中国上市公司管理层收购的法律监管

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摘要
管理层收购（MBO），是指目标企业的管理层利用融资购买本企业的股份，从而获得或可能获得本企业实际控制权的行为，即公司管理层或经理层完成由单纯的管理者身份向管理者与股东双重身份的转变，进而改变本公司所有者结构、控制权结构和资产结构，从而达到重组本公司的目的并获得预期收益。作为一项制度创新，管理层收购对于明晰国有企业产权、降低企业代理成本、激发经营者人力资本要素、实现国有资本战略性退出具有重要意义，但是由于我国现行法律制度不健全，因此管理层收购在实践中面临着一系列的违规风险，是否在我国继续推行管理层收购存在着较大争议。本文首先分别在经济学和法学的角度上，从理论基础上来探寻管理层收购存在的必要；其次通过对西方国家管理层收购的分析探寻出管理层收购的应有之义，结合我国上市公司管理层收购的现状分析比较了中外管理层收购的不同；再次，基于我国管理层收购的制度环境的缺失分析我国上市公司管理层收购存在的一系列问题，探寻有关的法律制度是何以成形及有何缺陷；最后，为了保证管理层收购的每一方面都有法可依从而得以顺利实施，基于上市公司管理层收购的各个环节提出相应的法律监管的若干构想。
 
关键词：中国上市公司  管理层收购  困境  法律监管

The Legal Supervision of The MBO about Chinese Listed Company

Abstract
Management buyout（MBO）is that the management of the target company use the finance to buy its stocks in order to get or maybe to get the actual control of the company,that is the management of the company come from the pure managers into the managers and stockholders,and change the structure of owner,control and property so that thay can rebuild this company and get the expected profit.MBO is important to clear the property of state enterprises,reduse the proxy cost of the company,stimulate the human resource of managers and make the state-owned capital with-drawed from market as a kind of innovative system,but there are lots of disputes wether carrying out the MBO or not because of the existing law is so flowed that the practices of MBO face a series of risk of violation.first,this article was based on the law and economics to search for the necessary of the theory of MBO;second,it analysed the comparisons of MBO in China and in western countries through explored the proper meaning of MBO of western countries and MBO of listed companies in China in operation;third,based on the defects of China’s systems it analysed a series problems of MBO of lised companies and explored how the systems were made and what defects they had;the last,it offered a certain number of ideas of legal supervision about MBO of listed companies in order to ensure that aspects of MBO which carried out within law.

Keywords:Chinese listed company;management buyout;difficult position;legal supervision

目录
摘要 ...........................................................Ⅲ
Abstract....................................................... Ⅳ
引言........................................................... 1
一、管理层收购的理论基础....................................... 2
（一）经济学视野中的管理层收购.................................. 2
（二）管理层收购的法学考量 ......................................3
二 、上市公司管理层收购的制度实践——一个关于中西方的比较 .......4
（一）来自西方的制度安排 ........................................4
（二）中国式上市公司管理层收购...................................5
（三）上市公司管理层收购的中外比较 ..............................6
三、我国上市公司管理层收购的法律困境 ............................7
（一）法律问题的提出——对现状的分析.............................7
1.收购主体的合法性问题 ..........................................7
2.收购价格的合理性问题 ..........................................7
3.收购融资的合规性问题...........................................8
4.信息披露的缺陷性问题...........................................8
（二）规则之整理——制度是如何形成的.............................9
四、对修改我国关于遗产范围立法的一些建议.........................11
（一）管理层收购的主体——基于信托的构筑.........................11
1.信托的概念和独特功能...........................................11
2.信托机构作为上市公司管理层收购主体的优势分析 ..................12
（二）管理层收购的融资来源 ......................................12
（三）管理层收购的信息披露 ......................................13
1.更为具体化的公开内容 ..........................................13
1.更为周详的披露程序.............................................14
（四）管理层收购中国有资产的保护.................................14
结  语 ..........................................................16
参考文献 ........................................................17
致  谢 ..........................................................18

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