The Research Of The Feasibility Of MBO In Reforming The State-owned Enterprises

The state-owned enterprises are the backbone of the development of national economy of China. And for building the socialism market economy, developing the national economy and advancing the policy of the reform and opening to the outside world, it is very important to advance the benefit of the state-owned enterprise and develop it well. But for a long time, under the planned economy system, the issues concerned the state-owned enterprise have made the state-owned enterprise can't accommodate the development of the socialism market economy, and even more it has embarrassed the development of the socialism market economy. So there is an urgent require to reforming the structure of the state-owned enterprise. At the key moment of reforming the structure of the state-owned enterprise and reducing the stocks that are owned by the state in some enterprises, an exotic method of operating the capital-MBO, came to the reforming and merger market in China. Because MBO has been born only for tens of years, there are so many disputes about it when it came into our country and some experts apply themselves on studying it. Aiming at the disputes about the feasibility that MBO can be applied in the state-owned enterprise reforming, the author tried hard to draw a conclusion by the theoretics and the practice. At the mean time, the author also put forward some resolvent about the matters existing in the operating of MBO in China. In this thesis, the methods of comparison research, the combination of quantitative analysis and qualitative analysis, the combination of positive philosophy and standardized research, the theories of economics and management are used to make systematic and comprehensive analysis of the issues existing in the state-owned enterprises based upon the research results of precedents and the borrowing and absorbing the advanced thoughts of the theories of modern agency-principal system and corporations' property right of the western countries. And then point out the feasible method to reform the state-owned enterprises that is the management hold some stocks in the state-owned enterprises. More over, the author analyses the main problems issued in operating MBO in China and the methods to resolve them.First, the reviewing and evaluating of the development of the reform and enterprise theories of the state-owned enterprises are made. For a long time, the reform of the state-owned enterprises is directed against expliciting the property right and separatingthe ownership and managing right. But there is an important aspect that had been ignored in the prevenient reform of the state-owned enterprises that is the role of the managers in operating a company. That can be made out by the fact that it is general for the managers to hold the stocks of the company where they worked in the companies of western countries. So, MBO can be taken as a feasible method to reform the state-owned enterprises.Second, aiming at the dispute about MBO, the author analyses the feasibility of reforming the state-owned enterprises by MBO from the theoretics and the practice. The theoreticses mainly include the modern western corporation's property right theory, the agency-principal theory, the theory of the company's ownership, transition and economics and the game theory. The practical analysis is mainly from the aspects of favorable development of the enterprises and the bearing ability of the public. And then, draw a conclusion that MBO is feasible in the reform of the state-owned enterprises.Third, the author analyses the main problems existed in the MBO in our country that are the evaluation about the company and the financing of MBO, and then put forward the methods to resolve them.In the last part, the author summarizes the major points and also points out the issues yet to be studied.