黄灯亮起使行人加快了通过路口的步伐,而不是停下脚步等待。这就是黄灯效应。管理层收购在中国出现了明显的黄灯效应。在2005年国资委发布禁止大型国有企业和上市公司进行管理层收购的政策前,大批上市公司抢先实施了“曲线管理层收购”。本文运用博弈论工具分析了黄灯效应产生的逻辑根据,并指出黄灯效应是社会制度转型必须付出的成本,但可以通过加快市场化步伐、完善制度环境降低成本。 The yellow light on makes pedestrians speed up the pace of passing the intersection, rather than stopping to wait. This is the yellow light effect. Management buyout in China there has been a clear yellow light effect. Before SASAC issued a policy prohibiting large state-owned enterprises and listed companies from making management buyouts in 2005, a large number of listed companies took the lead in implementing the “Curve Management Buy-Out.” This paper uses the game theory tool to analyze the logical basis of the yellow light effect, and points out that the yellow light effect is the cost that must be paid for the social system transformation. However, it can reduce the cost through accelerating the pace of marketization and improving the system environment.