| A new type of regimentation arrangement , MBO ( Management - Buy Outs) , through the unity of property power and management power , has played an un-displaced role in reforming property regimentation , ameliorating managements'stimulation mechanism and bringing down X-ineffectiveness effectively . Frankly , too many articles are talking about MBO in our country , but most of them are just based on our country' MBO practice . This text , attempts to regard X- inefficiency, property relations reform as the breakthrough point, pays its attention to the science and necessity of MBO theoretically, Drawing the conclusion that the unity of ownership and part of management power is a sublation of modern enterprise system. Beside improve company's business efficiency obviously , MBO can excites the enthusiasm that administration and supervision authorities create the wealth to the most extent . At the last chapter of the paper , combining with our country actual conditions of SOE reform , the author expound the positive role in the state-owned enterprise reform, analyze the characteristic and existing problem of listed company in our country.Chapter 1 introduced some relevant knowledge about MBO briefly. Generally , MBO is a kind of lever purchase in which administration and supervision authorities of targeted company utilize their own fund or outside fund to buy the shares of the targeted company , through purchase, operator of enterprise become owner , realizing ownership and power of management unified. Purchasing listed company and purchasing subsidiary or branch are the main form of MBO in foreign country , of which the operate course can be divided prepared, carryed out and combined stages . All of these content is introduced in chapter 1 .New classical economics divides resource distribution into two levels : one is market and the other is enterprise . Market resource distribution is finished by price mechanism , but resource distribution of enterprise is taken by entrepreneur . So, the level of resource distribution efficiency inside enterprises depends on factors such as the entrepreneur's ability directly .X- inefficiency means the lose of efficiency resulted from resource distribution inside enterprises . The main factors result in X-in efficiency are manager's Limited reason, the difference between the goal of manager and the goal of owner and manager' reaction to external world .With the coming of knowledge economy , managerial ability has become a kind of important factor of production, demanding to participate in the distribution of income of enterprise's surplus. Chapter 3 proceed from modern enterprise system angle and carry on the discussion to the necessity of MBO , In a situation that the modern company's stock right is scattered, and the manager' restriction taken by shareholder appear to soften . Minority stock holders are in disadvantage position, after changing their personal property to company share, what they own is just unreal ownership power and control of property . Meanwhile , the manager , who is trained professionally , not only control the property of company , but also control the company with big shareholder. If manager want to enjoy real enterprise control , he must , beside enjoying the power of management, become company's big shareholder , incorporate big shareholder and manager into an organic whole, thus totally control company . So, to a certain degree, MBO is the rebellion of the modern enterprise system , the relation between owner and operator of modern enterprise goes through from combining to dividing to combining , but not simple return, it is a kind of sublation . Its development course mainly experience owner type enterprise, administrative power sharing type enterprise, manager type enterprises and even MBO type enterprise . But MBO does not totally deny themodern company's structure theory , because not every enterprise is fit to MBO . To those enterprise whose big owner are lack of management ability , it is better to give the contr... |
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