【摘要】：管理層收購(gòu)(Management Buy-outs,簡(jiǎn)稱MBO)在美國(guó)和歐洲發(fā)展已有三十多年的歷史。不同于西方發(fā)達(dá)國(guó)家,我國(guó)MBO起步稍晚。1997-2003年,我國(guó)迎來(lái)了管理層收購(gòu)的高潮,然而在眾多實(shí)施了MBO的公司中卻出現(xiàn)了許多負(fù)面影響。2003年,財(cái)政部緊急叫停了MBO。然而,在實(shí)際應(yīng)用中,各種“隱形”、“曲線”MBO被創(chuàng)造性地運(yùn)用于躲開(kāi)政策的限制。在國(guó)家政策的調(diào)控與企業(yè)自身需求的發(fā)展下,管理層收購(gòu)成了一個(gè)探索性的話題。鑒于我國(guó)目前的市場(chǎng)環(huán)境與制度環(huán)境,不能照搬國(guó)外的經(jīng)驗(yàn)。因此,本文在我國(guó)實(shí)際的市場(chǎng)環(huán)境和制度環(huán)境背景下對(duì)亞星化學(xué)MBO進(jìn)行研究,不僅可以豐富我國(guó)管理層收購(gòu)的相關(guān)理論,同時(shí)也可以為我國(guó)的產(chǎn)權(quán)改革實(shí)踐提供一定的參考。文章主要運(yùn)用文獻(xiàn)分析法和案例分析法對(duì)管理層收購(gòu)和利益侵占進(jìn)行了較為詳細(xì)的剖析,并結(jié)合處在我國(guó)特殊市場(chǎng)和制度背景下的亞星化學(xué)MBO進(jìn)行案例分析。在具體的案例分析中,文章首先介紹了亞星化學(xué)的基本情況及亞星化學(xué)實(shí)施管理層收購(gòu)的途徑;其次,文章運(yùn)用統(tǒng)計(jì)分析法詳細(xì)地分析了管理層在完成收購(gòu)之后陸續(xù)利用關(guān)聯(lián)交易、資產(chǎn)轉(zhuǎn)讓、擔(dān)保和資金占用等方式長(zhǎng)期侵占上市公司的利益;再次,剖析了管理層對(duì)上市公司進(jìn)行利益侵占后,出現(xiàn)了公司利潤(rùn)連續(xù)下滑、公司整體質(zhì)量降低、中小股東利益受損以及投資者熱情持續(xù)低迷的情況;最后,總結(jié)了管理層完成收購(gòu)后對(duì)上市公司造成利益侵占的原因,其具體表現(xiàn)在公司股權(quán)制衡結(jié)構(gòu)失效、公司治理結(jié)構(gòu)缺陷、信息披露不透明以及外部監(jiān)管不完善等。管理層收購(gòu)作為一種特殊的激勵(lì)手段,能夠降低代理成本、激勵(lì)并約束管理層、改善經(jīng)營(yíng)狀況以及推進(jìn)公司成長(zhǎng)與提高資源配置效率。然而,在本文的研究中,管理層收購(gòu)并未能實(shí)現(xiàn)改善公司經(jīng)營(yíng)狀況、提升股東財(cái)富的愿望。相反,在本文的案例中,管理層順利地利用了MBO,巧借其交叉任職和內(nèi)部管理的優(yōu)勢(shì),不斷地通過(guò)關(guān)聯(lián)交易、擔(dān)保、資產(chǎn)轉(zhuǎn)讓和資金占用等方式長(zhǎng)期侵占上市公司的利益,導(dǎo)致了國(guó)有資產(chǎn)的流失,給上市公司造成了不可挽回的損失,同時(shí)也損害了中小股東的利益。因此,結(jié)合上述分析,提出以下建議:首先,完善上市公司管理層激勵(lì)體系;其次,優(yōu)化公司治理結(jié)構(gòu);再次,加大上市公司信息披露力度;最后,強(qiáng)化中小投資者保護(hù)機(jī)制。
[Abstract]:Management buyout (MBO) has been developed in the United States and Europe for more than 30 years. Unlike the western developed countries, China's MBO started a little later. In 1997-2003, China ushered in the climax of MBO, but in many companies that implemented MBO, there were many negative effects. In 2003, the Ministry of Finance urgently stopped MBO.. However, in practical applications, various "invisible", "curve" MBO are creatively used to avoid policy constraints. Under the control of national policy and the development of enterprises' own demand, MBO has become an exploratory topic. In view of the current market and institutional environment, we can not copy the experience of foreign countries. Therefore, under the background of our country's actual market environment and institutional environment, this paper studies the Asian Star Chemical MBO, which can not only enrich the relevant theories of MBO in China, but also provide a certain reference for the practice of property right reform in our country. This article mainly uses the literature analysis method and the case analysis method to analyze the MBO and the interest encroachment in detail, and carries on the case analysis combining the sub-star chemical MBO under the special market and the system background of our country. In the concrete case analysis, the article first introduced the basic situation of the substar chemistry and the way of implementing the management buyout of the substar chemistry; Secondly, the paper uses the statistical analysis method to analyze in detail the long-term usurpation of the interests of listed companies by means of related party transaction, asset transfer, guarantee and capital occupation by the management after the completion of the buyout. Thirdly, it analyzes the situation that the profit of the listed company has been continuously declining, the overall quality of the company has been reduced, the interests of the minority shareholders have been damaged and the enthusiasm of the investors has been in the doldrums after the management has encroached on the interests of the listed company. Finally, the paper summarizes the causes of interest encroachment on listed companies after MBO, which is manifested in the failure of equity balance structure, the defects of corporate governance structure, the opaque disclosure of information and the imperfection of external supervision and so on. As a special incentive, MBO can reduce the agency cost, motivate and restrain the management, improve the management condition, promote the growth of the company and improve the efficiency of resource allocation. However, in this study, MBO failed to achieve the desire to improve the company's operating conditions and enhance shareholders' wealth. On the contrary, in the case of this paper, the management took advantage of MBO, 's advantages of cross-service and internal management, and continuously encroached on the interests of listed companies through related party transactions, guarantee, asset transfer and capital occupation for a long time. It leads to the loss of state-owned assets, irreparable loss to listed companies, and damage to the interests of minority shareholders. Therefore, combined with the above analysis, the following suggestions are put forward: first, to improve the incentive system of the management of listed companies; secondly, to optimize the corporate governance structure; thirdly, to strengthen the information disclosure of listed companies; finally, to strengthen the protection mechanism of small and medium-sized investors.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F426.7;F271

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