系········································-11-（二）拟采用的研究方法与手段·······················································-11-四、预计创新点或有见解的工作·······················································-12-五、论文完成的计划与进度安排·······················································-12-六、参考文献···············································································-12-论文·································································································-15-一、MBO的概述···········································································-16-（一）MBO概念···········································································-16-（二）MBO的特点分析·································································-16-二、管理层收购的基本理论·····························································-17-（一）代理人成本理论···································································-17-（二）员工激励理论······································································-18-（三）产权激励理论······································································-18-（四）公司治理理论······································································-18-（五）利润共享理论······································································-18-（六）企业家精神理论···································································-18-三、国内外MBO发展历程······························································-22-（一）美国MBO发展历程······························································-22-（二）英国MBO发展历程······························································-25-（三）日本MBO发展历程······························································-25-（四）前苏联和东欧国家MBO························································-25-（五）我国MBO发展历程······························································-25-四、我国上市公司MBO存在问题·····················································-25-（一）相关法律制度不健全·····························································-25-（二）国有资产流失······································································-25-五、上市公司案例分析—双汇MBO··················································-25-（一）双汇介绍············································································-25-（二）MBO过程···········································································-25-（三）MBO前后业绩分析······························································-25-六、我的建议···············································································-25-参考文献·····················································································-27-文献综述选题的背景及意义㈠选题背景20世纪90年代以前，我国的管理层收购（MBO）一直停留在理论研究的层面，直到20世纪90年代初，深圳华为等企业率先试行MBO，在实践层面迈开了中国管理层收购（MBO）的第一步。随着我国经济体制改革的不断深入，在国有企业改革与国有经济从一般竞争性领域和中小企业逐步退出的过程中，管理层收购（MBO）扮演了一个及其重要的角色。国外的实践证明，管理层收购（MBO）在降低代理成本，激励内部人员的积极性和改善企业经营状况等方面都起到了积极的作用。然而，在我国，由于行政干预过多，缺乏公开透明的市场运作机制、缺乏良好的定价模式、融资手段不足、收购资金来源存在问题等诸多因素的制约，管理层收购（MBO）的实施很可能导致国有资产流失等许多现象，造成极为恶劣的影响。论文针对当前这种激烈的理论纷争，分析国内外MBO的理论源流和历史发展，深入细致地研究我国上市公司管理层收购出现的问题选题意义1完善和拓展学科理论，满足学科发展的内在需要当前，企业管理理论经过多年的发展，已基本建立了企业管理的理论框架，对企业管理的研究对象、研究目的、研究方法、基本概念、地位作用、主客观条件、历史发展、实践运用等内容进行了系统而深入的研究，并取得了显著成果。可以说，历经多年的系统研究，我国企业管理理论体系日趋完善，企业管理学科也不断发展。但事物的发展是不断向前的，没有静止不动的事物，企业管理理论体系和学科建设也是如此。只有不断挖掘新的内容，探索新的方向，才能不断发展，拥有长久的生命力。MBO理论作为企业管理层研究理论的重要内容，在企业管理学科中的地位非常重要。研究我国国有企业的管理层收购问题，探寻国有资产流失的对策，对MBO理论研究及企业管理学科的理论建设，无疑具有重要的意义。㈡选题意义1、完善和拓展学科理论，满足学科发展的内在需要当前，企业管理理论经过多年的发展，已基本建立了企业管理的理论框架，对企业管理的研究对象、研究目的、研究方法、基本概念、地位作用、主客观条件、历史发展、实践运用等内容进行了系统而深入的研究，并取得了显著成果。可以说，历经多年的系统研究，我国企业管理理论体系日趋完善，企业管理学科也不断发展。但事物的发展是不断向前的，MBO理论作为企业管理层研究理论的重要内容，在企业管理学科中的地位非常重要。研究我国上市公司的管理层收购问题，，对MBO理论研究无疑具有重要的意义。2、创新发展MBO理论，适应MBO实施的实践要求论文针对当前激烈的MBO理论纷争，分析国内外MBO的理论源流和历史发展，指出我国现行的MBO存在的诸多问题。进而，深入细致地研究我国国有企业管理层收购的动因及存在的问题，提出针对这些问题的建议。为政府加强MBO立法提出参考，总结MBO的融资方式，对于股权激励的渐进式MBO提出自己的看法，创新MBO理论，指导MBO实践具有指导意义。二、国内外研究动向㈠国内外发展的历史及现状MBO在西方的发展管理层收购（MBO——ManagementBuy-outs）最早出现在英国，开始时主要是一种资本和业务的放弃和退出方式，但后来它之所以成为一股重要的经济动力，还在于它作为一种便利的所有权转换形式和可行的融资方式能够减少公司代理成本。英国经济学家菜特在1980年最先提出了管理层收购（MBO）的概念及特征，20世纪80年代中后期，理论界开始了对管理层收购的理论研究。在美国，MBO也表现的非常活跃，但其产生背景及发展状况与英国则不尽相同，是在兴起的杠杆收购浪潮中得到迅速发展的。MB0的出现很大程度上取决于以下因素：首先，传统并购在20世纪60年代