The Study On Mbo After Share Reform In China

As a system innovation, MBO (Management Buyouts) has positive functions at enterprise conformity, decreasing agent costs, clearing property right relationship, criterion corporate management and has become a way of withdrawing national capital. However, in recent years, the views from different groups including Academics, Enterprises Managers and Governments diverge greatly from its birth in China. Regulator's policy to it worsened from'not against'to'not for'and to the deadly'not allow', then to'allow limitedly'at present. Absolutely, although Chinese enterprises have done some beneficial explores and practices, there are still some defects and problems in MBO, especially on the price fairness, the entity legality and the capital resource of Buyouts. Therefore, it is a wise decision to stop the process of MBO timely by ministry of finance. Nevertheless, as the carrying out of share reform, great changes have taken place in the stock market in China, goes on the changing on merger market. Thereby, there is a new turning point of development on MBO in our country. In this background, it has a certain practical significance to use relevant theories and methods to study the problem, which is the determination of MBO after share reform in China.This thesis analyzes from the theories to actual use. First of all, on the basis of explaining concept and theory, comparing the development of MBO between China and foreign countries, the thesis brings forward the practical reference meaning to our country. Secondly, the thesis analyzes the reasons on calling MBO off. The third part is core of the thesis, on the basis of the reasons analyzed above, it studies the influence on MBO after share reforming with great changes taken place in the stock market, puts forward the opportunities and analyses the prospect of the utilization of MBO. Finally, based on the reality in our county, analyze the new problems we will face if we reinforce MBO after share reform, the make the conclusion.