| Management Buy-outs has been playing an important role in the property rights reform of stated-enterprises. In the latest 10 years, MBO in China is becoming perfect step by step. However, discussion around it is also shoulder by shoulder. First of all, the pricing of the share is catching people's eye-sights. In this essay, quantitative analysis and theoretical analysis on 20 listed companies in which MBO has implemented in domestic securities business are took to study the reasonableness and the factors that affect the pricing.This essay includes six parts. The first part briefly introduces the theory of the MBO abroad, the practice of the share pricing of MBO in listed company abroad, and comes up with the problem basing it; The second part mainly analyses the practice of the share pricing of MBO in China listed company. It states its objectivity and non-rationality; The third part is a quantitative analysis. Through two linear regression analyses, some factors that affect the share pricing of MBO in listed company are available. Besides, it can be concluded that some discount were given in the course of share pricing of MBO in China listed company because of considering the contribution of management team, but the market pricing and the future profit aren't considered. The fourth part theoretically analyses the factors affecting the pricing; The fifth part basing on all the parts above gives some suggestions, which will make the pricing more perfect. Because China's securities business is under reform, the case of MBO is not available. However, a model about the transferable shares pricing of MBO in listed company is still constructed in this essay. Meanwhile, the procedure of pricing is also improved. Even so, this model still needs demonstrating, and it's just what I will go on study. |
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