如何面对上市公司MBO的本土化

• 作 者: 李杰
• 机 构: 南京大学商学院 江苏南京210093
• 出 处: 江苏统计
• 发表日期: 2004年期
• 关键词: 土化 上市公司 管理层收购 内在核心 后遗症 上市公司管理 内部人控制 证券市场 国有股减持 第一大

中国的上市公司实行MBO动因与国外不完全一样,主要目的是以激励企业高层为主,充分调动经营者的积极性,因而MBO更多是行政安排为主。刚刚兴起的MBO由于时间较短,配套的法制法规不全,监控也成了盲点。在这种不规范的市场之中,完全按照国外的MBO来进行运作,风险依然较大,盲目地、大规模地掀起MBO浪潮,将会产生更多的后遗症。因此,必须严格控制上市公司的MBO及其实施过程进行监督,保证MBO实施的市场化、规范化,通过定量、定标来控制MBO过程中的风险,使MBO能够建立在企业健康发展、企业更具有内在核心竞争力的方向上来。

The MBO motivation of listed companies in China is not exactly the same as that of foreign countries. The main purpose of MBO is to motivate the top executives and fully mobilize the enthusiasm of managers. Therefore, the MBO is mainly based on administrative arrangements. MBO has just arisen due to a relatively short period of time, the supporting laws and regulations are not complete, monitoring has become a blind spot. In this non-standard market, MBO operates entirely in accordance with the foreign MBO, the risk is still large, blindly and MBO wave set off on a large scale, there will be more sequelae. Therefore, it is necessary to strictly control the MBO of listed companies and the implementation process to supervise them, to ensure market-oriented and standardized implementation of MBO, and to control the risks in the MBO process through quantitative and calibration so that MBO can be established in the healthy development of enterprises, Internal core competitiveness of the direction.