Research On Management Buy-outs In State Owned Enterprises

Management Buy-outs has been a hot topic concerning the current reform of State Owned Enterprises (SOEs) and a matter of great realistic importance while drawing enormous concem from the circles of enterprises and theorists. Ardent discussions are also being carried on about it. While as far as how to give definition to these phenomena and how to solve the relevant problems are concemed, it is quite prevalent to copy the western economic theories within the circle of theorists. The author's opinion is that only by combining the newly-arising phenomena and problems in the socialist market economy hi our country with Mancist economics systematically can it be possible to give correct explanation and solution to these problems. This thesis is intended to probe into this aspect.The thesis comprises four parts. The preface clarifies the purpose of the thesis in three aspects. The first part covers the new phenomenon coming into existence during the ongoing construction of our socialist market economy桵anagement Buy-outs in State-ovvned Enterprises. It also gives the realistic background of the thesis . The second part is an introduction to the development of Mancist Economics which provides theoretical ground for the thesis. The third part teli?the purpose of this thesis梩o explain and solve the problems arising from the construction of socialist market economy with Marxist economic theories.The first part is a brief introduction to Management Buy-out in socialist market economic reform. To begin with, it inquires into the definition of Management buy-outs and analyzes the representative points of view on Management buy-outs in the theoretical circle and thus underlies the scope of research and premise of this thesis. What follows is the organization of the history of Management buy-outs hi the course of construction of socialist market economy and the division of the development of Management buy-outs in our country into four phases and give an analysis to the current situation and purpose of Management buy-outs in China.Next, is a generalization of some features of Management buy-outs of Chinese characteristics. The features are as follows:1. The major cause of the ongoing Management buy-outs in China is to back up the strategic reorganization of SOEs.2. Administrative arrangement plays a decisive role in Management buy-outs.3. Sources of funds needed for Management buy-outs in SOEs are mostly self-raised. Functions of the fmancial system has not taken shape.4. There are a few of types regarding SOEs' probing into Management Buy-outs.5. The path of reform of property right of Management Buy-outs among SOEs is full of frustrafions in most cases or even blocked.The rest of this part is an elaboration of the importance of Management Buy-cuts in which the author point out the significance of Management Buy-outs lies iii that it enriches the forms of withdraw of SOEs, speeds up the development of SOEs, promote the initiative of staff members of SOEs and further clarifies the significance of the four major aspects of property rights of SOEs towards reform of them.The second part is an analysis of the basis for the existence and cause of Management Buy-outs which is composed of tvvo aspects: one is theoretical and political bases which are Mr. Deng Xiaoping's theories on the nature of socialism and relevant theories on reform of economic system as well as related policies and decisions concerning construction of market economy and reform of SOEs by central govemment of China; another is the realistic causes which include:1. Realization of inspiration to managerial level.2. Clarification of property rights and resolution to the problem of "Nominal Setting of Property Rights".3. The tendency to carry out the strategic reorganization of SOEs.The third part of the thesis is a research into problems arising from the current Management Buy-outs among SOEs and some fundamental countermeasure based on the basic theories of Mandst Economics. The author thinks that the...