Study On MBO Of China Listed Company

As a new type form of merging , MBO(Management Buyouts)had fashioned Europe and U.S. in 1980s . With the immense reform of structure of corporate goverance in the 1990s, MBO displayed a global tendency. In china, with the nationalized capital strategic adjusting and withdrawing from general competed field, continuous development of reform of nationalized enterprises and jointment of chinese market and international market ,MBO was lead into chinese enterprises reform more and more.As a system innovation, MBO have positive funtions at effective management of enterprises ,decreaseing of agent capital, ownership relationship of distincting and corporate goverance. MBO became a way of national capital withdrawing. At present, although chinese erterprises has done some beneficial explores and practice, there are some defects and problems in MBO,because chinese MBO is still in development. Development of MBO in china is concerned with the reform of chinese enterprises, the development of china security market and standard of list company corporate governance .Therefore it is necessary to research MBO of list company systematicly.Thesis starts from theory of west economics about enterprise and enterpriser. Thesis analyzes arranging residual claim to a manager is objective need and inevitable choice under morden corporate goverance. Taken enterprise residual claim arrangement as theory base , thesis analyzed it from client-agency and manpower capital. Research draws conclusions that managers participating enterprise residual claim can amelliorate stimulate mechanism of managers, abase agency cost ,height company achievement. At the same time ,it can assert and protect benefits of managers which have human capital in corporate regimentation arrangement,affect effort level and firm's effectiveness.Thesis analyzed MBO's development in china and abroad, discussed the significance of china. Thesis compares MBO of china and abroad from buyouts mechanism, operation pattern ,pricing mode and absorbing fund system.Thesis analyzed the feature of MBO of listed company. We carry on essence researches to MBO of china list company at wealth effectiveness,financial affairs and shares of managers. Researches make clear that china listed company's MBO can reduce agent cost , raise company achievement and stimulate managers. In accordance with the problems and obstacles of china listed company'MBO , we pointed out that china listed company carry out insuitably .we propose policies and advices.