构筑高效的企业产权关系--谈MBO与ESOP在企业重组中的结合应用

MBO作为企业产权关系重组的一种重要方式，在国外取得了广泛成功；ESOP能在很大程度上提高企业职工的积极性，强化自我约束机制，也是发达国家普遍采用的一种产权关系形式。但无论是MBO还是ESOP，在我国的实施都面临着现实的障碍与困难。只有将它们有机结合起来，才能形成一种符合我国国情的、能够增强企业运行效率的新型企业产权关系。

Building efficiently Property Right Relationship of Enterprises - On the application of merging MBO with ESOP in enterprise reorganization

MBO, as an important way to reorganize the enterpr is e property relation, obtains extensive success abroad; ESOP, a widespread form o f enterprise property relation adopted by developed countries, can bring to a la rge extent the workers and staff members' enthusiasm, enhancing self-regulating mechanism of enterprises. But whether MBO or ESOP, when put into practice in our country, faces the obstacle and difficulty. Only by rational combination, it is possible to form a new-type enterprise property right relationship which is con sistent with China's national conditions and able to boost up the enterprise run ning efficiency.