A Research On The Pricing Of The Listed-companies' Management Buy-out (MBO) In China

Management Buy-out turned up in the 1980s ,for the management took part in the hot wave of Leverage Buy-out in the U.S.A. .And this wave soonly spreaded to the Europe and Japan .While the MBO emerged in China just since these recent years,being a breach of property rights reform of stated-enterprises . Of course,the process of MBO has several steps included,in which how to price is one of the most important steps .Since the importance of pricing,this paper is just around the pricing of management buy-out in China,especiaJly of the MBOs taken by the listed-companies .The introduction is to describe the management happened both at home and abroad. Firstly,some methods to value the corporate are come up with and analysed .Then through the comparison of the pricing of MBO taken place in China and overseas,the author found five factors which affected in the pricing of MBO in China .The inquisition into these factors are just the whole of the third part of this paper .And the fourth part is also the end of this paper ,in which there are some feasible measures to price the MBO in Chinese listed-companies more and more reasonably .