摘 要：本文首先介绍了西方管理者收购的概念、发展以及其积极作用，紧接着阐述了管理者收购在我国实施的现状。随着我国改革开放的进一步扩大，管理者收购也活跃了我国国有企业产权交易行为；作为国资重组的主要方式之一，对于我国的上市公司企业改革有着特别积极的意义；但作为一种制度的创新的试点，管理者收购在具体操作时也面临着许多的问题，其中包括行政、定价、融资、运作、监管、立法、信息披露等等。笔者通过对这些问题进行全面的分析描述，提出了解决问题的具体方案和建议并以此表明自己的观点：虽然目前管理者收购在我国推行的条件不尽完善，但基于其对企业经营管理的积极意义，中国的上市公司实施管理者收购是完全可行的，但并不是盲目地效仿西方国家，而必须结合中国的国情，选择适当的时机来进行操作，以便理顺产权关系、调动管理者的积极性和创造意识，降低代理成本，提高经营管理效率以及优化社会资源配置。

    关键词: 管理者收购 上市公司 产权关系 代理成本

    Abstract: This text introduced western concept, development and its positive effects Management Buy Outs first, the morrow expatiated the Management Buy Outs the present condition put in the our country into practice. The writer passes to describe to these problems analysis proceeding completely, putting forward problem-solving of concrete project with suggest and express own standpoint with the time：Although the Management Buy Outs now at the term that our country promote not exhausted perfect, according to its to business enterprise management manage of positive meaning, the Chinese listed company puts into practice the governor procures is complete viable, and not imitate the west blindly nation, but must join together the Chinese state of the nation, choose the appropriate opportune moment to proceed the operation, for the purpose of reason follow produce power relation, transfer the governor's positive with create consciousness, lower the agency cost, increase management efficiency and excellent turn the social resource installs.

  Keyword： Management Buy Outs, Company, Barter, Agency Cost