“借道”MBO:路径创新还是制度缺失?——基于双汇MBO的探索性案例研究  

“Ask for a Road” MBO:is it an Innovation in the Path or an Institutional Lack? A Tentative Case Study Based on the Shuanghui MBO

作　　者：王欢[1] 汤谷良[1] 

机构地区：[1]对外经济贸易大学国际商学院

出　　处：《管理世界》2012年第4期125-137,188,共13页Journal of Management World

基　　金：教育部人文社会科学研究项目(11YJA630111)立项资助

摘　　要：2005年起我国政府叫停了大型国企的MBO,但近些年各种"曲线"或"隐性"MBO先后走入前台,双汇MBO是其中既典型又新颖的一例。本文在文献回顾的基础上提炼了MBO理论分析框架,通过双汇案例探索性研究验证了总结的理论框架和MBO主要理论主张,文章的重点是通过探索双汇"借道"外资财务投资者完成MBO及境内机构投资者与管理层的博弈等过程,丰富了现有MBO的理论内涵。从实践操作的角度,本文发掘了双汇成功实施MBO的关键因素,即与外资各取所需的合作、地方政府的配合以及管理层对境内机构投资者权益诉求的妥协。透过财务数据对比分析,发现存在高分红、关联交易利益输送等MBO典型行为。"借道"MBO体现了国有股权改制中监管制度的缺失,只有通过创新性的制度改进予以屏蔽。China's central government called off MBO in large-scale state-owned enterprises in 2005.However,in recent years,various 'curves' or various 'hidden' MBO has been created,in which Shuanghui MBO is a typical,new and original case.Based on the existing MBO theories,we have developed the analytical framework,and tested and verified,through a tentative study of the case of Shuanghui,this framework and the main theoretic proposition of MBO.The main points of this article are to show the process of the investors' accomplishing MBO and the process of the games between domestic institutional investors and the manager team.We have,in this paper,enriched the existing theoretical connotation of MBO.From the angle of practical operation,we have,in this paper,unearthed the key factors of Shuanghui successfully carrying out MBO,they are the cooperation in which each takes what he needs with those with foreign capital,the support from the local government and the compromise of the management team with the domestic institutional investors in the demand of their right and interests.Based on the comparative analysis of the accounting date,we have found the typical behavior of MBO such as excessive dividends and sending each other interests through transactions between related parties.'Asking for a road MBO' reflects the absence of regulating systems in the restructuring of the state-owned equity,and,only by the innovative improvement of the system,can this drawback can be removed.

关 键 词：MBO 借道外资 利益输送 制度缺失 单案例研究 

分 类 号：F426.82[经济管理—产业经济] F224