The Research On The Application Of MBO In China's Listed Companies

As reflecting the deep revolution and changing in the field of corporate construct and administrate, MBO is a trend that influencing not only the enterprises of China but also the traditional sense and thinking method of us. Now the domestic enterprises pay more attention on it.Recently, more and more listed companies had applied MBO. In fact, the application of MBO in the listed companies is just at the beginning. But because people lack system comprehension and rational knowledge of MBO, and also due to the accessory environment and measures are imperfect under China's particular background, the development of MBO in China has met with two opposite forces. On one hand, facing the success experience of MBO in western countries, people praise highly on it; On the other hand, owing to the attempt of domestic listed companies' MBO , some questions such as if there is a danger that MBO would probably become a channel of losing state-owned assets challenging the development of MBO and make MBO in the dilemma. Due to these reasons, the thesis try to doing research focus on the application of MBO in domestic listed companies, in order to make our domestic listed companies' application of MBO rationally and normatively.Firstly, the thesis makes a systems analysis and research on the theory of MBO in order to understand its substance, basic theory, premise of application and motivation. Through analysis and research, the thesis affirms the superiority of MBO theoretically. Under the current situation of our country, the thesis analyzes the meaning and premise of the application of MBO in the domestic listed companies. And then come to the conclusion that MBO doesn't apply for all the listed companies, the listed companies should analyze its self-instance completely, so it can make decision on the application of MBO rationally. Subsequently, from the empirical analysis both in collectivity samples and representative cases, the thesis not only find out the actuality of MBO's application in our listed companies, but also prove the conclusion which has been confirmed in theory analysis part. Then through academic and empirical analysis, the thesis finds out the major problems in the application of MBO and the solutions of them. Especially on the problem of share transferprice-making, the thesis innovate a MBO transferring share pricing-mechanics. Incorporating the bid mechanics into the transferring share pricing-mechanics, the thesis constructs the inter-zone model with free cash flow model as the platform. And then completing with the accessory measure, the thesis constructs a set of MBO transferring share pricing-mechanics that resolve the MBO pricing-making problem which is the most obstruction in the application of MBO.