Practical Study On Management Buy-outs In Chinese Listed Company

Management Buy-outs (MBO), which has been rised in west countries for solving the entrust and agent problem, is emergenced in China under the background of our country' s economy adjustment and reorganization. The ownership of a share construction caused the listed company many problems, and MBO is the valid means to these problems, and also having great functions in China. Because people can' t understand MBO well, there are many kind of points in our society. So this thesis aims at proving the possibility of MBO in China and bring up for the constructiving of MBO standpoint- Appeasing is better than blocking up to leak.This thesis is based on these theories including entrusts-act theory, human capital theory and ownership theory , and bring up the motive and reason of MBO. Next this paper majors in practice research and provide the mode and experience. Then, this thesis studies the core problems, which are price and margin problems, and studies the business process. At last, this paper studies the problems after MBO. So this paper finished the complete MBO system.Through above studies, this thesis draw on the conclusion that MBO is viable for Chinese listed company. MBO is valid means to company management, the way to state-owned property reform, and the process of business reorganization. Finally, this thesis provides some suggestions for the company reforming and development.