| On the background of building the socialist market economy with Chinese characteristics, many new experiences have come into forth in the security market about how to derrease the state-owned stocks and how to rebuild the corporation management structure, along with the further reform of the state-owned assets management system. As a pattern of corporate annex and purchase, the MBOs, adopted by many listed companies, has brought many concrete questions which need to be researched from the aspects of theory and practice, to follow the policy of state-owned economy strategic regulation. These questions are as follows: how the policy backgrounds allow the MBOs take effects, what characteristics the MBOs have in all the taches, how many ways are effective, whether the decision of MBOs' price accord with the law of market economy, what are the differences between China's MBOs and foreign ones, and so on.After the printsman of administration of the purchase of companies in list, and the decision of many policies to restrict the exchange in securities markets, protect the interests of middle-scale and small-scale stockholders, and construct active corporation management structure, MBOs can follow the direction of policies in some degree. This dissertation is written to put forward some suggestions and views just based on the questions in the MBOs nowadays, connect western matured patterns and Chinese practices together, and discover a way which is suited to the reform of property right of the companies in list, help to build a mechanism of inner prompting in enterprises, and help to bring up China's own professional managers.After briefly introducing western MBOs, this dissertation analyses impersonally some cases of the MBOs in Chinese companies in list, summarizes the characteristics of all the taches in the MBOs in Chinese companies in list, then put forward some suggestions and methods to the questions about MBOs in the theoretic and practical aspects. Therefore, the main structure of this dessertation is based on such an arrangement mentioned above. There are five parts in this dessertation: forewords, actuality of the MBOs in Chinese companies in list, characteristics of the MBOs in Chinese companies in list and differences from foreign MBOs, problems of the MBOS in Chinese companies in list and policy suggestions, and the conclusion. The foreword mainly states the basic research background of this dessertation, especially the policies decided in the 16th CPC congress such as respect to the distribution rights of economy elements, reform of state-owned assets management system, holding on to push the reform of capital market, and some policies about MBOs. The foreword also bring forward the necessity of research in this dessertation.The First part of actualities of the MBOs in Chinese companies in list includes three sections: the conception and development of western MBOs, the whole purchasing situation of the MBOs in Chinese companies in list, and the operation pattern of the MBOs in Chinese companies in list.The part intruducing western MBOs is descriptive. It concluses the concept of MBO, characteristics different from other means of purchase and annex, the development of foreign MBOs, and introduction of several western theories of MBOs.The part of the whole situation of purchase introduces the policy and economybackground about MBOs, which includes the analyse of fundamental causes, intruction of relevant policies, and the situation of other related conditions. Then this part educes the practices of MBOs in companies in list nowadays according to time. At last this part summarizes the operation patterns of Chinese MBOs in companies in list from four aspects: purchase body, financing design, capital discharge and purchase tache. These four aspects basically includes all the feasible means in the practice of MBOs nowadays.The Second part consists of two contents. One is the analysis of characters of MBO in Chinese listed companies. The other is the MBO comparison with western countr... |
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