Research On The Predicament And Legal Jurisdiction Of Internationalized MBO

MBO (management buy-outs) emerged in 1970's. After more than thirty years' development, MBO has become one of the most important manners of M&A (Merger and Acquisition) adopted by companies in well-developed market economy countries. At the same time, with the economy becoming internationalized, MBO appears to be internationally too. As a mew manner of foreign investment M&A, MBO involves such laws like company law, security law, national property law, anti-trust law and foreign investment law.In recent years, with the deepen of China's economy reform and the affects of China's entrance into WTO, the companies' property rights' recomposition and reform need a breakthrough urgently. Under this circumstance, MBO develops rapidly since it combines with the national policies such as introduction of foreign investment and national economy strategy adjustment, etc. But the legislation related to MBO lags behind and far from maturity. So this dissertation expatiates the analyses of the legislation and practice of MBO in other countries, and mainly focuses on the foreign M&A entrance considering the company law, security law, national property law, anti-trust law and foreign investment law to research on the special features and the problems in practice of China's MBO systematically. The paper will find out the shortage and put forward practical legislation suggestions.The first chapter of this paper puts forward the definition, specialties and representation of internationalized MBO through expatiating the basic definitions of MBO. The second chapter gives an introduction of the three stages of China's MBO practice and analyzes the risks of China's MBO. On the basis of the second chapter, the third chapter compares the differences of MBO law between Chinese and some foreign countries. It also expatiates the different regulating measures of these countries. The achievement of the paper is in the last chapter, which put forward the legislation suggestion of China's MBO aiming at the international trend of MBO.