The Research On Performance Of Management Buy-out Of Listed Corporation In China

MBO is a kind of LBO. It means that the management of the company buysshares of the company and obtains for control of the company, due to themanagement buy-out subject for the target company’s management, in the companymanagement after purchase will achieve the unity of the owner and operators, thusreducing the agency cost, improve company performance. Management buy-outcame into china with a special background, in order to a domestic industry adjustment,is a state-owned enterprise has obtained the operation subject, improve companyperformance and other reasons, many enterprises in our country to management buy-out way to guide the enterprise owners of the regression. However the research ofmanagement buy-out started late, and in the late1990s, we are the first enterprise management buy-out case. And because our financial supervision system is notperfect, the company in the management buy-out inevitably black case work, theincomplete information disclosure, which leads to shareholders’ equity loss, evencause the loss of state-owned assets, which is affected by many scholars of criticism,begin to question the essence of the purchase management, the ministry of financehas also been called for management buy-out.However, with the development of economy, our country enterprise reform isimminent, the ministry of finance in2005to put forward relevant laws andregulations, allow parts of the implementation of the management buy-out and itsstrengthening supervision. So the management of acquisition of listed companies inChina promote the performance of whether around has a unique function, this articlethrough the following aspects of our country’s listed company managementacquisition performance problems is analyzed. First of all, this paper summarizes the acquisition of listed companies in Chinamanagement research background and significance, the domestic and foreign manyreview, puts forward the research methods and research ideas.Then, this paper summarized the management buy-outs in Chinese listedcompanies, from the perspective of the concept of purchase management, this paperintroduces the management buy-out promote performance of the company researchtheory in management buy-outs in Chinese listed companies, and then explained thegeneral situation of the development of listed companies in China, summarizes thecharacteristics of the management buy-out.Then, this paper, by using sina management buy-out case to carry on the analysis,from sina company background introduction, the sina acquisition processmanagement in detail in this paper, and some problems of sina acquisition management are analyzed, and the management buy-out have the direct-viewingunderstanding.Then, this article through empirical analysis andthe research method of thesample selection, the company to plan according to company’s financial indicators ofthe principal component method to analyze, to more effective management of thelisted companies in China that the acquisition of performance problems.Finally, we can draw the conclusion that in china, the performance ofthe management buy-out problems summarized, and puts forward someSuggestions.