Management Buyouts (mbo) In China's Listed Companies Applied Research

Management buy-outs, as a new tool in China capital market, have appeared in some public companies by right of its unique advantage. It becomes an important thesis of the current reformation of China property right system. As a special form of buying, it is an exploration of the reformation of China property right system and seeks the uniform of property right and administration. In a way, it goes against the modern enterprise system. It helps to solve the problems such as the absence of owner, the overabundance of state-owed share and so on, which are ubiquitous in our public companies. In this article, by the introducing of the theory of MBO and the demonstration analysis of the MBO in China public companies, the author purposes to find the existed problem and to put forward the relevant countermeasures and advice.Firstly, the author simply introduces the MBO's origin, meaning, actuality, character, kind, incentive, theory and practice in this article. Afterwards, the author analyzes the background, function, feasibility and the object in point of the application of MBO on China public company.Then, the author analyzes six public companies, which have actualized MBO, and sums up the character of China public companies. Besides, the author particularly discusses the existent problems such as the validity of MBO's units, the justice of MBO's price, the validity of the source of MBO's capital, the integrality of information publicity, the validity of conformity and so on.Finally, the author puts forward the relevant countermeasures and advice to solve the problems in China public companies' MBO in seven aspects, namely legislation, purchase money of share, financing system, information publicity, conformity, professional organization and supervising.