我国管理层收购模式下国有资产流失的问题分析—以宇通客车管理层收购为例

摘 要
随着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发挥着积极作用，它渐渐成为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。
目前，中国资本市场一直在探索解决国有股减持的方法，MBO在中国是近两年出现的新生事物。直观来看，在目前中国国有企业面临内部激励不足和扭曲的情况下，管理层收购不可避免地成为解决中国国有企业激励不足的一种选择。在中国国民经济改革的大环境下，可能会更有成效。然而在今天的中国，由于MBO引进的时间短，各项工作开展的不成熟，随之而来的相关法律也不完善，监督机构的监管不力，使各类国有资产流失严重。

关健词：管理层收购；监管不力；国有资产流失
Abstract

Management buyout is a purchase activity that the managers of the target company utilize financing to purchase the corporation stock, in order to achieve the ownership structure, control rights structure, and asset structure of the company, to achieve the reorganization of the company with the integrated owner and operator identity, and at last to get the desirable property benefits. However, due to the short introduction period of MBO, the work is carried out in an immature way. Meanwhile, the imperfect laws and lack of supervision result in enormous loss of state assets.
The reason is mainly because of a series of problems existing in the implementation process of buyout conducted by the current management, and also because of the imperfect laws and regulations which standardize the operation. Both of them led to the loss of state assets. The laws and regulations should be made first. No matter for regulators or supervised companies, they both should act within the law. However, the fact is that there are no existing specific regulations or measures at the moment. Now governments of different levels are accelerated to make rules and regulations, to stop the preemptive sale of state-owned assets in time in some relative departments and to treat the phenomenon of the loss caused by MBO severely. After problems are found out, the resulting measures should be conducted strictly according to law. The management department of the state-owned assets at higher levels should also strengthen the supervision of the departments at lower levels to minimize the loss of state assets caused by MBO.

Key   Words: Management buyouts; lack of supervision; loss of state assets

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