中國大陸管理層收購法制之研究

Abstract

管理層收購（Management Buy-outs, MBO）為槓桿收購（Leveraged Buy-outs, LBO）之一種。管理層收購作為一商業模式以高債務融資率收購目標公司，實現企業經營與公司股東利益一致，降低代理成本、激勵公司經營者、改善公司治理結構等為主要之特色。 管理層收購作為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、資訊揭露（Disclosure）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。在西方管理層收購（MBO）主要是一種業務精簡與退出的企業重組方式，而在中國則負載更多國有企業改革的歷史使命，使得此成為一個亟待觀察與值得深度著手的議題。 尤其對於處於後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與法律制度建構情形，深值探究。

Management Buy-outs (MBO), one of Leveraged Buy-outs (LBO), occurs when target company management acquires a controlling interest in target’s equity and where a significant percentage of the purchase price is financed through leverage. MBO is used 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.