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Study On Ownership Allocation Of Management Buy-Outs (MBO)

Posted on:2005-11-21Degree:MasterType:Thesis
Country:ChinaCandidate:L L HanFull Text:PDF
GTID:2156360122497725Subject:Accounting
Abstract/Summary:PDF Full Text Request
For the recent years, lots of middle scale state-owned enterprises and small scale ones have carried out Management Buy-Outs(MBO), and some of listed companies have also adopted this way. The main motive for carrying out MBO is to improve governance efficiency of enterprise. As far as the cases of MBO are concerned, the results are far from their initial aim, and the governance efficiency isn't obviously improved, what's more, some enterprises' performance get worse than before. All of these problems cause comprehensive notice in theoretical field and practical field. It's well-known that the study of ownership structure is the key to corporate governance, so this paper tries to solve these problems and promotes the development of MBO by the allocation study of ownership structure.This paper is composed of four parts:Chapter One is the introduction, and mainly introduces study background, significance, content and innovation.Chapter Two is the literature retrospections of MBO and ownership allocation at home and abroad, and summaries the features of MBO of different countries. At the same time, this part also explains the essence from the aspects of principal-agent theory, human power capital theory, securities designation theory and enterprise governor theory.Chapter Three is the most important part of this paper. It mainly consists of four parts. Firstly, it is a theoretical research on ownership structure, including ownership concentration ratio and ownership restriction degree. Secondly, it is also an empirical study on optimizing ownership allocation during the MBO, and it works out the model of ownership allocation by examining listed firms of 2001. Thirdly, it offers certain guidance for the choice of shareholder by the shareholder characteristics study. At last, it makes a case study on ownership allocation by examining 12 listed firms that have finished MBO, and validates the model, what's more, it explains the law of ownership allocation in MBO.The last part is the conclusion. This part summarizes the study contribution, study limitation and points out the trends of study in future.
Keywords/Search Tags:Management Buy-Outs, Ownership Allocation, Firms Performance
PDF Full Text Request
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