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Legal Issues In China's State-owned Enterprise Management Buyout (mbo) With The Solution

Posted on:2011-10-08Degree:MasterType:Thesis
Country:ChinaCandidate:Y M LiuFull Text:PDF
GTID:2206360308971649Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Management buyout (MBO) as an enterprise system of innovation,for clarity of property rights, the State-owned enterprises to reduce costs and stimulate enterprise agent operators human capital factor,improving corporate governance and implementation of State-owned capital strategic exit, etc. However, due to the domestic legal system of the existing relevant to be of unsound mind, at the same time, the ripeness of the capital market for Chinese enterprises management buyout has its obstacles, some companies often take violations means to implement a management buyout, thereby generating a series of serious problems, such as the acquisition of the principal does not apply, the acquisition of funding sources, State-owned assets transfer pricing is not reasonable, information disclosure is not complete, and the resulting in great loss of State-owned assets and the lack of social justice is assigned. This allows the management buy-out in China controversial, and many on the management buyout of its own system of values and its application in the business of some doubt has arisen as to the feasibility of such doubt has seriously affected its proper function and value of enterprise reform in China, eventually led to the countries on the management buyout of completely halted.The purpose of this paper is on management buyouts for legal analysis, combined with the implementation of SOE reform of social background, China's State-owned enterprise management buyout system and system implementation status with comprehensive analysis study, found that the current implementation management buyout problems, perfecting the management buyout of scenarios and recommendations system. In the course of this article takes a comparative law method, economic analysis and empirical analysis method. This article first chapter on the management buyout of the basic conditions for carding, induction, and total, on management buyouts of basic concepts defined; chapter II on management buyouts of historical development, emphasis from China's State-owned enterprises management buyout of the historical point of view, an objective review of the management buyout on the reform of China's State-owned enterprises, also plays an important role in practice has revealed some of the problems; chapter III from China's current management buyout system to start, clarified that the present system of management buyout situation and existing shortcomings; chapter IV on how to resolve the current management buyout in problems in practice, the perfection of the management buy-out system has put forward some suggestions.The main point of this article are: management buy-out company not only to reduce costs, improve agent productivity, achieve corporate maximization, promote economic development, with profound historical significance, but also in the State-owned enterprise reform, the implementation of the "privatization", title structural adjustment has important practical significance; but as China's financial environment, pricing models, market mechanisms, etc., cannot be compared with Western countries, and in the relevant legal system also incomplete, management buy-outs in our current implementation of certain obstacles still exist; you must to perfecting the relevant legal system, to managers as a management buy-out to confirm the validity of the subject; in management buyouts, specification management buyouts of financial behavior, clear the management buyout financing legal obstacles faced by, do protect eligible financial behavior, and avoid legal risk; the correct address State-owned enterprise management buyouts of pricing issues, primarily to prevent the loss of State assets, maintain our market economy the fairness and rationality of activities; setting norms of information disclosure system, exhaustive, timely publication of the relevant information, to prevent the company's stock as a result of the implementation of management buyouts of any kind incurred as a result of the drastic fluctuations, prevent people with inside information for stock trading, to safeguard the interests of small shareholders, to maintain the stability of the stock market.
Keywords/Search Tags:State-owned enterprises, Management buyout, Economic reform
PDF Full Text Request
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