对我国上市公司管理者收购的思考

摘 要：本文首先介绍了西方管理者收购的概念、发展以及其积极作用，紧接着阐述了管理者收购在我国实施的现状。随着我国改革开放的进一步扩大，管理者收购也活跃了我国国有企业产权交易行为；作为国资重组的主要方式之一，对于我国的上市公司企业改革有着特别积极的意义；但作为一种制度的创新的试点，管理者收购在具体操作时也面临着许多的问题，其中包括行政、定价、融资、运作、监管、立法、信息披露等等。

笔者通过对这些问题进行全面的分析描述，提出了解决问题的具体方案和建议并以此表明自己的观点：虽然目前管理者收购在我国推行的条件不尽完善，但基于其对企业经营管理的积极意义，中国的上市公司实施管理者收购是完全可行的，但并不是盲目地效仿西方国家，而必须结合中国的国情，选择适当的时机来进行操作，以便理顺产权关系、调动管理者的积极性和创造意识，降低代理成本，提高经营管理效率以及优化社会资源配置。

关键词: 管理者收购 上市公司 产权关系 代理成本

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Keyword： Management Buy Outs, Company, Barter, Agency Cost