Legal Research On The Medium And Minor State-owned Enterprise Of Management Buy-out(MBO)

Management But—out appeared in 1970s in Europe. The goal of MBO in Chinese enterprises is to play active roles of MBO in such aspects as clearing state—owned enterprise property right, decreasing agency costs and at the same time,MBO is a way for state—owned capital secede. MBO is widely used in listed companies in china. But in practice,It was found that many problems,such as unequal pricing finanicing difficulty and incompletion of financial information. On Apr.14,2005."Tomporary Regulation about transfering stated—owned property Rights into Management"was enacted by Ministry of finance.It announced that only medium and minor stated—owned enterprises can practice MBO.As a way of merging and acquisition,corresponding policies and regulations need to be made,and inspecting and administration should be strengthened to develop MBO in China.and avoid some problems,such as drainning on stated—owned assets.This thesis has four parts.At first,it reviews the Study background and practical significance, the research ideas and methods, define the scope of the study;Secondly,it analyzes the necessity and possibility of MBO in medium and minor state—owned enterprise;Thirdly,it point out the problems of MBO in legislation and practice;The forth is to brings forward the corresponding solution strategy and suggestion.