The Research On The Relation Between MBO And The Running Off Of State-owned Property

Under the developed economy, how to resolve the questions "the representative question of enterprises, the Mergers & Acquisitions, buying and selling, the change and adjusting of the structure of stock share" are the usual lest methods, MBO appears in the 80s of 20th century as a method of Mergers & Acquisitions. In the developed countries, because of the high developed economy and capital market, Everything has been in a good state, so legated system arrangement and operation system are formed, which can assure the resources of enterprises be analyzed, reconstructed and reused for decreasing the representative value. And maybe this is one of the reasons of MBO being introduced into China. As to our country, it begins from the publishing of , then MBO explores like a bomb .On the one side, MBO becomes the most shining words in the medias; on the other side, it becomes the fastest road for the entrepreneurs to be a millionaires, and the last time to share the national capital. Meanwhile all kinds of advertises about the training of MBO fly everywhere. At the same time, MBO booms like new things appearance. After the declaring of the founding of the first MBO funds by the YASHNAG management consultant Co., Ltd., National investment firm of ShenZhen founds the biggest MBO funds of our country -SHENBIN management consultant Ltd with HUAQI BANk, WUTONG FUND and HONGTA investing firms, which receives about one billion. Soon after this, Xinhua will found a MBO fund about 0.5 billion, besides this, Rongzheng firm Shanghai build a MBO club about 5 billions. Orange will be orange in the south of river Huai; it will be not orange in the north of river Huai, because of the difference of places. The wooden pail theories thinks, a wooden pail can be prosperous how much waters and do not be decided by its long size of every piece of woods, on the contrary, it is decided by its shortest piece of woods .If 99% constituted wood of the wooden pail is all long, having only one short piece, so the water in the wooden pail flowing out from the short piece is also a very natural matter. According to this theory, a few people place the blame for not high efficiency (is also a " the most short that piece of wooden boards") in the current listed company on the ownership of a share construction, As a truth, state-owned, corporative with circulate a the separation is an important reason for not high efficiency about listed company, but not the only reason. If the government hope to resolve this problem through MBO, that is equal to say, if let state-owned property flow from the "short plank", prefer to flow into the pocket of the enterprise executive with the governor by MBO? The MBO of our country is not the MBO of the abroad, just using the name "MBO". Accurately to say, Chinese" MBO" is:" governor, initiate making use of the method of MBO, controlling or holding the stocks with the money of the shareholder ".(popularly to say ,that is to squeeze your oil withyour money)This is completely different with western MBO method .The local MBO is a big lie , a kind of robber's behavior, is a clear fire picks to loot the majority. And a handful of men rob privately owned property of most people and part of state-owned properties. Just because of the running off of the state-owned property, it causes a sensation with severely reflecting between the economists, especially the Hong Kong economist LangXianping on the net attacks the running off of state-owned properties brought by MBO recently, which causes the supporting by the national economist, also causes the attention by the state owned property committee, until the state owned property committee announces: Concerning the state-owned property running off and with no enough conditions with our country current and various margins term, the state-owned large business enterprises are not suitable for the MBO.