Along with the strategic restructuring of state-owned economy and the deepening reform of state-owned enterprises, Management Buy Outs (MBO)is rising gradually. As an important reform of the system of property rights of state-owned enterprises, it has caused widespread concern and controversy. After introducing basis concepts and theories of MBO, we closely link MBO with the reform of state-owned enterprises and propose application areas. The MBO mentioned above which is applicable only in small and medium-sized state-owned enterprises, is not suitable for large state-owned enterprises. After that, seven pieces of suggestion are proposed to improve the system of relevant laws and regulations on state-owned enterprises'MBO, including the option of a suitable legislative models, strengthening supervision, identifying clearly the acquisition party's qualifications, constructing a pricing mechanism, and improving information disclosure system ,etc.
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