China's Listed Companies Management Buyout (mbo) Performance Empirical Research

Management Buy-out, reform in property relations, whose implement often runs into different problems in terms of laws and regulations, government and mode of purchase. Solve these obstacles and hence explore a more suitable model is the major concern in the market. So a qualitative and quantitative study of MBO in Chinese market will have an important and practical meaning.This paper first reviews motivations, theoretical foundations and current researches about Management Buy-out, and then explains various problems in domestic MBO models from both macro and micro perspectives. This paper also collects relevant data from a sample of listed companies that conduct MBO from the year 2000 to 2003. Based on a statistical analysis of these data, using the analytic approach of the accounting index, comparative analytic approach of the classification and parameter, this paper studies the market effect of Management Buy-out and its influence on the performances of the targeted company.Through both theoretical and case study, we have drawn some beneficial conclusions, and put forward some corresponding policies that may be useful in the future legislation of MBO.