Chinese Management Buyout Legislation

This article is mainly analyze the problem in the Management Buy—outs (MBO) legislation based on the basic problems and theory bases of MBO as well as MBO's legislation inners and abroad. Moreover, this article provides some news advices forperfecting our country's MBO legislation. The whole is mainly involving five parts:The first part is "the basic problems research of MBO". This chapter firstly introduced the basic conception and characters of MBO. MBO, briefly speaking, is one of leverage—buying, is a financial means that the inner manager of objective company want high—profit interests through high—debt, to buy objective company is stock and to control the objective company that is based on the arrangement of objective company's business. and initially introduced the definition and character of MBO, including the buyer is objective company's manager, the money is mainly from social finance, the unification of owner and operator after buying over, the inspiration system and clean industry—rights. The article illuminate the birth and development of MBO inner and abroad, and then introduced the different stages of our country's development, indicated it's ups and downs road.The second part is "basic theory of MBO". This part provides deputy cost theory,human resource theory,inspiration theory,industry—cost theory, etc, base on the basic theory and through the aspects of economics,law,company management, the article try to attract some basic theory from above the analyze the advantages of MBO, and reach it's necessity.The third part is "Comparation between the MBO legislation of china and of other countries". The assimilation of law is a long time, the key for a good system is it's fitness to ourselves. This part try to sum up some advisable things for us through comparation and analysis of main manner,body and objection,financing means,market transparent as well as pricing manner inners and abroad , and initially from the environment of laws and regulations inners and abroad.The forth part is "The main problems and it's analysis of our country's MBO". MBO is on the verge of stopping in our country. Because it is "The same thing in the world, but has different effection in different countries". this part is carefully analyze the problems of narrow capital collection system,unclear of body limitation,impermeable price, etc and find out the key is to perfect relative law and regulation, such as Corporation law,Secretary law,Loan general, etc.The five part is "The advice for perfect legislation of Chinese MBO". Based on the above, the author provide some advices of the MBO's operation from the aspects of law,finacial,super vise, etc, and to take on a systematical MBO. "Practice is the only norm to test trash", we must carefully research, from practice and theory, to perfect laws and regulations, therefore, the MBO will take it's true effection in the reform of our country's enterprise.Finally, the author thinks it is not a short time to perfect our country's MBO legislation, it is a long process. Besides, relative policy and regulation to law is necessary, only both sides take their effort, can we establish perfect law and regulation...