我国上市公司管理层收购（mbo）的规范运作研究

厦门大学硕士学位论文我国上市公司管理层收购（MBO）的规范运作研究姓名：张伟文申请学位级别：硕士专业：金融学指导教师：杜朝运20050901MBOMBOMBOMBOMBOMBOMBOMBOAbstractAsoneofthemajormeansofMerger&Acquisition(hereafter“M&A”)inthemorematurewesternworld,ManagementBuyout(hereafter“MBO”)hasdemonstratedtobehighlyeffectiveinloweringagencycosts,improvingcorporategovernanceandmotivatingentrepreneurs.Inrecentyears,withthedeepeningofstateownedenterpriserestructuring,thedevelopmentofindustrystructuraladjustmentandtheincreasedglobalcompetitionbroughtaboutbyeconomicglobalization,MBOasameansofM&AhasalsomaderapidprogressinChina.ThesurgeofMBOinchinanotonlyprovidesintuitionintheownershiprestructuringofSOEs,theoptimizationofstateassetallocation,andthestrategicadjustmentofstateeconomy,butalsoismoreandmorevaluedasanewwaytorestructureenterpriseassetsandtoreallocateresources.However,duetothecomplicationanddiversityofMBO,itsapplicationhasmetwithmanyobstacles,suchasthepricingofstateownedsharesandtheresolutionofcapitalbottlenecks,whicharetoresolvedinpractice.ThisarticleintroducestheoriginandhistoryofMBOoverseasandmakesadeepanalysisofitstheoreticgrounding.ItalsoanalyzesthemajorproblemsinMBOpracticesofChineselistedcompaniesandrelatedlegalobstaclesandcausesfromanempiricalperspective,andaccordinglymakessuggestionsatbothlegalandpoliticallevels.Keywords:ManagementBuyoutMBO;Principal-agent;Ownership121(ManagementBuyoutMBO)MBOMBOMBOMBO2003MBO2004MBOMBO2MBOMBOMBOMBOMBOMBOMBO70::3:Lowenstein:Wrightetal.(2000)SmartSinghWrightetal.(2000)Seth(1993)MBO4Wrightetal.1994)RamyElitzurGarryDBrutonAnjuSeth.(1993):901997)(1998)(2000)(2001)(2001)1999)(2000)(2000)(2002)PankajTandon(1995)LichtenbergPalia(1997)198219935MBO(2001)(2002)(2002)(2003)MBOMBO(1999)(2000)(2000)(2003)MBOMBO29MBO1MBOMBO2MBOMBO3MBO29MBO6MBOMBOMBOMBO7MBO:1MBO8(Coase)1937)1983):(1994)()MBO::(AlchianandDemsetz,1972)MBO91989)::MBO()()MBO10(1981):123:45:(1981):(1)(2)(3)(4)MBO11(1979)::(1994)MBO12::12?3::1234MBOMBO132060(1961)::(1)(2)(3)(4)1967)(1975):MBO14:(1)(2)(3)(4)(5)(6)MBO:MBO15MBO16MBOMBOMBOMBOMBO20702080MBO:(ESOP,EmployeeStockownershipPlans)(EBO,EmployeeBuyout)70:()MBO607080MBO705%9015%1987MBO38019889MBOLBO3901989MBO/LBO9.98080011130%(30%MBO17)8090MBO19842003MBO2MBOTheCenterfortheManagementBuy-outResearch(CMBOR)80MBOMBOMBO902000239MBO2000MBO150MBO2002MBO1643MBOTheCenterfortheManagementBuy-outResearch(CMBOR)MBO18420012003MBOTheCenterfortheManagementBuy-outResearch(CMBOR)MBOMBOMBOMBOMBO1MBOMBO19MBO2MBO3MBO4MBOMBOMBOMBOMBOMBOMBOMBOMBOMBOMBO20MBOMBOMBOMBOMBO8-10MBOMBOMBOMBOMBOMBOMBO21MBOMBOMBOWTOMBOMBOMBOMBOMBOMBO22MBOMBO2080199311()()1992199477%199851999MBO199435%MBOEMBO(Employee&ManagementBuyout)MBOMBO23MBO2001MBO2001,29MBOMBOMBOMBOMBOMBOMBOMBO:MBOMBO:10%::2002MBO()TCLMBO2003MBOMBOMBOMBOMBOMBOMBO24MBOMBOMBOMBOMBOMBOMBO25MBOMBOMBOMBOTCLMBOMBOMBO123456MBO66%5MBO29MBO66%10%7%3%7%7%2002MBO26MBOMBO122502924501562.5MBO1MBO20MBOMBOESOPMEBOESOPMEBO7778100050TCL51.72%5013,79%17.24%MBO27MBO20002000110200012MBO14MBOMBO28MBOMBOMBO;50MBOMBOTCLMBOMBOMBOMBOMBOMBOMBOMBO1997324MBO292002121122003113029MBO2172.41%21419.05733.331047.62%1998-200334619%64%MBOMBO306MBO1MBO2MBO29183MBO29827.59%MBO2916MBO1230%MBO29MBO19%33%48%1998-200330264%17%19%MBO31MBO14433200110MBOMBOMBOMBOMBOMBOMBOMBOMBO32MBO2001142371200210199913500MB0MBOMBOMBOMBOMBOMBOMBO80MBOMBOMBOMBO33MBOMBO291965.51620.69MBOMBO91147MBO1479114791MBO34MBOMBO29MBO27MBO14791MBO614791MBOMBOMBOMBOMBO291420.6913.79MBO27.59MBO3572.41MBO2TCLMBO36MBO1MBO2MBOMBO3MBO4MBOMBOMBOMBOMBOMBOMBOMBOMBOMBO2001MBO5464.62%49%2002MBOMBO37201764.08%56%20020.580.07MBOMBOMBO329MBO/3.54.371.6TCL5.753.252.272.95902.95/3.00MBO38/3.28/3.082.952.5/3.1/1.242.37511.194.060.93MBO39MBOMBOMBOMBOMBOMBO122122MBOMBOMBO40MBOMBOESOTMBOESOTMBOMBOMBOMBOMBOMBOMBO2001MBOMBO41MBO1MBOMBOMBOMBOMBOMBO5-7MBOMBO42MBOMBOMBOMBO6133MBOMBOMBOMBOMBOMBOMBOMBOMBOMBOMBOMBO43MBO6MBOMBOMBO51055MBO55MBO65MBOMBOMBOMBOMBO2-3MBO44MBOMBOMBOMBOMBOMBOESOPMEBOESOTMBOMBOMBOMBO45MBO-MBOMBOMBOMBOMBOMBOMBOMBOMBOMBOMBOMBO1MBOMBO2MBOMBOMBO3MBOMBOMBO4MBOMBO465MBO6MBO7MBOMBO47:[1].[M].:,1995.[2].[M].:,1997.[3].[M].:,1999.[4].[M].:,1998.[5].:[M].:,2001.[6].[M].:,1997.[7].:[M].:,2000.[8].[J]..,2000,(6)[9].[M].:,2001.[10].[M].:,2002.[11].[J].,2002,(3)[12].1999-2002MBO--EMBO[J].,2003,(10)[13].[M].:,2000.[14].--[M].:,2000.[15]CoaseRonaldH.TheNatureoftheFirm[M].Economica,1937Edition[16]Wright.Hoskisson.BusenitzDial.EntrepreneurialGrowththroughTheUpsideofManagementBuyouts[J].AcademyofManagementReview,Feb2000[17].[M].:,1999[18].[J].,1996,(5)[19].[M].:,1999MBO48[20]AnjuSeth.StrategicRedirectioninLargeManagementBuyouts:TheEvidencefromPost-buyoutRestructuringActivity[J].StrategicManagement.Sep1993[21].--[M].:,1999[22].[M].:,2001[23].MBO[M].:,2003[24].[M].:,1998[25].[M].:,2002[26].[M].,2002[27].[M].:,1996[28].--[M].,2004[29].MBO[J].,2003,(3)[30].[J].,2003,(11)[31].MBO[J].,2003,(3)[32].MBO[J].,2003,(3)[33].MBO[J].,2003,(3)[34].MBO[N].20030521.[35].[J].,2002,(7)[36].[J].,2000(4)[37].[M].:,1990[38].[M].,1981[39].[M].,1981[40]RamyElitzur.PaulHalpem.RobertKieschnick.WendyRotenberg.ManagerialIncentivesandthe