Exploring The Breakthrough In State-owned Enterprise Reforms In Strategic Recombination--Research On MBO Modes

Beginning with a series of modern enterprise theories, such as the origin of enterprise, characteristic, the foundation of property rights, rights distribution, agent theories and so on, this paper analyzes the foundational concept of state-owned enterprises, and studies the internal logic, system characteristic, object characteristic of existence and proves that the essence of all the problems that exist in state-owned enterprises, for example, lower efficiency and competitive power, insider control ... is the system limitation of state-owned enterprises, that is to say, the internal contradiction between public-owned property rights and market mechanism. And further analyzing the property rights vacancy and action distortion brought about by public-owned property rights. From the point of view of state-owned enterprise's object characteristic and efficiency priority, we want to point out that the core of state-owned enterprise's reform is property right reform. Through more than 20 years history review and practice analysis of state-owned enterprise's reform process, every step proved that the reform of state-owned enterprises is from the primary layer - policy adjusting, to the deepest layer - structure adjusting, and at last going up to the core of reform, that is property right system reform. Thereby, under the new situation, this paper points out that management buyout(MBO) as a state-owned enterprise reform's key point is an innovation thought of solving state-owned enterprise's all problems. This paper points out practical possibility of the MBO , the essential factor of success, the main phases and analyzes the foundational problems that we will face, and puts forward some consideration of countermeasures against several problems in carrying out the MBO.