Management Of Listed Companies In China. Specification Acquisition Of Behavioral Research

In the evolution of modern economy, it is dawn on us that the huge-scale enterprises normally developed by right of M&A. In effect, the actual modern-style M&A deals for listed enterprises of our country took place when the government deepened the enterprises' reform and promote the security market. More and more enterprises entered into the capital market with the reform and development, searching out a new way to reshuffle the equity and innovate the system. MBO was regarded as a kind of merger mode of the beginning of 21 st century in our country, there will be wide market prospects in driving the property right system reform of Chinese enterprises and optimize the corporate governance structure. The main content of this paper is the following:Chapter 1 is the introduction to the theory and practice of MBO mainly. Having introducing three kinds of representative theory: agency costs theory, incentive mechanism theory and the manpower capital theory, it describes the characteristic, participant and implementing way of MBO . In the last, this paper tries to analyze MBO in the developed country such as U.S.A as well as the MBO that happened in the east Europe , the economic-transition countries .Chapter 2 have analyzed the meaning of MBO . It is pointed out to us that the behavior of MBO is a kind of enterprises' system innovation form. Moreover, MBO will contribute to perfect corporate governance structure, optimize the structure of property right of listed company and set up long incentive mechanism.Regarding 18 listed companies as samples, Chapter 3 has explained the basic situation of MBO of Chinese listed company. Firstly, the author have explained the reason and characteristic of MBO; Secondly, using the data to analyze the behavior after MBO in 18 listed companies, it is concluded that these companies are good; The following part demonstrates that great differences are existed comparing with MBO between our company and U.S.A.; finally, the author have discussed serious problems in existence after MBO in our listed company .In Chapter 4, in view of the main problem that are existed after MBO in our listed company , several suggestion have been proposed . Should correct motive of MBO at first; Second, corresponding law, regulation and system should be made and perfected; Third , to introduce the market-oriented pricing mechanism; Fourth, private fund is regarded as one of the mains way to solve the financing problem of Chinese MBO ; In the end, the author analyzes the financial risk thatwill be able to produce after MBO.