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由于代理问题的存在,股东和管理层之间存在利益冲突,20世纪70年代,MBO以企业私有化的方式在美国资本市场出现,并在一定程度上解决的代理问题,提高了公司经营效率。20世纪90年代,MBO引入中国,作为国有企业产权制度改革的方式普遍存在。然而,中国的MBO却带来国有资产流失,损害外部中小股东利益等不良后果。2005年开始,国家进行股权分置改革,资本市场进入全流通时代。本文在回顾MBO经济后果的基础上,对全流通时代中国MBO的经济后果进行再次思考。
Due to the existence of agency problems and the conflict of interests between shareholders and management, in the 1970s, the MBO emerged in the capital markets of the United States in the form of privatization of enterprises and, to a certain extent, solved the agency problem and enhanced the operating efficiency of the company. In the 1990s, the introduction of MBO into China was ubiquitous as a way to reform the property rights of state-owned enterprises. However, China’s MBO has brought about the loss of state-owned assets and the adverse consequences on the interests of small and medium-sized outside shareholders. Beginning in 2005, the state split share structure reform, the capital market entered the era of full circulation. On the basis of reviewing the economic consequences of MBO, this article reconsider the economic consequences of MBO in the era of full circulation.