管理层收购（MBO）存在的问题及对策：国内研究综述

关于MBO的作用与问题,学者们存在分歧,国外理论可分为"效率提高论"和"财富转移论"两派。在国内,MBO实践尚处于起步阶段,但已出现诸多问题:收购主体的法律地位不明确;管理层的非市场化障碍;融资渠道狭窄;MBO收购过程中定价不公正、操作过程不透明;MBO的股票来源和股票变现渠道不畅通;实施MBO涉及产权变革难题;MBO也产生内部人控制的新问题。要进一步完善和发展MBO,还必须修订相关法规政策、加强公司治理结构的监管、完善市场环境。

A Review of Problems and Corresponding Solutions of MBO in China

As regards the functions and problems of MBO (management buyouts), there exists great disagreement among scholars in China, especially between "the efficiency increase theory" and "the wealth transfer theory." At the initial stage, MBO has encountered various problems:(1)the legal status of purchasers is indeterminate;(2)the management is not formed through market competition;(3)the financing channel is narrow;(4)the pricing is unreasonable and the operation opaque in the MBO practices;(5)the channel of stock source and stock turning into the cash is blocked;(6)implementing MBO usually shoulders the task of defining property right;(7) the new problem of internal control comes into being. In order to develop MBO a step further special rules and regulations must be implemented while strengthening supervision of the management structures of concerning enterprises and improving market environment.