Research On Management Buy-outs In Reform Of State-owned Enterprises

Management Buy-outs originally existed in England, in 1970's, which is one of the important methods for adjusting enterprise own-right structure.Its application and development offered new thoughts of state-owned enterprises in China, and also accelerated the process of its convertion. But in China, kinds of problem occurred during the MBO implement because of the low efficiency in market economy, poor capital market and lack of relative law, which has attracted the attention of academia and government. So, the current period, we need a comprehensive study of state-owned enterprises of the relevant MBO issues, Analysis generated reasons deeply, to identify the core issue existence in the state-owned enterprises of MBO, based on the results of the West corresponding, absorption the recommendations for improvement MBO.In this paper, from the reform of property rights of state-owned enterprises. Firstly, this paper introduces the conforming and development of state-owned enterprise MBO, from the aspects of distribution of field and district, purchasing body, trade prize, information disclose, converting method, finance resource, manage achivement, and operating step, then summarizes its charisteristes. Form this analysis, this paper then obtaines the exsise problems of state-owned enterprise MBO which need to regulate and revise question, that is legal question, financing question, pricing question, and inspect system question.Amining at solving main problems, which at present exsit in state-owned enterprise MBO in our country, this paper puts forward regulating suggestions to state-owned enterprise MBO for the related main body and the supervising and managing organization. The paper proposes to issue "state-owned property law" as soon as possible, consummate MBO related laws and regulations and make clear rights and responsibilities of related main body, on the ground of the net assets fixed price, recommend discounted cash flow model, model formula, relative value model establishes the scientific standard enterprise MBO fixed price way for the appraisal organization and the related department; gives the suggestions of regulating the way of affiance and private equity fund to dredge the MBO financing channel, in view of the information disclose problem in MBO, the paper put forwards the standard rights and intermediary assessment, the involvement of the media efforts, hire a lawyer to confirm the legality of takeover and reqiure the relevant government departments held report format changes as soon as possible, enhance the whole process of transparency in the transfer of the state-owned property rights. Finally, forward a four-point proposed to improvement and development the state-owned enterprises' MBO.The conclusion is that although there is too much dispute on MBO in our country, especially in state-owned enterprises, it is no doubt that MBO is a mode of reforms of property right. It is believed that along with the mater of the system and the correct leading of government, MBO could be applied and developed daringly in the next few years.