Research On MBO Of State-owned Enterprises

Management Buyout evolved in1970s. It along with the innovation of financial markets in Europe and the United States and grow, as in Western countries over the past20years, corporate structure and governance changes produced profound changes and great impact. Management buyouts as a developed market economy countries, companies leveraged acquisition of a mature way, is one of the state-owned shares, strengthen management incentives in the corporate governance structure to give unlimited expectations. After2002, management buyouts as a mergers and acquisitions, restructuring of state-owned enterprises, has been widely adopted in our country, as early as the state-owned economic structural adjustment, the state-owned asset allocation optimization, reducing agency costs, speed up the restructuring of small and medium-sized enterprises, to improve the enthusiasm of the management and operation and management level, to promote the growth of China’s entrepreneurs aspects, has a very important significance.MBO is one kind of Leveraged Buy—outs. It can change the structure of the enterprises. Many enterprises have practiced MBO recently. The goal of MBO in China enterprises is to play active roles of MBO in such aspects as clearing state-owned enterprise property right, decreasing agency costs and as the same time MBO is a way for state-owned capital secede. It has played a positive role, arouse the enthusiasm of enterprise management and the regulatory authorities, the revitalization of enterprise operation, greatly enhance the core competitiveness of the enterprise. This article discusses mainly the implementation of the general, in any state-owned enterprise in the process of the current MBO implementation problems.The thesis starts from introducing the evolvement of MBO in western country, then states and analyzes the common theory which combined with facets of our country’s enterprises. After this, it shows main problems that MBO and the innovation of property right encounter in reality through a case study of MBO in a state-owned enterprise.This article first proposed the research back-ground, purpose and significance, followed by the article main content were summarized, and finally summarizes the article’s research method. And then points out the concept of management buy-out. Followed by analysis of the characteristics of the management buyout last expounded the theoretical guidance of MBO. Then it summarizes the course of development of the list of domestic and international management buyouts. The fourth part of the overall environment for Chinese enterprises MBO correlation analysis, and on this basis, summed up the problem of the management buyout of state-owned enterprises. The fifth part is the key part of the article. Using the MBO of Shuanghui as the example of state-owned enterprises. And make the empirical analysis. The sixth part of the conclusion of the article and the revelationThe thesis uses many study methods like comparison, case study and normative analysis. It aims at revealing defects in MBO theory and its application and providing ways to further state-owned enterprise reform. Article mainly further promote the reform of state-owned enterprises, correct understanding of management buyout has the positive significance.