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A Study on Management Buyout of Chinese Listed Company

中国上市公司管理层收购研究

基本信息

批准号：
16530170
负责人：
HUANG Xiao chun
金额：
$ 1.73万
依托单位：
Hirosaki University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2004
资助国家：
日本
起止时间：
2004 至 2006
项目状态：
已结题

项目摘要

The reform of state-owned enterprises is crucial for the Chinese economy. However, but it is not clear that which way is the best for doing it. There are two different approaches, one is that shifting the managerial power to the management while maintaining the state ownership, another one is that abandoning the state ownership to go to the privatization. In case of the privatization of the state owned enterprises, there are two different choices, selling the state assets to market or buying it by management (MBO). MBO is becoming one of the main issues in the reform of the state owned enterprises in recent years and repeated "go and stop "games up to now.This study examined the policy changes on MBO in China and suggested that the price setting of the corporate assets is not only sensitive, but also difficult. Because management themselves assess the assets and set the sale prices in most MBO cases, it inevitably caused public criticism and lead to government intervention. The case study on Qingtao beer suggested that the management tried to seek other way, for example, organization restructuring and alliance with foreign capital to sift the ownership from government to management.Contrasting with MBO took place in western countries, stocks hold by management in China are usually less than 50%, as a result, the companies are maintaining the status as a listed company. We need to conduct a follow-up survey on the ownership, management and performance of those MBO companies.

国企改革对中国经济至关重要。然而，目前还不清楚哪种方式是最好的。有两种不同的途径，一种是在保持国有所有权的同时将经营权转移到管理层手中，另一种是放弃公有制走向民营化。在国有企业私有化的情况下，有两种不同的选择，一种是向市场出售国有资产，另一种是管理层收购国有资产。管理层收购正成为近年来国企改革的主要议题之一，并反复进行“走走停停”的博弈。本文考察了中国关于管理层收购的政策变化，认为企业资产的定价不仅敏感，而且困难。由于在大多数MBO案例中，管理层自己评估资产并设定出售价格，这不可避免地会引起公众的批评，并导致政府干预。对青岛啤酒的案例分析表明，管理层试图通过组织结构调整和与外资结盟等方式，将所有权从政府转移到管理层。与西方国家发生的管理层收购相比，中国管理层持有的股份通常不到50%，从而保持了上市公司的地位。我们需要对这些MBO公司的所有权、管理层和业绩进行跟踪调查。