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2020年我国国有企业MBO信托的可行性研究报告DOC

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从公司治理的角度看,管理层收购(MBO)能有效解决现代企业由于 两权分离而引起的委托代理、内部人控制、信息不对称等问题。我国的 MBO 是伴随着国有经济战略性重组的推进和产权改革的不断深化而出现 的,国内产权制度存在的种种问题,使 MBO 这一金融工具被赋予了许多新 的内涵。 受我国金融政策及公司法的限制,加之目前国内资本市场不发达, 融资渠道比较单一,我国企业实行 MBO 普遍存在融资难、收购主体不合 法等一系列问题。MBO 信托(指信托公司参与实施 MBO)的出现为我国 MBO 开辟了一条新的融资渠道并在一定程度上解决了收购主体不合法的问 题。然而当前国有经济正处于转轨期,存在法律体系不够完善、公司治 理结构不尽合理、MBO 相关制度未规范等许多问题,造成了国内 MBO 市场 经常出现管理层违规操作、借改革之名行侵吞国有资产之实的混乱局面, 因此财政部在 2003 年 3 月对国有企业 MBO 暂停审批。 从金融中介、融资结构等多种角度进行理论分析,信托机制运用于 MBO 有许多积极效用,然而结合我国当前信托业现状、公司治理现状以及 法律环境等实际情况,信托公司介入 MBO 也存在着一定的风险和隐患。 无可否认在成熟的市场经济环境下,信托介入 MBO 有许多积极效用,然 而本文作者认为在当前国内没有相应的法律制度和成熟的市场经济环境 作保证的情况下,加之我国信托业还处于起步阶段,若干市机制还有待 完善,此时将信托引入 MBO 中,都隐藏着一定的道德风险,尤其是管理 层利用信托公司间接持有目标公司股权的收购形式,更隐含着许多难以 控制的因素,容易形成国有资产的流失。 关键词 管理层收购,信托,公司治理,融资结构电子科技大学硕士报告 II FEASIBILITY RESEARCH OF MBO TURST OF OUR COUNTY′S STATE-OWNED ENTERPRISE BSTRACT From the aspect of managing companies, by the means of MBO, we can efficiently solve problems such as the agency by agreement, inner employees’ controlling, information asymmetry caused by the separation of two rights in modern enterprises. MBO of our country has formed in the process of the advancement of the state-owned economic strategic reorganization and the promotion of the reform of the property right. All kinds of questions connected with property relations make this financial implement of MBO mean a lot. Restricted by our company’s financial policy and law for company, as well as the situation that the domestic capital market is undeveloped, and financing channel is monotonous at present, our state-owned enterprises have a hard time in implementing MBO with a series of problems, such as difficult financing and illegal purchasing subjects. MBO has provided a new financing channel and solved the problem with illegal subjects in a way. However, our state-owned economy in the period of transition at present faces many problems such as imperfect legal system, defective company administrative structure, and non-effective relevant MBO system, thus, a terrible situation has appeared: the domestic MBO market is in great disorder due to the illegal operation of administrative authorities and annebing of state-run real in the name of reform. Therefore, the Ministry of Finance has delayed eamining电子科技大学硕士报告 III and approving MBO in March of 2003, but the phenomena of a lot of “fake MBO” have appeared at the same time, to eploit the trust scheme to implement MBO has become the public focus. This thesis has analyzed theoretically the application and function of the trust mechanism in MBO from all aspects; and in turn, it has stated honestly potential risks and hiden dangers when MBO enters our trust company. We can not deny the fact that under the environment of ripe market economy, MBO in trust company has great positive effects; however, the author has his own opinion about it. He thinks at present there is no corresponding domestic legal system and no ripe marketing conditions as a guarantee in our country, in adition, the trust business of our country has just come into being, so MBO’s entering this business will lead to a great danger in morality and unavoidble running-off of state-run assets, and it is unwise to put MBO into this business. KEY WORDS management buy-out, trust, the company managing, financing structure电子科技大学硕士报告 IV 目 录 中文摘要 英文摘要 第一章 引言.........................................................................................................................1 1.1 选题背景 ................................................................................................................ 1 1.2 研究框架 ................................................................................................................ 1 1.3 研究方法 ................................................................................................................ 2 第二章 MBO 信托概述.....................................................................................................3 2.1 MBO 在我国的产生与发展现状 ........................................................................... 3 2.1.1 MBO 的概念及特征 ...................................................................................... 3 2.1.2 MBO 在我国的产生和发展现状 .................................................................. 4 2.2 MBO 信托的概念、产生及发展 ........................................................................... 7 2.2.1 信托的含义及本质 ....................................................................................... 7 2.2.2 我国 MBO 信托的产生与发展 .................................................................... 8 2.3 MBO 信托的现有运作模式 ................................................................................. 10 2.3.1 向管理层提供贷款融资模式 ..................................................................... 10 2.3.2 向管理层提供收购主体模式 ..................................................................... 11 2.3.3 信托公司直接持有目标公司股份模式 ...................................................... 12 2.3.4 信托公司与机构投资者合作收购目标公司股份模式。 ......................... 13 2.4 本章小结 .............................................................................................................. 14 第三章 信托机制在 MBO 中作用的理论分析................................................................16 3.1 从金融中介角度看信托在 MBO 中的作用 ....................................................... 16电子科技大学硕士报告 V 3.1.1 金融中介理论简述 ...................................................................................... 16 3.1.2 信托公司作为金融中介机构可为 MBO 提供融资渠道 .......................... 16 3.1.3 信托公司作为金融中介可在 MBO 中发挥类似投行的作用 .................. 17 3.1.4 信托公司作为金融中介理论上可保障整个 MBO 信托活动各方利益 .. 18 3.2 从信托独特功能角度看信托机制在 MBO 中的运用 ....................................... 19 3.2.1 信托的独特功能 ......................................................................................... 19 3.2.2 信托运用的灵活性使信托公司可以多种形式介入 MBO ....................... 19 3.2.3 信托财产的独立性保障了 MBO 融资的资金稳定性 .............................. 20 3.3 从融资结构角度分析信托公司介入 MBO 的公司治理效应 ........................... 21 3.3.1 融资结构与公司治理的内在联系 ............................................................. 21 3.3.2 MBO 信托融资的公司治理效应分析 ........................................................ 23 3.4 本章小结 .............................................................................................................. 27 第四章 MBO 信托在我国现阶段的可行性分析...........................................................28 4.1 信托可相对解决我国 MBO 融资难和收购主体问题 ....................................... 28 4.1.1 信托机制为我国企业 MBO 提供了一条融资通道 .................................. 27 4.1.2 信托可作为解决我国企业 MBO 收购主体问题的一种手段 .................. 30 4.2 从我国信托业现状看 MBO 信托存在的风险 ................................................... 31 4.2.1 MBO 信托融资来源风险............................................................................ 31 4.2.2 信托产品的流动性风险 ............................................................................. 32 4.2.3 信托公司因担任不同的法律身份而产生的风险 ..................................... 31 4.2.4 MBO 信托项目的融资期限风险 ................................................................ 33 4.3 从我国企业治理现状看 MBO 信托存在的问题及隐患 ................................... 34 4.3.1 信托无法解决我国当前 MBO 收购定价问题 .......................................... 34电子科技大学硕士报告 VI 4.3.2 我国 MBO 信托监管乏力 .......................................................................... 35 4.3.3 信托公司治理结构的缺陷加剧了上市公司的信息披露问题 ................. 37 4.4 本章小结 .............................................................................................................. 39 第五章 A 集团 MBO 信托案例分析................................................................................40 5.1 案例概要 .............................................................................................................. 40 5.2 案例背景 .............................................................................................................. 40 5.3 运作过程 .............................................................................................................. 41 5.4 案例中反映出的一些问题 .................................................................................. 42 5.5 案例启示 .............................................................................................................. 44 第六章 结论.......................................................................................................................46 致谢.............................................................................................................................48