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管理层收购(MBO)正成为我国目前解决上市公司产权结构不合理的主要模式,据来自权威机构的调查,我国有100多家上市公司正在积极准备或者即将推出 MBO 方案。2003年将是我国的“MBO 年”。一、我国实施 MBO 的主要情况MBO 作为20世纪70～80年代流行于欧美国家的一种企业收购方式。是指公司的管理者利用杠杆收购的方式,以融资借贷所获得的资本购买本公司的股份,从而完成由单纯的企业管理者到股东的转变,并获得预期收益的一种收购行为。我国最先实施 MBO 的是民营企业。1999年5月,由四通职工持股会投资51%、四通集团投资49%的北京四通投资有限公司注册成立,不久就购买了四通集团持有的香港四通50.5%的股权,完成了中国第一例 MBO。随后,我国开始了管理层收购。其主要的运作特点是:一是要成立一家持股主体,以此来完成 MBO。二是要明确收购的资金,要有对上
Management buyout (MBO) is becoming the main mode of irrational structure of listed companies in China. According to surveys from authoritative organizations, more than 100 listed companies in China are actively preparing or will launch MBO programs. 2003 will be China’s “MBO year”. I. The Main Situation of MBO Implementation in China MBO is a corporate acquisition method popular in Europe and the United States in the 1970s and 1980s. It refers to the use of leveraged buyouts by the company’s managers to purchase the shares of the company by financing the borrowed capital, thereby completing the acquisition of expected returns from the transformation of a pure corporate manager to shareholders. China’s first implementation of MBO is a private enterprise. In May 1999, Beijing Sitong Investment Co., Ltd., which was invested 51% by Sitong Employees’ Stock Ownership Association and 49% by Stone Group, was incorporated and soon acquired a 50.5% stake in Hong Kong Stone Group held by the Stone Group. Completed China’s first MBO. Subsequently, our country began a management buyout. Its main operating characteristics are: First, it is necessary to set up a shareholder to complete MBO. The second is to clearly identify the funds to be acquired.