Research Of Chinese Public Company Management Buyout Performance

In recent years, because of the reformation of the state-owned business enterprise system ,management buyout start to appears and develop quickly in our country. In the same time , It becomes a new method to solute the enterprise ownership reformation problem ,and it's also regarded as a way which could encourage the managers to increase the value of the enterprise. However our country'economic environment is still not perfect, and the time that MBO practice in our country is not very long. So the phenomenon of MBO also exposed a lot of questions at the same time of rapid development. Compared with the typical MBO model in western countries, MBO in our country presents a lot of differences in many aspects. Based on this situation , it seems very necessary to have a systematic research on this kind of merger and acquisition which has strong Chinese special characteristics.This article exactly focuses on the difference between western counties and our country, qualitatively and quantitatively research this question by contrasting the existent various differences of MBO between them. Data envelopment analysis is used in this article to research the enterprise performance after MBO. And another way which is from angle of the social gross outputs is used to research the enterprise performance after MBO . Finally , this article make a conclusion that the result of CMBO in soluting enterprise ownership reformation is better than improving incentive mechanism.