The Empirical Analysis And Countermeasure Research Of Our Country Public Listed Companies' MBO

Management Buy-outs, ( MBO ) is the management of target (company) pass through the leveraged financing complete buying out the company. It has realized the concentration of ownership and right of administration, so reduces agency cost, incents and restricts themanagement.MBO has developed abroad for more than 20 years and shows powerful vitality. It has benefit for buyers and sellers. Buyers (management) can get profit from the raising of companies performance and the underestimated prices, avoid hostility acquisition, satisfy the needs of carving out business; Seller (shareholder) can reach the purpose of reducing agency cost, incent and restrict the management, peel off assets and change public-owned departments to private departments.As being related policy and legal regulations enact in our country, more and more enterprises have begun or prepared to begin Management Buy-outs ( MBO ). As a kind of re-construction of corporation structure, MBO accords with the requirement that the enterprise ofour country carries out the reform of property rights.In our country, MBO has the purpose of transferring the ownership of the state-owned assets and clearing the ownership of assets, have very strong realistic meaning. In the market of our country, economy is not mature, the condition of un-sound related legal regulations take off , how to develop MBO are the problem of the current solution of urgent need.Firstly , this thesis introduces the theoretical knowledge of MBO , the domestic and international public listed company's condition of developing MBO as well as the meaning that studied for on the market company' s MBO. Secondly , according to the different view for MBO and the problem that met in theoretical research and practice, the author stress on the feasibility of our country MBO , the aspects such as meaning, trade price, financing and law for the enterprise reformof our country analyse and discuss , put forward countermeasures. Finally, the author carries out empirical analysis through the on the market company' s typical case of MBO ( GD MIDEA HOLDING CO., LTD., ZHENGZHOU YUTONG COACH MANUFACTURING CO., LTD. and CHINA FANGDA GROUP CO., LTD. ) for above-mentioned viewpoint , summarizes the common characteristic and the pattern of MBO, as well as suggests the solving schema of the problems which MBO faced with.The major contribution of this thesis lies in that the author has confirmed that MBO can solve state-owned asset to quit, owner vacancy and agency cost with encourage the problems such as restraint mechanism, can not solve the ability problem of management, discover that trade price is low, financing channels not smooth with operation non-standard have restricted MBO popularize and develop in home. At the same time, according to these problems that appear in reality, the author puts forward so as net asset is base price, lead into the mechanism for bid in competition, open financing channels of financial market for MBO, quickly related legal regulations construction make MBO regularly, openly and justly.