西方MBO动因理论及其在我国实践中的异化分析

MBO（Management Buyouts）是杠杆收购（LBO）的一种重要形式，20世纪70-80年代风靡欧美，20世纪90年代末引入我国企业改革实践，曾一度成为我国产权改革的一种重要方式。由于我国正处于经济转型期，MBO相关法规不健全，MBO动因背离了降低委托代理成本，改善经理激励等积极动因理论，管理层利益侵占成为当前我国MBO的重要动因，产生当前这种异化的主要原因在于信息不对称、经理人市场的缺失和股权交易市场的不完善。

Western MBO causes theories and analysis of the distortions in China''''s practices

Management Buyouts(MBO) is one important means of LBO(Leveraged Buyouts),which was popular between 1970s and 1980s in Europe and America.It was introduced into our country's enterprise reform practices at the end of the 1990s,and once has been one important way for our country's property rights reform.As our country now is in the economic transition stage,the laws and regulations for MBO are not complete and perfect,the causes for MBO have been distorted,and varied from the positive aspects such as principal agent costs reduction and management incentives improvement.The management interests invading and occupying have been important causes for MBO.The reasons for the distortion lie in the information asymmetry lack of management market and imperfect stock market.