中国管理层收购是否公平

自90年代中期中国政府大举推行“抓大放小”政策以来，管理层收购就开始在中国流行。     

管理层收购：无从管理的收购？

MBO正在我们身边悄悄实施,而法规的空缺又使其处于 基本无从管理的境地。     

MBO与股份制所要求的两权分离的关系

所谓股份制是指不同资本所有者以股金的形式共同出资创建企业，自负盈亏、共担风险和按股分红的资本组织形式和运营制度。     

浅谈管理层收购在企业产权变革中的运用

管理层收购(Management Buy-Out,MBO)，又称“经营层融资收购”，是成熟市场经济中公司并购的重要方式之一，对推动公司增长与经营效率的提高起着重要作用。     

China＇s Sovereign Wealth Fund： Weakness and Challenges

The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation （ CIC） in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of ClC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.     

抓大放小，程序出错？

《暂行规定》的出台从另一个侧面反映出当前管理层在面对改革深层次问题上的麻木不仁和避重就轻。     

当前国内MBO中的有关问题和对策

MBO在我国上市和非上市企业中正在兴起,在已经实施的众多案例中,或多或少出现了一些问题:收购资金来源、收购价格的确定、收购主体的合规性、信息披露的及时性和有效性以及违规违法现象等。如何解决这些问题成为有效实施MBO的关键:规范MBO融资渠道,使MBO融资合法化、透明化;规范MBO定价依据;完善MBO法律法规体系;加强对MBO后企业运作监管等。     

不必为雁开担忧——与经济学家张宝通的对话

雁开地产的体制演变，基本就是中国企业体制改革的缩影。改革不可能一步到位，但“一分股、一分权”则是现代企业发展的最终目标。     

University （undergraduate） logistics management education and training mode in China

In recent years, in order to meet the increasing needs of logistics-majored professionals, Chinese higher logistics management education （undergraduate） is developing rather fast and universities are recruiting a sharply increasing number of students for this program. Nevertheless, Chinese higher education mode has the problem of over-emphasizing on theories and knowledge teaching rather than students＇ practice experienceand all-around ability, which can hardly meet the market demand for high-quality logistics-majored professionals. As a result, a reform in the university logistics education and training mode should be placed on the agenda, which is very essential to improve university logistics education in China.     

Current Studies on Corporate Governance in China

This paper mainly describes the situation, predicament and reasons about changing and reform of corporate governance of SOEs in China. Some consider that corporate governance of SOEs should be under the control of government, but others are against. Debate between them helps greatly to deepen understanding the changing and reform of corporate governance of SOEs.     

中小国企管理层收购办法将出台：《关于鼓励创办小企业的政策意见（讨论稿）》已起草

为规范中小企业管理，规避其在技术及资金等方面的风险，国资委在《企业国有产权转让管理暂行办法》基础上，起草了规范中小型企业管理层收购有关办法的草案，国资委主任李荣融最近表示，“办法”有望于春节前后出台。发改委中小企业司也委托机械工业经济管理研究院开展了中小企业创业政策研究课题，也起草了《关于鼓励创办小企业的政策意见（讨论稿）》。     

Reform of Labor Policy in China：A Perspective of Political Economy

Ⅰ. IotroductionLike other related institutional arrangments in China,labor policy under the planned economic system re-sulted in two kinds of inefficiency. First, the inherentlack of labor supervision and lack of an incentivemechanism in the micro-management system led to lowtechnical efficiency. Second, the distorted allocation of     

走近中国MBO

中国的MBO管理层收购方案具有明显的中国特色，相当程度上是对那些发展过程中所有权不清的企业的产权结构进行理清，是对企业创业者贡献的一种补偿，而国外标准意义上MBO解决企业所有者和经营者过度分离造成的管理低效、代理成本升高的作用变得次要，因此MBO的方式只适用于解决在特定历史条件下形成的特定企业的历史遗留问题，而不能作为企业产权结构改革的一般模式。     

中国企业管理层收购动因分析

管理层收购(Management Buy—outs,简称MBO),又称“经理人融资收购”,主要是指企业管理者利用借贷所融资本购买目标公司股份,改变目标公司所有者结构、控制权结构和资产结构,从而完成由单一的管理者向所有者和经营者合一的身份转变,并从中获取预期收益的收购方式。20世纪70~80年代,管理层收购流行于欧美国家,对其间的公营部门私有化、上市公司退市、大型企业集团业务紧缩、托拉斯企业分拆等作用显著,带动经济走出低谷,促进了西方国家企业制度和金融制度的演变。时至今日,管理层收购在我国已成为与外资并     

MBO并非国企改革“特效药”

十六大报告中的热点,国有资产管理的改革无疑要算一个。值得注意的是,此次国有资产管理改革与过去相比至少有两大不同:一是可能彻底区分哪些是国有资产,哪些是国家可以操控的?二是认可了地方政府对国有资产的所有权和处置权。可以预期,未来国有资产的重组和改革将成为热点,而地方政府推动国资和国企改革的积极性将大为提高,很可能成为一个热潮。 在国企改革的具体操作中,同时又有另一种情况值得注意:现在到处一片的MBO(管理层收购)热。如果我们将这些微观操作与十六大挂上钩,会面对一个问题:MBO与十六大确定的国有资产改革方向有何关系?MBO在新的国企改革大环境下会如何发展?这些问题值得市场关注。在我们看来,对于MBO这种股权改革方式来说,是宏观决定微观的一个典型案例,把握政策方向是至     

Energy Restructuring in China： Retrospects and Prospects

Thirty years have passed since China first adopted the policy of reform and opening up to the outside. Reviewing and appraising the advantages and disadvantages of the government＇s energy restructuring policy in the intervening years is of great importance to the consideration of future reform and opening-up efforts in this industry. Energy production and supply have been a major part of the national economic restructuring. In this paper, the author proceeds from three angles to review and assess the reform and opening-up efforts in the energy industry, and suggests some direction and priorities for its restrueturing in the future.