摘要:管理层收购（MBO）是时下国际社会企业并购的重要方式之一，而且国内外很多知名的跨国企业成功应用MBO理论实现现代企业制度的改革，实现了对公司治理结构的创新发展，使企业的发展达到一个新的台阶。并且随着我国国企改革进程的不断深入，MBO在国企改革中得到较大范围的应用，但目前我国的MBO依然处于一个初级发展阶段，所以尽管MBO在国企改革中实现了提高国有企业绩效等积极作用，但在改革的过程中MBO也造成了国有资产流失等问题。本文运用个案分析法，选取TCL的MBO案例进行深入的MBO利弊分析，得出了目前我国国企MBO改革虽然存在一定的成绩，但也存在着国有资产流失，管理层一股独大信息披露不透明，损害中小股东利益等弊端，并且总结出MBO是我国国企改革的重要手段，我们应该对其支持和鼓励，但同时也要努力通过法律，经济手段去解决上述的弊端。

关键词：管理层收购； TCL； 国企改革；国有资产流失

Abstract:Management buyouts (MBO) is nowadays the international community an important way of mergers and acquisitions, and many well-known domestic and multinational companies to achieve successful application of MBO theory of modern enterprise system reform, implementation of corporate governance structure of the innovation and development, enterprise development to a new level. As China's reform process and the deepening of state-owned enterprises, MBO reform in state-owned enterprises to get a wider range of applications, but MBO in China is still in a preliminary stage of development, so despite the MBO is implemented in the state-owned enterprises to improve the performance of state-owned enterprises and other positive role, but in the MBO process of reform also caused loss of state assets and other issues. In this paper, case analysis, selected cases of TCL's MBO MBO pros and cons of in-depth analysis, the MBO of the current reform of state-owned enterprises in China although there are some achievements, but there is also loss of state assets, the management due to the dominance transparent information disclosure, harm the interests of minority shareholders and other defects, and concluded the MBO is an important means of SOE reform in China, we should support and encourage them, but we must work through legal and economic means to solve the above disadvantages.

Keywords:  management buyouts;  TCL;  state-owned enterprise reform; state-owned assets