由于制度形成中各方博弈不充分以及国有股权的市场交易存在基本制约,我国上市公司MBO的制度供给不能适应市场主体内在的制度需求,出现了供给偏差,引致了 MBO行为隐性化、收益租金化的效应。对MBO制度供给偏差的修正需要建立合理的博弈参与机制以及消除国有股权市场化交易的基本制约。 Due to the lack of game in all parties in the system formation and the basic restriction on the market transaction of the state-owned equity, the system supply of the listed company MBO in our country can not meet the inherent institutional requirement of the market main body, and there is a supply bias, which leads to the implicit MBO behavior and income rent The effect of the The amendment to the supply bias of the MBO system needs to establish a reasonable mechanism for participating in the game and to eliminate the basic restrictions on the market-oriented transaction of state-owned equity.