中国社会科学院研究生院学报
中國社會科學院研究生院學報
중국사회과학원연구생원학보
Academic Journal Graduate School Chinese Academy of Social Sciences
2006年
1期
24~30
,共null页
制度供给偏差 制度需求 上市公司 管理层收购
製度供給偏差 製度需求 上市公司 管理層收購
제도공급편차 제도수구 상시공사 관리층수구
Institutional Supply Bias; Institutional Demand; MBO
由于制度形成中各方博弈不充分以及国有股权的市场交易存在基本制约，我国上市公司MBO的制度供给不能适应市场主体内在的制度需求，出现了供给偏差，引致了MBO行为隐性化、收益租金化的效应。对MBO制度供给偏差的修正需要建立合理的博弈参与机制以及消除国有股权市场化交易的基本制约。
由于製度形成中各方博弈不充分以及國有股權的市場交易存在基本製約，我國上市公司MBO的製度供給不能適應市場主體內在的製度需求，齣現瞭供給偏差，引緻瞭MBO行為隱性化、收益租金化的效應。對MBO製度供給偏差的脩正需要建立閤理的博弈參與機製以及消除國有股權市場化交易的基本製約。
유우제도형성중각방박혁불충분이급국유고권적시장교역존재기본제약，아국상시공사MBO적제도공급불능괄응시장주체내재적제도수구，출현료공급편차，인치료MBO행위은성화、수익조금화적효응。대MBO제도공급편차적수정수요건립합리적박혁삼여궤제이급소제국유고권시장화교역적기본제약。
Due to inefficient interaction of related parties in the process of institutional supply as well as the fundamental barrier currently existed in market exchanges of state--owned shares, a bias between institutional demand and supply emerges in the practice of MBO of China ＇s listed companies, leading to several negative effects. The correction needed relies on both the mechanism that ensures efficient participation in interaction of related parties in the process of institutional supply and the elimination of the fundamental restraint in market trades of state--owned shares.
