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China Implemented A Management Buyout (mbo) Asset Pricing Problems

Posted on:2006-05-08Degree:MasterType:Thesis
Country:ChinaCandidate:T J HanFull Text:PDF
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Domestic people with lofty ideals introduce the abroad mature MBO theory to the state-owned enterprise reform in recent years, In the hope of solving the problem of absence of the property right" of blocking development of state-owned enterprise for a long time fundamentally. Realizing the ownership and the power of management of enterprises combined. Improving company's corporate governance structure, improving economic vigor .But according to already implemented the enterprise of MBO, the transfer price of stock lower than the net assets per share generally causes much disputes. Some views think MBO have cheating operation that lead to the state assets losses; I think MBO , as a kind of comparatively ripe system , its must not cause the loss of state assets , the objective factor influenced state assets price is much, higher or lower than net assets price may not reasonable , may not unreasonable either, the cause leading the loss of state asset is unsufficiency condition and not canonical means. We should consider interior employee especially outstanding the historical contribution factors of administrators. We should take law form regulate the favorable system of transfer price to facilitate MBO. This paper will give reasonable opinion about lower transfer price, the pricing system, the rationality of pricing on net asset, how to balance the state behalf and the management, evaluate means, etc.
Keywords/Search Tags:Management Buy-Out, property right exchange market, medi-agency, discounted cash flow, administrator's history contributio
PDF Full Text Request
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