明晰产权

• Since being introduced into our country , the mbo , a means of reformation of the pr , has been given to the special missions : establishing the withdrawing mechanism of state - owned capital , pushing the adjustment of industrial structure and enterprise structure , clearing in meaning the pr of private , medium or small enterprises
  Mbo作为一种产权改革手段，自被引进我国，就被赋予了建立国有资本的退出机制、推动产业结构和企业结构调整、中小企业和民营企业明晰产权等特殊的使命。
• Changing from traditional planned economy to the market economic , we face some difficult such as ownership and agency - costs . as the mbo being used in china , it has showed great advantages in clarifying ownership , reducing agency - costs and encouraging managers . however , it expose the disadvantages such as purchase price , information transparency
  在引入管理层收购这种方式后，逐渐显示出其在明晰产权、降低代理成本、激励高管人员的积极性等方面的作用，但是在实践中，也出现了一些比较严重的问题，特别是在收购价格、信息透明度等问题颇有争议。
• But there are two viewpoints in china at present about mbo , one viewpoint thinks that implements mbo will cause new alone capital to be big and the state asset drains at present economic environment in china , and after implements mbo cannot to be able to enhance the management achievements of company certainly
  但是,目前在中国存在两大观点,一种观点认为在我国目前的经济环境下,实施mbo必然会导致新的一股独大,国有资产流失,并且实施mbo后并不能提高企业的经营绩效;而另一种观点却认为实施mbo后可以明晰产权,降低代理成本,提高企业经营绩效。
• In this kind of background , economic agents are limited rational and opportunist in economic exchange and production , which induce transaction costs and supervising cost ; in order to abate costs , enhance bestirring and constrains , property right must be clear ; means to get economic goal contain exchange and production , if transaction costs is too expensive , market exchange will be internalization by hierarchical corporation , but more and more hierarchical administrative cost become while huger and huger corporation size become , which obstruct the enlargement of border of corporation . nie don ’ t think that corporation will supersede market wholly , but they are parallel and supersede dynamically each other . so nie advocate economic action is impacted by macroscopic dualistic institutional framework
  他们以这样一种认知为基础,认为在这样的经济背景中,有限理性的经济行动者,是一种机会主义者,一有机会就可能在经济交换和生产活动中采取种种搭便车行为,使经济行动存在交易成本和行政监督成本(在德姆塞茨等人那里,交易成本包括市场交易与行政监督成本) ;为了减少这些成本、增加对经济行动者的激励与约束,就必须明晰产权;如果交易成本过高,市场交换就会内部化,出现企业对市场的替代,而组织监督成本又制约了企业扩展的边界,使市场与企业之间动态替代和平行并列,因此经济行动在宏观上主要受这种二分制度框架的影响。
• The achievement path of property right system innovation of chinese family enterprises is stated in the last chapter . the first step is to push stock system and clarify property relationship between family members ; the second step is to optimize property right structure by purchasing enterprise capital dealing management buyout employee stock ownership listing and public company . the last step is to constitute the modern enterprise system , which is mainly consists of limited liability corporation and stock corporation
  本文第四章借鉴成功家族企业产权制度创新的经验，提出了我国家族企业产权制度创新的演进路径：首先，在企业内部实行股份制改造，在家族成员间明晰产权；其次，通过企业兼并、资本经营、管理层持股、员工持股、上市等手段，优化产权结构；最后，建立以有限责任公司和股份有限公司为主要组织形式的现代企业制度，采用现代公司治理结构的科学管理模式。
• The current obstacles to the " 3 - cross " mode consist of regional barriers , industry barriers , capital barriers and ownership barriers , which can only be overcome by starting a series of breakthroughs in theory , policy and mechanisms , including such system reforms as re - consideration of media ' s dual attributes , division of ownership , classified management of media and separatio
  目前制约媒介“三跨”的主要是区域壁垒、行业壁垒、资本壁垒和产权壁垒，而要突破这层层壁垒，必须依靠从理论、政策到机制的一系列突破，包括重新认定传媒的双重性质、明晰产权、对传媒实行分类管理、编营分离的机制改革等。
• It can change the structure of the enterprises . many enterprises have practiced mbo recently . the goal of mbo in china enterprises is to play active roles of mbo in such aspects as clearing state - owned enterprise property right , decreasing agency costs and as the same time mbo is a way for state - owned capital secede
  我国引入mbo与我国国有企业的改革密不可分,通过mbo可以改善公司产权结构,明晰产权,减少国有企业较高的代理成本,同时它也是一种较好的国有资产的退出方式。
• With the trend of state - owned capital being replaced by private capital , urban collective - owned enterprise reformation is the last and quite similar field comparing with state - owned enterprise reformation , in the process of which how to realize pareto improvement , how to improve the performance of reformation , what and how to influence the process and performance of reformation are actually helpful practice to future state - owned enterprise reformation
  从减少资产侵蚀,提高资产使用效率的角度,从明晰产权、企业所有者和经营者激励机制转换,对经营者优胜劣汰的角度,从改制的总绩效来看,改制的大方向及分别不同情况实行股份制、拍卖转私的改制形式是非常正确的。而为实现城镇集体所有制企业的