| Management buyout (MBO), one of the most important innovation in twentieth century, has been applied extensively in development countries and countries of transition economics, including Eastern Europe countries and former Soviet Union today, MBO is going to be a kind of important measure to deal with the problem of national capitals'withdrawing, property reform and improvement of modern enterprise of our country. Due to the lagging of legislation and establishment of supervision system, many problems has arisen during MBO'operation and has given a rise to dispute. Recently, MBO has been a hot point in the life of economy in China. My dissertation made the state listed companies that achieved MBO from 1997 to 2003 as the objective of my research. Based on a great deal of relevant data and other material, I made some examination about MBO in the state listed companies from many aspects. In the dissertation, I made the study of the performance on MBO and made some conclusions. In the last part, I gave some suggestion on the level of operation. The goal of my dissertation is to analyze the current situation, to promote legislation and regulation of MBO, to help all the participants and other stakeholders make rational conclusion choice during MBO operation, so as to bring forward healthy development of MBO in the state listed companies in China. The subject and the study of the dissertation have great reality meaning. I also made some innovation in my dissertation, for example, on the effects of MBO, information disclosure of MBO and the motivation of MBO. |
