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Management Buyouts Of Listed Companies In China Legal Issues

Posted on:2007-11-11Degree:MasterType:Thesis
Country:ChinaCandidate:X X WangFull Text:PDF
GTID:2206360182982032Subject:International law
Abstract/Summary:PDF Full Text Request
MBO is a kind of purchase way, which means the management personnel of the targetcompany use loan capital to purchase all or most of the shares of the target company in orderto control it and attain the expected profits. It can effectively coordinate the relationsbetween the rights of surplus demand and surplus command. And it has already acquirednotable effects on reducing agent costs, improving management structures, promotingbusiness achievements and so on. MBO reflects western countries' deep reforms andtremendous changes on the corporate management structures in the past twenty years.Recently, it is becoming a popular topic of law of the reform of state-owned enterprises andstock markets in China. Practically speaking, it has already got good effects on defining theproperty right of state-owned enterprises, and optimizing company's management structures.However, during the process of MBO in China, the problems, such as the main body ofpurchasing, setting a price, financing, inner control( protecting the small and mediumstockholders' benefits) and so on, which couldn't be supervised by perfect law systems,resulted in lots of MBO trouble, which was covert and unfair. This may also and alwaysinfringe upon most of the small and medium stockholders' benefits.By the way of using the methods of substantial evidence and comparison analysis, from theviewpoint of legal theory and law practice, this thesis systematically analyze the listedcompanies' main purchase part. The thesis separately researching the choice of body ofMBO, financing, pricing, and the how to deal with problem of interior control.
Keywords/Search Tags:Management Buy—Outs, management dominant model, shareholding committee consisting of employees, financing, pricing, unfair correlative transaction, interior control
PDF Full Text Request
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