Management Of Listed Companies Acquired Legal Regulation

As one way of the Enterprise-merge, Management buy-out was popular in west counties but inhibited in our country。 It is a particular manner, which is used to enterprise arrangement and reorganization。 Besides the functions of improving the structure of company governance and encouraging management, MBO also be regarded as an advanced institution used to promoting property reform。 Due to the special background in China, the management buy-out in China also shows its own characteristics compared to that in western countries。 With the deep going revolutionary of the system of country's property, management buy-out is a effective way to solve the problem of the absence of the sponsors for the national enterprises and improve corporate governance structure。 This thesis is composed of three parts besides forward, totaling about 30, 000 words。Part Ⅰ: General problems of MBO in listed company。 First, on tracing the history of the development of MBO, this part reveals the backgrounds and the features of MBO in different developing periods。 Then the thesis determines a clear definition of MBO in listed company by comparing different statements。 The focal point of this part is the institution values of MBO in listed company。 It mainly includes five respects, that is: reducing agency costs and improving the structure of company governance; taking effective action on inspiring and restraining management; adjusting the industry structure and capital structure of enterprise; a method of state-owned economy withdrawing from market; possessing fortune effect。Part Ⅱ: The legal control on MBO of listed company in Britain and America。 on tracing the history of the development of MBO, this part reveals the backgrounds and the features of MBO in different developing periods。 MBO is a type of self-transaction, which may cause grave benefit conflict to management。 In order to protect shareholders of the target company and secure securities market operating ordinarily, it is necessary to regulate the action of MBO by law。 This part throws an emphasis on the legal system of Britain and Americao From corporation law and securities law, the thesis inspects the control on MBO in west advanced countries。 Corporation law mainly regulates the actions of management, directors of the Target Company and controlling shareholders of the target company。 And securities...