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
建设部


在中国境内承包工程的外国企业资质管理暂行办法实施细则
1994年6月16日，建设部

第一条 为了适应对外开放的需要，加强对在中国境内承包工程的外国企业的管理，维护我国建筑市场秩序，根据中华人民共和国建设部令第32号《在中国境内承包工程的外国企业资质管理暂行办法》（以下简称《办法》），制定本实施细则。
第二条 外国企业在中国境内承包工程必须经中华人民共和国建设部或各省、自治区、直辖市和经济特区、沿海开放城市人民政府建设行政主管部门（以下简称“审查机关”）批准。
《办法》中的经济特区是指深圳、珠海、汕头三个经济特区。
《办法》中的沿海开放城市是指大连、秦皇岛、烟台、青岛、连云港、南通、宁波、温州、福州、广州、湛江、北海等沿海开放城市。
第三条 批准外国企业进入中国境内承包工程的范围是：
1．全部由外国投资或赠款建设的工程；
2．国际金融组织贷款，采用国际公开招标的工程项目；
3．国内企业在技术上难以单独承包的中外合资建设的工程；
4．国内投资的建设工程，如确有特殊项目国内企业难以单独承包的，经省级建设行政主管部门批准后允许外国企业与中国建筑企业联合承包。
第四条 凡在中国境内承包工程的外国企业，须在中国境内设立办事机构，配备相应的管理人员和工程技术人员，并按《办法》的规定到审查机关办理《外国企业承包工程资质证》（以下简称《资质证》）。
第五条 在中国境内承包工程的外国企业申请办理《资质证》的程序和向审查机关提交的资料：
一、发包单位的委托意向文件。
二、申请办理《资质证》的外国企业在持有发包单位的委托意向文件后，按照《办法》中第四条规定到相应的审查机关申请办理。
三、向审查机关提交的资料有：
除提交《办法》第六条规定的文件和资料外，还应提交发包单位的委托意向文件和承包工程所在地省级建设行政主管部门的初审意见。
《办法》第六条规定的“企业法人代表签署的在中国境内承包工程申请书”是指外国企业申请办理《资质证》的报告。报告的主要内容有申请《资质证》的原由、企业的基本情况、主要业绩等。
四、填写《外国企业承包工程资质申报表》（一式三份）。
第六条 各省、自治区、直辖市和经济特区、沿海开放城市人民政府建设行政主管部门应切实加强外国企业在中国承包工程的管理。严格执行不定期抽查制度，及时了解并掌握外国企业在境内承包工程的情况。如发现问题，则按《办法》中的第十三条作出相应处理。
第七条 各省、自治区、直辖市和经济特区、沿海开放城市人民政府建设行政主管部门在颁发外国企业《资质证》后，应及时将《外国企业承包工程资质申报表》（一份）报中华人民共和国建设部备案。
第八条 已经取得《资质证》的外国企业，如需变更《资质证》的内容，须到核发《资质证》的审查机关办理变更手续。负责核发《资质证》审查机关应将变更后的情况及时报中华人民共和国建设部备案。
第九条 外国企业在各省、自治区、直辖市和经济特区、沿海开放城市人民政府建设行政主管部门取得了《资质证》后，需到中国境内第二个以上（含第二个）省或自治区、直辖市再承包工程，必须要提交另一个省（或几个省）级建设行政主管部门的初审意见及本实施细则第五条规定的资料和原《资质证》，到中华人民共和国建设部重新申请办理《资质证》，并由中华人民共和国建设部收回地方颁发的《资质证》。
第十条 当领取《资质证》时申请承包工程的工期超过五年时，取得《资质证》的外国企业需到原批准的审查机关办理延期手续。
第十一条 外国企业在办理《资质证》时，应根据物价部门批准的收费标准交纳有关费用。
第十二条 《外国企业承包工程资质申报表》、《资质证》及其副本，由中华人民共和国建设部统一印制。
第十三条 各省、自治区、直辖市可根据《办法》和本实施细则的精神制定相应的实施办法。
第十四条 本实施细则由中华人民共和国建设部负责解释。
第十五条 本实施细则自一九九四年七月一日起施行。