摘要
自20世纪80年代,发端于美国的上市公司管理者控股收购(ManagementBuyout,缩写为MBO)异军突起,并迅速席卷全球。上市公司MBO实质是市场经济对效率最大化追求的必然产物,其不仅有利于实现产权结构调整,同时还可以降低公司代理成本,激励管理人员等,尤其是对于急需明晰产权与减退国有股的国内上市公司,无疑具有重大意义。本文依据国内外上市公司MBO实践,先对上市公司MBO做出一般法律分析,再对国内上市公司MBO运作的制度障碍与监管问题进行深入探讨,以求对上市公司MBO立法与实践有所稗益。
There has been a boom since 1980s of the 20th century,of MBO of domestic listed corporations originated in the United States.MBO of domestic listed corporation is the inexorable result of market economy for pursuing efficiency maximization,it is not only instrumental to the adjustment of property right,but also can lower the agent cost for corporations.Based on domestic and foreign practices,the paper analyses some legal issues concerning MBO,and studies obstacles to the operation of MBO and its supervision.
出处
《财经问题研究》
CSSCI
北大核心
2002年第11期83-89,共7页
Research On Financial and Economic Issues
