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
山西省晋城市人大常委会


晋城市人大常委会关于创新廉政监督机制的实施意见(试行)

(2003年12月24日晋城市四届人大常委会第二十二次会议通过)
　　
晋市人发[2004]1号



为了建立人大监督和党纪监督互相结合、互相支持的反腐倡廉长效机制，加强廉政建设，经与市纪委协商。提出以下实施意见：
　　一、建立联席会议制度

　　1、联席会议的纽织： 联席会议由市人大常委会主任会议组成人员和有关委员会主任、 市纪委常委和有关室主任组成， 由市人大常委会主任和市纪委书记共同召集主持，每年至少召开一
次。

　　2、联席会议的主要任务：通报反腐倡廉工作进展情况和人大代表以及人民群众反映强烈的人和事，总结交流反腐倡廉工作的典型经验，分析反腐倡廉工作中涉及的法律、政策问题，研究
人大在监督中发现的需要纪委查处的在行政执法和司法过程中过错责任追究案件、失职渎职案件以及违纪案件的解决办法：沟通需要相互支持的问题。

　　二、开展执法执纪联合检查

　　人大及其常委会根据执法检查任务需要，可和纪检机关的执纪检查联合起来进行，一般每年安排1—2次。

　　1、联合检查的对象：行政执法机关、司法机关和具有行政执法职能的单位。

　　2、联合检查的内容：被检查单位实施相关法律、法规以及市人大关于树立国家机关工作人员勤政廉政形象的决议的情况：反腐倡廉源头治理各项改革措施的落实情况；行政执法人员和司法人员履行职务的情况；重点工程和重点技改项目建设过程中遵守法纪情况；社会、群众反映强烈的热点、难点问题等。

　　3、联合检查的组织实施： 由市人大常委会和市纪委协商后，确定专人负责，抽调专门人员，组成联合检查组，并制订实施方案，做到三个结合：把执法检查与听取审议专题报告结合起
来；把执法检查与效能监察、廉政监察结合起来；把执法检查与督促查处违纪违法案件结合起来。

　　三、开展承诺公示和述职述廉联合评议测评

　　1、承诺公示： “一府两院”组成人员年初向社会和人大常委会的公开承诺，应有廉洁自律和依法行政、公正司法的内容及量化指标和具体措施。

　　2、述职述廉： “一府两院”组成人员一年一度向人大常委会的述职报告应包括述廉内容，主要陈述本人落实中央纪委、省纪委和市人大决议、市纪委关于领导干部廉洁自律各项规定的情
况；本单位落实廉政建设责任制情况；本人和本单位违纪违法情况；本-单位在反腐倡廉工作中存在的问题、主要原因及整改措施。

　　3、联合评议的实施办法：对承诺公示落实情况和述职述廉报告，要组织评议和测评。评议的组织办法由市人大常委会和市纪委共同研究决定。被评议对象对评议和测评中提出的问题，要作出明确的答复和说明，并将整改情况及时上报市人大常委会和市纪委。

　　四、开展政风行风联合评议

　　市人大常委会和市纪委联合组织部分市人大代表和党风廉政监督员及其他有关人员参加，开展政风、行风评议活动。一般每年进行一次大型评议活动，也可根据实际情况确定有关单位适时进行重点评议。

　　1、评议的对象：经济管理部门、行政执法部门、司法机关和具有社会公共服务职能的单位。

　　2、评议内容：包括被评议单位及工作人员的工作作风、工作效率、服务质量、依法行政、廉政情况等。

　　3、评议的方法：评议采取问卷测评和面对面评议的方式。在评议过程中，针对参评人员提出的问题，被评议单位领导要作出明确的答-复和说明；对属于社会反映强烈的问题，由市人大常
委会和市纪委联合提出整改建议，限期整改；被评单位应自觉整改，并及时报告整改情况；对评议中的问题整改不力的，要跟踪追查，严肃追究。

　　五、开展联合视察巡视活动

　　根据王作需要，把人大代表的视察和纪检机关的巡视结合起来，开展联合视察与巡视活动。一般每年进行1次，也可对专项工作不定期组织视察巡视。

　　1、联合视察巡视的对象：本行政区域内的有关单位领导班子及其成员。

　　2、联合视察巡视的内容： 了解领导班子及其成员执行政治纪律和法律法规的情况； 了解领导班子及其成员履行职责和廉政情况。

　　六、对活动中发现问题的处理

　　对在联合执法检查中发观的问题，市人大常委会下达《监督意见转达书》，被检查单位要作出明确的答复和说明并对整改情况及时向市人大常委会和市纪委报告；对检查中发现的违法违纪
问题，拒不执行人大及其常务委员会决议决定并造成重大损失和影响的问题， 由市纪委、监委立案调查，并进行责任追究：对社会影响大、群众反映强烈的问题，人大常委会依法处理，并通过新闻媒体向社会公布处理结果。

　　对在评议中发现的重大违纪违法问题由市纪委、监委立案查处，查处结果向市人大常委会通报。对于廉洁勤政、严格依法行政的好干部要通报表扬，对问题突出的要公开曝光。评议情况和
测评结果分别装入领导干部个人廉政档案和市人大常委会设立的公示承诺档案。

　　对视察巡视中发现的违纪问题，属于严重违纪违法问题的，由市纪委、监委立案查处，并将查处的情况向市人大常委会通报。