我国国企MBO制度缺陷与对策研究
江泽利
摘 要
MBO是英文Management Buy-out的缩写,中文通常被译作“管理层”收购,是指公司的管理层利用借贷所融资本或股权交易收购本公司股权,以改变公司的所有者结构、资产结构和控制权结构,使企业原经营者成为企业所有者的一种行为。
我国自引进MBO制度以来,对国有企业,尤其是对我国中小型国有企业,通过管理层收购实施了国有股产权改革,取得了较好的成效。但同时也暴露了许多产权改革过程中的不良现象,如,违规融资、不公开定价、“自卖自买”等交易,造成国有资产严重流失,引起了社会公众的普遍关注,也招致社会各界的议论和不满。
这些不满和议论随着“郎顾之争”的升温而被推向了高潮,成为继1994年“国企改革大讨论”之后的又一次“产权改革大讨论”,且迅速席卷全国。
讨论的中心议题是MBO是否还应该在中国继续被实施。 MBO过程中是否真的存在“国有资产流失”现象,政府是否应该停止国有企业MBO,诸如此类的问题也引起了政府的关注与重视。对此,国资委主任李荣融在2004年10月底的一次新闻发布会上发言时承认,“当前国有资产流失问题集中在MBO,而MBO收购过程中的主要问题就是自卖自买”。2004年12月12日,时任国务院副总理的黄菊同志,又在出席2004年度中央企业负责人年终总结大会时指出:“大型企业不准搞管理层收购,中小企业的管理层收购也要区别情况,要规范。对于管理层收购,国资委要制定发布专门文件,做到有章可循。”
政府代表的发言表明,一,对我国国有企业MBO的功过是非予以了客观评价。为回应民众要求制止民脂民膏不被侵吞的强烈呼声,对发生在国有企业MBO过程的非正常现象予以承认。二,国有企业中还将继续实施MBO。我国国有资产改革的大方向不会变,MBO作为国有企业实现国有股减持的有效措施仍将被继续。三,我国国有企业MBO过程中存在着的这样或那样的一些不尽人意问题,是可以通过制度完善,规范操作来加以避免的。
政府对规范MBO行为有信心,我也一样希望对MBO制度缺陷与对策进行研究分析的,探索一套可行的制度,以保证MBO健康进行。本文通过引用西方经济学理论,如激励机制、产权理论、新制度经济学、产业经济学、产业结构理论、博弈论、制度供给理论及信息经济学等,对我国国有企业MBO制度及制度实施现状进行了全面分析研究,并适度采用了对比法,对中外MBO制度理论进行对比分析。全文共分为三个部分:
第一部分为第1章,是论文基础部分。在这一部分,作者通过对MBO的起源及基本概念的界定,提出了自己的初步观点,即,MBO是“管理者收购”,而非“管理层收购”,充实了长期以来指导我国MBO实践的理论。
第二部分包括第2、3两章,是论文实证分析部分,也是理论联系实际的重要部分。在这一部分,作者从我国国有企业MBO的历史出发,客观评述了MBO对我国国有企业产权改革的重要作用,也揭示了MBO实践中存在的一些问题;接着,作者又从我国现行有关MBO制度入手,阐明了我国现行MBO制度的现状及存在的缺陷和不足,为对策研究提供了充分的事实依据。
第三部分为第4章,是对策和建议部分。这一部分在前面两部分基础之上,从理论创新、制度完善、监督控制等几个方面,对避免和防止MBO实施过程中“国有资产流失”现象,提出了一整套建设性建议和应对措施。对我国国有企业MBO目标及实施措施提出了新的要求,也是对前两部分研究的综合与提升,是本文研究的落脚点,充分体现了本文研究的理论和实践意义。
关键词: 国有企业 MBO 制度缺陷 对策
Abstract
MBO is an abbreviation of Management Buy-out in English. In Chinese, the abbreviation is usually translated to purchase of "the management "that is refers to the management as one level of the company, for change the owner structure, the property structure and the domination structure of the company, use to lend money to purchases the stock of this company, causes the enterprise original operator to become the enterprise owner's one kind of behavior.
Since our country has been introduced, the MBO system, as an implement of the property reform, to the state-owned enterprise, especially to our middle and small scale state-owned enterprise, which has achieved a good result.
But simultaneously, it also has exposed some undesirable phenomena in process of the property reforms, such as illegal financing, pricing is not open, "traders from buying", and other transactions, resulting in serious loss of state assets, has not only aroused the universal concern of the public but also lead to the community to debate and discontent.
Whit “the dispute of Lang with Gu” was heat up, these dissatisfaction and the discussion is pushed to the high tide, became "the property right to reform the big discussion" which is continues "the state-owned enterprise to reform the big discussion" in 1994, and rapidly sweep all over our country.
In this discussion, it is central that MBO whether also should continue in China. In the MBO process whether the real existence the phenomenon about "the state asset does drain", whether the government should stop state-owned enterprise MBO, the so forth question was repeatedly asked by the public that has aroused government department's interest and takes.
At end of October of 2004, arm at the Public matter of concern proposed which on the discussion process in, Li RongRong as director of State Asset Management Committee, make the speech at a press conference, said, "the question, the current state asset drains, to concentrate in MBO, but the main question, in the MBO process, is from sells buys".
On December 12th, 2004, Huang Ju ,as Vice-Premier of our State, in attends annual's end congress of 2004 year, pointed out, "The major industry does not permit to do MBO, in mid- and small-scale enterprise, the MBO also must distinguish the situation, wants the standard. Regarding the MBO, the State Asset Management Committee must formulate the issue special document, achieves has a legal basis."
In my opinion, the government representative's speech has indicated three meanings. Firstly, it is an evaluation to the operation of our state-owned enterprise by MBO. In order to respond the populace request to stop the action of embezzles which likes flesh and blood of the people, the government acknowledged that it is an unusual phenomenon that above mention phenomena in the MBO of state-owned enterprise process. Secondly, it is an attitude of our government on the question whether continues in the state-owned enterprise to implement MBO. The general orientation of our state asset reform have never been change, MBO, as one effective action to took the state-owned share reduction, will to be continue. Thirdly, these phenomena in our country state-owned enterprise MBO process is may be perfect through set up the standard operates performs and repaid the system to avoid.
Government acts to regulate MBO confidence, as I also hope that the MBO system defects and countermeasures research and analysis, to explore a workable system to ensure that the MBO health. By reference western economic theory, such as the incentive mechanism, and property rights theory, New institution Economics(NIE), industrial economics, and the industrial structure theory, game theory and information theory, and so on, I conducted a comprehensive analysis for China's state-owned enterprises MBO system and the status of implementation of the system, and appropriate use of the comparative method with the foreign MBO system theory. This thesis is divided into three parts:
Part I is chapter 1 is the basis of the thesis. In this section, the author through the MBO and the origin of the definition of basis concepts, raised individual preliminary view that, MBO is one kind of behavior about purchase by manager who is personal rather than by manager who are one collectivity, and enrich the guidance of China's MBO has a theory of practice.
Part II includes chapters 2 and 3, this section is an important part in the paper with empirical Analysis of linking theory with reality. In this section, the author objective review of the MBO as property rights reform of China abut state-owned enterprises from the history of MBO in china, and revealed the existence of the practice of some problems. Author has start study from China's current system of MBO, elaborated China's current MBO system and the status of the existing defects and shortcomings. This part is measures to provide sufficient factual basis for countermeasures study.
Part III be refers to Chapter 4 which is recommendations and responses for above write. Basis of the front part of this thesis, the author put forward a set of constructive proposals and responding to the program, for avoid and prevent the "loss of state assets" phenomenon, a set of constructive proposals and response measures, from the theoretical innovation, and the system improve, supervision and control etc several aspects.
These suggests put forward new requirements for target of reform in China's state-owned enterprises and standard of implementation. This is the end-result of this study and is consolidated and upgrading for parts I and II on this thesis which fully embodies the theoretical and practical significance.
Keyword: State-Owned Enterprises of China/ MBO/ System Shortcoming /Countermeasure
目 录
论文摘要
第1章 绪 论 1
1.1 选题背景 1
1.1.1 问题的提出 1
1.1.2 研究的现实意义 2
1.2 MBO起源与概念界定 3
1.2.1 MBO的起源 3
1.2.2 MBO的概念 5
陕西省保护妇女儿童合法权益的若干规定
陕西省人大常委会
陕西省保护妇女儿童合法权益的若干规定
陕西省人大常委会
(1984年8月31日陕西省第六届人民代表大会常务委员会第八次会议通过)
目 录
第一章 总 则
第二章 保护妇女人身权利、民主权利和在婚姻家庭中的合法权益
第三章 保护儿童、婴儿的人身权利和其他合法权益
为了切实保护妇女儿童的合法权益,依照《中华人民共和国宪法》、《中华人民共和国刑法》、《中华人民共和国婚姻法》、第六届全国人民代表大会常务委员会《关于严惩严重危害社会治安的犯罪分子的决定》和有关法律,结合我省实际,制定本规定。
第一章 总 则
第一条 切实保护妇女的人身权利、民主权利和在政治的、经济的、文化的、社会的和家庭的生活等各方面的合法权利。
第二条 切实保护儿童、婴儿的人身权利和其他合法权益。
第三条 保护妇女、儿童、婴儿合法权益是一切国家机关、军队、学校、企业事业组织、人民团体及公民的职责。
对侵犯妇女、儿童、婴儿合法权益的犯罪行为,机关、军队、学校、企业事业组织、人民团体及公民都有权控告、揭发,任何单位和个人不得压制、报复。
对保护妇女、儿童、婴儿合法权益作出显著成绩和贡献的,各级人民政府或有关单位应予以表彰或奖励。
第二章 保护妇女人身权利、民主权利和在婚姻家庭中的合法权益
第四条 妇女的人身权利不受侵犯。
对拐卖妇女的,以暴力、胁迫或其他手段强奸妇女的,奸淫不满十四岁幼女的,引诱、容留、强迫妇女卖淫的,以及传授上述犯罪方法的,根据情节,分别依照《刑法》和《关于严惩严重危害社会治安的犯罪分子的决定》处罚。
对调戏、侮辱、猥亵妇女,构成流氓罪的,依照《刑法》处罚;不构成犯罪的,分别予以行政处分、治安处罚、劳动教养。
第五条 禁止私自为妇女摘除节育环。
借摘除节育环骗取财物数额较大的,侮辱妇女情节严重的,强奸妇女的,以及因摘除节育环造成伤害、死亡的,依照《刑法》处罚。
强迫妇女摘除节育环,情节恶劣造成严重后果,构成犯罪的,依法追究刑事责任。
第六条 任何人不得在精神上、经济上、肉体上虐待妇女。
虐待妇女,特别是虐待生女孩的妇女,情节恶劣的或因虐待引起被害人重伤、死亡的,依照《刑法》处罚。
第七条 男女婚姻自由,任何人不得干涉。
禁止包办、买卖婚姻和其他干涉婚姻自由的行为。
禁止干涉丧失配偶妇女的再婚自由。
以暴力干涉婚姻自由的,依照《刑法》处罚。
第八条 女子享有同男子平等继承财产的权利。
被继承人死亡后,其家族、亲友不得侵犯女子(包括已出嫁女子)继承财产的权利。
丧失配偶或离婚的妇女再婚时,其合法财产由本人支配,任何人不得干涉。
第九条 招收职工、招收学生、选拔干部、升级晋职、分配住房、劳保福利等都要认真执行男女平等的原则,对妇女不得歧视。
第三章 保护儿童、婴儿的人身权利和其他合法权益
第十条 儿童受国家的保护。
禁止体罚儿童的行为。
禁止强制少年儿童信仰宗教。
第十一条 家长有送子女受完初等教育的义务。年满七周岁的儿童须按时入学。无正当理由不入学的,当地人民政府有关部门应当对其家长进行批评教育,保证送子女入学。
第十二条 禁止虐待儿童。
对虐待儿童、特别是虐待女孩构成犯罪的,依照《刑法》处罚。
第十三条 对拐骗不满十四岁儿童,脱离家庭或者监护人的,依照《刑法》处罚。
第十四条 禁止溺婴、弃婴和其他残害婴儿的行为。
父母、养父母、继父母或其他负有抚养义务的人,遗弃婴儿,情节恶劣的,依照《刑法》处罚。
溺婴或采取其他手段杀害婴儿的,依照《刑法》处罚。
第十五条 各级人民政府要认真做好被遗弃婴儿、孤儿的收养和安置工作。
申请收养婴儿的,须经当地人民政府有关部门审查批准、办理公证手续后,方可收养。
第十六条 禁止任何单位或个人对胎儿进行性别鉴定。
1984年8月31日