本文在对20世纪90年代以来苏南乡镇企业的产权改革进行详细考察的基础上,对产权改革过程中出现的MBO这一形式进行了全面地探讨。通过分析认为,近年来苏南乡镇企业的MBO,主要是在市场不断发育完善、乡镇企业经营者与地方政府自发响应获利机会的外部和内部动力相互交织下的产物。基于以上分析,文章还探讨了苏南乡镇企业MBO的特征、效果以及存在的问题。最后,给出了这次产权改革的启示。 Based on a detailed examination of the property rights reform of township enterprises in southern Jiangsu since the 1990s, this paper discusses the MBO that appears in the process of property rights reform. According to the analysis, the MBO of township and village enterprises in southern Jiangsu in recent years is the result of interdependence between the external and internal motivations of township and village enterprise operators and local governments in their spontaneous response to profit taking opportunities. Based on the above analysis, the article also explores the characteristics, effects and existing problems of township enterprises MBO in southern Jiangsu. Finally, the enlightenment of this property right reform is given.