国有企业是我国国民经济发展的支柱 国有企业的经济效益和良性发展对我 国社会主义市场经济建设 国民经济的发展和改革开放的深入进行具有至关重要 的作用 然而 长期以来 在计划经济体制的管理下 再加上国有企业本身存在 的问题 使得国有企业越来越难以适应社会主义市场经济的发展 甚至 在某种 程度上还阻碍了我国社会主义市场经济的发展 因此 有必要对国有企业进行所 有制方面的改革 就在国有企业改革和国有股减持的关键时刻 一种外来的资本 运作方式 MBO 进入了我国的企业重组与兼并市场 由于 MBO 在国外的发展时 间也不长 因此 当它进入我国的企业重组市场时 引起了业界人士的激烈争论 同时也有不少学者致力于 MBO 的研究 针对人们对 MBO 在国企改革中可行性的 争论 作者力图从理论和实际的角度对 MBO 在国有企业改革中的可行性作出判 断 同时 针对国内 MBO 中存在的问题 提出符合我国国情的解决方法 本文采用了比较研究 定性分析和定量分析相结合 实证研究和规范研究相 结合的方法 利用经济学和管理学的理论 在前人大量研究的基础上 借鉴和吸 收西方现代公司产权理论 委托代理理论 对我国国有企业中存在的问题进行了 深入的分析 从而提出了国有企业改革的可行方向 即企业的管理层在企业中持 有一定的股份 通过 MBO 改造国有企业 进一步 又分析了国内 MBO 操作中所 遇到的主要问题及其解决方法 首先 对我国国有企业的改革和企业理论的发展进行了回顾和评价 指出国 有企业的改革长期以来是针对如何清晰企业的产权和促使所有权和经营权的分 离 在以往的国有企业改革中忽略了一个至关重要的因素 即管理层在企业经营 中的重要作用 这一点从西方现代公司制企业中高级管理人员普遍持股的情况中 可以窥见一斑 因此 MBO 可以成为国有企业的改革可行方向 其次 针对业界人士对 MBO 的争议 作者从理论和实际的角度出发 研究了 MBO 在国有企业改革中的可行性 其中理论研究主要包括产权理论 委托代理理 论 企业所有权论 转型经济理论和博弈论 现实的研究主要从企业的发展角度 和社会公众的承受能力来进行分析 得出 MBO 在国有企业改革中是可行的 再次 作者针对国内 MBO 中存在的主要问题 企业价值评估和 MBO 融资提 出了自己的观点和解决方法 最后 对全文的主要方面进行了总结 并提出了有待进一步研究的问题 关键词 MBO 国企改革 产权IV ABSTRACT The state-owned enterprises are the backbone of the development of national economy of China. And for building the socialism market economy, developing the national economy and advancing the policy of the reform and opening to the outside world, it is very important to advance the benefit of the state-owned enterprise and develop it well. But for a long time, under the planned economy system, the issues concerned the state-owned enterprise have made the state-owned enterprise can’t accommodate the development of the socialism market economy, and even more it has embarrassed the development of the socialism market economy. So there is an urgent require to reforming the structure of the state-owned enterprise. At the key moment of reforming the structure of the state-owned enterprise and reducing the stocks that are owned by the state in some enterprises, an exotic method of operating the capital- — MBO, came to the reforming and merger market in China. Because MBO has been born only for tens of years, there are so many disputes about it when it came into our country and some experts apply themselves on studying it. Aiming at the disputes about the feasibility that MBO can be applied in the state-owned enterprise reforming, the author tried hard to draw a conclusion by the theoretics and the practice. At the mean time, the author also put forward some resolvent about the matters existing in the operating of MBO in China. In this thesis, the methods of comparison research, the combination of quantitative analysis and qualitative analysis, the combination of positive philosophy and standardized research, the theories of economics and management are used to make systematic and comprehensive analysis of the issues existing in the state-owned enterprises based upon the research results of precedents and the borrowing and absorbing the advanced thoughts of the theories of modern agency-principal system and corporations’ property right of the western countries. And then point out the feasible method to reform the state-owned enterprises that is the management hold some stocks in the state-owned enterprises. More over, the author analyses the main problems issued in operating MBO in China and the methods to resolve them. First, the reviewing and evaluating of the development of the reform and enterprise theories of the state-owned enterprises are made. For a long time, the reform of the state-owned enterprises is directed against expliciting the property right and separatingV the ownership and managing right. But there is an important aspect that had been ignored in the prevenient reform of the state-owned enterprises that is the role of the managers in operating a company. That can be made out by the fact that it is general for the managers to hold the stocks of the company where they worked in the companies of western countries. So, MBO can be taken as a feasible method to reform the state-owned enterprises. Second, aiming at the dispute about MBO, the author analyses the feasibility of reforming the state-owned enterprises by MBO from the theoretics and the practice. The theoreticses mainly include the modern western corporation’s property right theory, the agency-principal theory, the theory of the company’s ownership, transition and economics and the game theory. The practical analysis is mainly from the aspects of favorable development of the enterprises and the bearing ability of the public. And then, draw a conclusion that MBO is feasible in the reform of the state-owned enterprises. Third, the author analyses the main problems existed in the MBO in our country that are the evaluation about the company and the financing of MBO, and then put forward the methods to resolve them. In the last part, the author summarizes the major points and also points out the issues yet to be studied. Key words: MBO, The Reform of the State-owned Enterprises, Property RightVI 目 录 中文摘要 ....................................................................I 英文摘要 ..................................................................III 1 绪 论 ....................................................................1 1.1 研究的意义 ...............................................................1 1.1.1 研究的现实意义 .......................................................1 1.1.2 研究的理论意义 .......................................................2 1.2 国内外的研究现状 .........................................................3 1.3 研究的理论依据 ...........................................................7 1.4 研究的目标 方法和内容...................................................11 1.4.1 研究的目标 ..........................................................11 1.4.2 研究的方法 ..........................................................11 1.4.3 研究的内容 ..........................................................11 2 MBO 概述 .................................................................13 2.1 MBO 的起源 ...............................................................13VII 2.2 MBO 的主要特点 ...........................................................15 2.3 MBO 的优势 ...............................................................16 2.4 MBO 的发起方式 ...........................................................17 2.5 MBO 的融资结构 ...........................................................17 2.5.1 优先债 ...............................................................17 2.5.2 次级债 ...............................................................19 2.5.3 股权.................................................................20 2.6 小结 ....................................................................21 3 我国国有企业的改革历程和理论回顾 .................................23 3.1 我国国有企业改革的历程...................................................23 3.1.1 我国经济发展的成就...................................................23 3.1.2 国有企业改革的回顾 ...................................................25 3.2 我国企业理论的发展.......................................................28 3.2.1 企业本质理论的研究..........