| Since "Si Tong Group" succeeded in MBO in 1999, MBO has been growing up to the focus question of the study in the theory and real affair circle of our china. This trend reached a climax in 2003, and many personages think 2003 is the starting-year of MBO. This text carries on systematic analysis to this question with the method of the theory-analyses and demonstration-analyses.The full text consists of five chapters.In Chapter 1, the author gives several definitions of MBO and the other concepts, which are closely related to MBO, and points out the characteristics of MBO at first. The following content is the review to the western theories about MBO. The western explanations to the MBO can be probably divided into four kinds: Wealth shift theory, cost of agency theory, defense theory and the spirit of entrepreneurship theory. Wealth shift theory thinks the MBO doesn't produce income, but just deprives the other benefit owners, and this theory has not gotten the confirmation of the real example. Cost of agency theory points out that the source of MBO's benefit is the declination of the cost of agency. Defense theory thinks the reason why MBO can take place in the companies is the following causes: the managers have dependences on enterprises' resource of their management, their interests are easy to be deprived by the capital owner, In order to prevent its interests from being deprived, the managers have motive force to take back the enterprise and own it by themselves. The spirit of entrepreneurship theory rethinks MBO, considering the phenomenon that MBO often took place in the high-technology companies recently. It thinks the reason why MBO happens is that the spirit of entrepreneurship of the managers was constrained when they worked as temporary laborers. The regeneration of the spirit of entrepreneurship gives the reason why the income increased. The last part of chapter 1 is the analysis to the actuality of the study in MBO in china. And the author points out that there is very heavy different between china's MBO at present and western MBO. The research conclusion in the west might not be suitable for China, so it is necessary to examine again with the Chinese actual data. Chapter2 and chapter3 of this text are the real affair part of MBO.Chapter2 mainly introduces the general procedure of MBO. Chapter3 mainly introduces several key problems of MBO, which are disturbing our real affair persons at present, and also points out the corresponding solution in the author's way. The general procure of MBO mainly is divided into 3 steps: plan, carrying-out, and coordination. Four key problems are disturbing the managers who are willing to take MBO: policy risk, the subject of purchase, price and finance support. Because MBO of our country involve state-run assets and it's a sensitive problem, So the overwhelming majority needs going to the administrative department of state-run assets to examine and approve. A lot of cases of MBO can't be controlled by managers once reaching stage of examining and approving. The way to get around approving are mainly justice auction or to trust other enterprises to buy. Seeing MBO is very risky, the suitable purchase platform becomes the important means to evade risk. Especially most cases are managers buy the assets from themselves, which has caused large moral risk. The more feasible solution to this problem at present is introducing competitive price mechanism, turning single-buy into biding-up. The financial question is so important that it can decide MBO's success or failure. There are very few financing channels to MBO in our china, but the situation is improving.The fourth part of this text is demonstration-analyses. In this part, the author checks up the western relevant result of MBO. The purpose of checking-up is to verify whether the achievement of public corporation was improved after MBO in china. The author firstly chooses the sample of public corporation. The standards of choosing sample are: 1.the public corporation, the financial reports of wh...
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