Study On Management Buy-outs Of Listed Company Of Our Country

As a pattern of restructure, MBO (Management Buy-outs) is on the upgrade in China. Many large enterprises such as Fangda, Media, Yutong, have experienced MBO. At the same time, MBO in private enterprise and small and middle enterprise springs up. So some experts predict that 2003 is the year of MBO. The practice of MBO causes a series of theoretic problems: What's MBO? Why appear in China? How operate it generally? What should be noticed in MBO of Chinese firm? This paper tries to solve the problems. According to the logical sequence, this paper is divided into five chapters:Chapter one: MBO is the gradual progress results of enterprise M&A. Firstly, this chapter gives summarize of M&A theory; then the chapter analyzes the emergence of MBO, according to the process of evolution: M&A-LBO-MBO.Chapter two: It is a general studying about MBO. This chapter, firstly, explains MBO theoretically. Then it analyzes the significance of MBO. Finally, this chapter discusses the feasibility of MBO in China.Chapter three: The participant of MBO usually includes: management group, targeted company, strategic investor, creditor and intermediary. This chapter analyzes the function of participant of MBO.Chapter four: Operation way and procedure of MBO. This chapter analyzes such some ways of MBO as purchasing assets, purchasing stocks, and acquiring securities. Then it analyzes some segments of MBO such as financing, purchasing and integration, and emphasis is placed on financing.Chapter five: This chapter analyzes the characteristics and problems of MBO of Chinese company though some cases, and puts forward the viewpoint of author.If this paper has innovation, it should embody in following several points:Firstly, it is a key problem to make MBO serve China, this paper has proved the feasibility of MBO in our country.Secondly, by analyzing companys of A-share market of shanghai and shenzhen through a simple model, this paper selects enterprises which is suitable for carrying on MBO.Finally, this paper thinks that pricing of MBO should consider the managements' contribution in the transitional period of our country...