中國管理層收購法律環境之研究

Abstract

由於傳統公司上所有權與經營權分離的狀態，其產生大量代理成本，導致企業經營者盲目擴張企業規模，最終給於公司股東帶來不利之影響，為實現企業經營與公司股東目的一致，並降低代理成本，改善公司治理結構，管理層收購（Management buy-outs ,MBO）商業模式在英美國家因應而生。 在西方國家得到廣泛運用的模式，在移植中國特殊的企業體制下，其適用上的對接值得關注。特別是管理層收購在中國的商事運作實務中，其適用對象、收購主體、收購方式、收購價格、融資方式管理層持股期限、資訊披露以及對股東保護所面臨的法律問題與既有制度之間的制約。在西方MBO主要是一種業務放棄與退出的資產管理方式，而中國則何以更多負載國有企業改革的歷史使命，這成為一個亟待觀察與值得深度著手的議題。 蓋一個新興制度之移植與引入國之間法律制度環境和相關配套體系之間是否適應，確為法律制度移植中所不可不察之重要考量。從微觀的角度，是指引入的法律制度如何補充引入國既有的法律基礎架構，從宏觀的角度是指引入的法律規則如何補充引入國既有的政治經濟體制。尤其是中國處於後WTO時期的中國，在金融資本市場逐步放寬，以及外國投資者進入的途徑越來越多元，涉足對中國投資有高度青睞的情況下，經由以MBO議題作為分析的主軸，檢視中國在面臨新型態商業運作模式下的管制與鬆脫態度，及其如何因應新型態商業模式的與法律制度建構情形，深值探究。 管理層收購 上市公司 國有企業 收購 公司治理

Traditional company law separates ownership and management, and thus causes high cost of surrogates. Enterprises blindly expand their size and eventually bring adverse effects to the shareholders. Thus, in order to align the goal of the management with the goal of the shareholders, to reduce the cost of surrogates, and to improve the corporate governance structure, management buy-outs (MBO) have been born in the Anglo-American legal system. To transplant a model widely used in the western countries to be used on the special business models of China, the manner of adjustment is worthy of attention: in particular, how management buy-outs can be used within China’s business models and practices, including delimitating its applicable objects, the subjects and prices of buy-outs, the duration of limitation for the management’s holding of stocks, information disclosure, the protection of shareholders, and the constraints by the existing institution. In the West, MBO is primarily a way of giving up businesses and bowing out; in China, it has to fulfill the mission of reforming the state-owned enterprises. This has become an issue worthy of observation and concern. Whether a transplanted new institution can sit well with the legal environment and the related laws of the receiving country is an important consideration that needs to be taken into during the transplantation of a legal institution—from a micro viewpoint, how the introduced law supplements the existing legal structure of the receiving country; from a macro viewpoint, how the introduced law supplements the existing political and economic regimes of the receiving country. Especially when China has already been in a post-WTO era, the gradual opening of the financial and capital markets multiplies the channels by which foreign investors can enter. In light of China’s favorable attitude toward investors, using the WTO issues as the axel of analysis, this research project examines China’s loose control and regulation when it faces the new business models, and how it adjusts the new business models and the structure of the legal system. Management buy-outs, listed company, state-owned enterprises, merger and acquisition, corporate governance,