Studies Of Management Buyouts On Features And Problems In Chinese Listed Companies

Management Buyouts (MBO) , one of the most important financial innovation in twentieth century, has been applied extensively in developed countries and some countries of transition economics , including Eastern Europe contraries and former Soviet Union. Today, MBO is going to be a kind of important measure to deal with the problem of national capitals' withdrawing, property reform and improvement of modern enterprise system of our country.Due to the lagging of legislation and establishment of supervision system, many problems has arisen during MBO' operation and has given a rise to dispute. Recently, MBO has been a hot point in the life of economy in China.My dissertation made the listed companies which have achieved MBO as the objective of my research. Based on a great deal of relevant data and other material, I made some examination about MBO in the listed companies from many aspects. In the dissertation, I made the study of the features about the target companies, MBO operations, behaviors mode after having accomplished MBO and information disclosure of MBO. In the part of conclusion, I sum up the general features of MBO, main motive and defects existing in Chinese listed companies. Through the research I think it is not good to apply MBO in effect extensively in short of relevant regulations in our country. In the last part, I gave some suggestion on the level of operation. The goal of my dissertation is to promote legislation and regulation of MBO, to help all the participants and other stakeholders make rational conduction choice during MBO operation, so as tobring forward healthy development of MBO in our country.The subject and the study of the dissertation have great reality meaning. I also made some innovation in my dissertation, for example, on financing of MBO, behaviors mode after MBO, MBO information disclosure and the motivation of MBO.