Reasearch On Management Buyout In Reform Of State-Owned Enterprises

Management Buyout (MBO) has being prevailed in Europe and America, and now in china after Stone Corporation's MBO project in 1999 was published by medium, more and more enterprises have a mind to MBO.Being a measure of effective structure of corporate governace, it is being applied and developed in the reforms of state-owned enterprises as a model of reforms of enterprises' property right.This paper is divided into five chapters. The article of this paper is educed from the reforms coursing of state-owned enterprises. In the first chapter, the paper expound on definition, basic characteristics, occurrence, development, variation, difference on MBO among foreign countries and china, and so on. And then present a few kinds of principle of MBO and make a research and summary on whether MBO result in creating wealth and its origin in the second chapter. The third chapter is the most important. Firstly, pointing out that MBO is available and significtive for state-owned enterprises. Then analyzes and makes reviews on different operating model from two angles in reality, and points out that entrust model and MBO FUDs are most practicable because of predominance and function. In the last part , after making a deep research on pricing and financing environment, aiming at characteristics of enterprises of our country set up a pricing-model on MBO's target firms, and innovative models of financing.The paper especially makes a research on all kinds of cases and summarize out several models in the fifth chapter.The conclusion is that although there is too much dispute on MBO in our country, especially in state-owned enterprises, it is no doubt that MBO is a mode of reforms of property right. It is believed that along with the mature of the system and the correct leading of government, MBO could be applied and developed daringly in the next few years.