Practical Analysis And Empirical Research On MBO Of Listed Firms

The modern enterprise system is taking ownership separated from the power of management as characteristic, In case of separating in two right, how to encourage administration and supervision authorities to realize enterprise's value effectively, what possible reducing to act for the cost, it is a focus that the economist studies. The foreign practice indicates, it helps to raise the performance of the company that administration and supervision authorities hold company's certain share. Domestic some implementation practice of forerunner that administration and supervision authorities purchase indicate too, once administration and supervision authorities hold share of control power in enterprise that manage its, they will inevitable work harder. The full play that they could carry on carefulness of the investment decision and their management will be better."Suggestions on standardizing work of reforming system of state-owned enterprise " which the State Council issues on December 15 , 2003, and China's Securities Regulatory Commission issue " listed company purchase management method " and in " listed company hold share change reveal the management method " before this, have all made some relevant measures to method , capital source , disclosure of information and supervision that the administrator purchased . This has indicated and fermented for many years, there were some break-throughs on the policy aspect at last to manage buy-outs. It can be fund out from practice, MBO can solve some key problems that the Chinese capital market exist to manage at present to implement: It is a property right question at first, The essence of management is to transform the stock with increment, management buy-outs quantificates property right by " buying ". MBO avoids the loss of the state-run assets (collective assets) and cut apart a series of questions that the stock bring in management, it makes enterprises have real owners too to manage at the same time; Trust problem of agency secondly, management is it perplex cost expenses person who maximize all sorts of opportunism behaviors of Chinese enterprise for a long time to dispel, have improved the operation benefits of enterprises. Enterprise allocation of risks issue is more important. Management buy-outs generally follow extensive financing. Once fail, heavy debt burden on executives will carry soon. Even they may lose all people's property. It is the encouragement that can enable executive to improve the profit of the company and strengthen the competitiveness of the company. So the operation quality of the acquired enterprise will undoubtedly be improved a lot.Management buy-outs is a way improved in a kind of financial technological innovation and property relations. There is a great heavy meaning in combining enterprise resources in management buy-outs, there is a great heavy meaning in reducing agent's cost in it and there is still a great heavy meaning in improving enterprise's managerial ability in it. As to Chinese capital market, the appearance and the constant development of MBO have far-reaching influence and specific meaning to it.Though some enterprises (included listed company) have carried on some exploration and practiced to MBO at present. The administrative staff of enterprises has purchased the stock rights of enterprises, has finished administrator's transforming into shareholder through financing. This has certain positive meaning, in acting cost of enterprise of reducing, in making the relations between ownership and management of enterprises in order. But MBO, as one way that enterprise merge, one innovation of system, it is also at the starting stage in our country. Its further development still needs to standardize further on the system, make relevant policy and stipulate, strengthen supervision, prevent from among course this appearing state-run with collective question of running off etc. of assets. So it can prevent from running off of state-run assets and collective assets question in this course.This text proceeds from...