A Study On Government Regulation Of State-owned Enterprise's MBO In Our Country

In recent years, Management buy-out is going on in our country, on one hand , it has been given important tasks: the reduction of state-owned stocks, distinct property right of state-owned enterprise, encouraging manage layer etc. on the other hand, in the practice of MBO there has been some problem such as the unreasonable procure price, the lack of margin outlet, information dissymmetry, the lack of professional persons, narrow financing channel etc. Then, on one hand, people place the great expectations on MBO which is a new way to reform state-owned enterprises ; on the other hand, people carry on fierce condemnation to the question appearing in MBO. Though the government has seen a great deal of unreasonable phenomena in MBO, and is stepping up the legislation, but has not formed more systematic regulation mechanism . Though academia has a large number of discussions to MBO's theoretical foundation, operation tactics, but how to regulate MBO involve very little. Here I am fairly interested in establishing and perfecting the system of government regulation of MBO.Management buy-out refers to a kind of purchase that inner manager of targeted company utilize debt-credit, lever financing buy share of company managed, thus change owner's structure, control power structure and capital structure of the company, then make company's ownership and power of management unify. MBO emerging with development of the capital market in the developed country. But it is Introduced to our country as one method that reform state-owned enterprise, comparing with MBO practices at home and abroad, there are heavy difference . First of all, the implement background and the promoting subject are different, secondly implemented target and purpose are different, the pricing standard and financing channel are different finally, these differences lead to the fact that there are a great deal of problems in MBO of our country. 1, cause the drain of state-owned assets; 2, the financing channel is narrow, apt to cause new financial risks; 3, damage public stock shareholder, ordinary worker even creditor; 4, result in seeking rent; 5, aggravate the information asymmetry and inner person to control etc.. Seeing that the special national conditions of our country, the appearance of the problems has a deep inducement in our country: local government favourable behavior causes excessive pursue ; The defect system of the security market of our country and deformity stock right structure have facilitated drain of state-owned assets; defect governance structure of state-owned enterprise cause inner persons who has ability and motive for the sake of their own to Encroach on others' interests . The Legislative loophole has offered the excuse to practice MBO unstandardly too.From the analysis of the above we can find that MBO of our country causes a lot of unfair phenomena, so there is regulation demand for MBO. But our government can't make people satisfied to the current situation at present. First of all, not having clear regulation organizations, government organs are as many as the hairs on an ox to have the right to interfere the enterprises, each regulator often get involved in the favorable, but when it go wrong they evade by responsibility each other, thus it causes the enormous obstacle to MBO. Secondly, the regulation form of the price is single , do not accord with the market law .Moreover, the legal environment is not perfect, on one hand, standardize clause scatter among many parts of regulation, and some clauses still conflict each other, on the other hand, Some regulations (for example deprive natural person of purchase subject qualifications, limited the trend of purchasing of the fund and collected taxes doubly ) have limited normal development of MBO.Since MBO is necessary, how perfect the MBO government regulation mechanism is the key. Create the good market environment at first. On one hand, should foster and develop the capital market. Because it is an extensive capital operation, and the capital market of our country is...