企业管理层收购的博弈

管理层收购，在国外简称MBO。我国国有企业自1994年试点以来，由于理论模糊、政策不清、操作不规范，一直争议颇多。2003年12月，国家有关部门发文肯定了“管理层收购”这一做法，并于2005年4月将国有企业的管理层收购限定在中小企业范围内。本文就管理层收购引起的所有者决策权变化、股权结构、所有者权益等问题进行深层分析，提出一些解决问题的思路。

On Gamble Between Managers And Owners In Management Buyout

The management level purchase, in overseas is called MBO. Since our country' s 1994 experiment, because the theory is confuse, the policy being unclear, and the operation being not standard, dispute always exists. MBO has been affirmed in December, 2003 in China and in April, 2005 limited the state-owned enterprise's MBO in the small and medium-sized enterprise. Actually the article puts aside some questions such as MBO involving what kind of people's benefit, and what kind of deep levels question being worth disputing, but discuss how the gamble between the superintendent and owner slacken the owner decision-making power, dilutes the owner stockholder's rights structure, corrodes question and so on from the point of the theory and the practice' s union, and proposed how to solves the question correctly.