China's Listed Companies In Management Buyouts (mbo), The Problems And Countermeasures

Management Buy-outs (MBO) mean manager layer to utilize debt-credit finance or stock right transaction to purchase the behavior of our company. As the new things in recent years, MBO has caused very great dispute. MBO has carried on the constructing again about enterprise's ownership and power of management as a kind of effective financial instrument.This text has investigated and analysed MBO of the listed company under the special environment. Through to Yitong Co., Fangda Co., Sitong Co. cases, we find there is management big contribution, more distinct property rights, the shareholding equity not big in scale, the traditional industry, better business performances before MBO, utilization the shell company, the low price side on a basis of net assets, the financing way is single.There are a lot of questions such as price issue, capital source issue, information announcing issue, new inside people controlling issue, etc. We Should reform the legal system of the finance, strengthen the disclosure of information, introduce competition mechanism, strengthen trust business participation in MBO etc..MBO is significant to the system reform of listed company of our country, but still face many obstacles shortly, but will obtain long-term development with the constant perfection of the domestic market mechanism because of the limitation of the market environment.