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有关MBO(管理层收购)的话题,时下乃属社会关注的热门话题之一。 这种“热”,当然不是无端的炒作造势。就宏观背景而言,党的十六大报告提出国有资产管理体制改革的新方略,意味着国有资产产权改革的步伐将加快,效率将提高。就法制环境而言,《上市公司收购管理办法》等法规的出台,鼓励企业经理人员实施管理层收购,有了相应的法律保障。当然,新近获批的实施管理层收购的一些新案例,新华信托率先推出的“MBO资金信托计划”,透露出MBO实施在政策上的新突破,又给人以诸多想象空间。于是乎,有业内人士干脆称,2003年是“MBO年”。
The topic of MBO (Management Buyout) is nowadays one of the hot topics of social concern. This “heat” is certainly not an unprovoked hype. As far as the macro background is concerned, the report of the 16th CPC National Congress proposed a new strategy for the reform of the state-owned asset management system, which means that the pace of the reform of state-owned assets property rights will accelerate and efficiency will increase. As far as the legal environment is concerned, the issuance of regulations such as the “Measures for the Administration of the Acquisition of Listed Companies” and the encouragement of managers of enterprises to implement management buyouts have been provided with corresponding legal protection. Of course, some newly approved cases of implementing management buyouts, and the “MBO Funds Trust Plan” pioneered by Xinhua Trust, revealed a new policy breakthrough in MBO implementation, giving people more room for imagination. As a result, industry insiders simply said that 2003 was the “MBO year.”