The Study Of Curve MBO Under The Background Of Full Circulation Era

Management Buyout(Management Buyout,for short is "MBO"),refers to a purchase behavior that the company Management buying all the shares or part of shares,so as to control the company.The development history of MBO in the abroad is longer,so in the foreign country,related system and mechanism is perfect,the development of MBO is also better.So our country also started to introduce,trying to promote the property right reform of our country.But the development of MBO in our country did not achieve the desired effect,appeared a series of negative effects.In the relevant provisions of the banned after MBO,there have been some hidden,curve MBO.After the completion of all equity has realized the negotiable,market environment has changed,so under the new era,the study of curve MBO appears very necessary.This article selects the first case in the full circulation era-the Jingshan Corrugating Machinery.The research method fo the atrical is the event analysis method and case method.The main research content is:first,describe the operating process of the curve MBO of Jingshan Corrugating Machinery;Second,analysis the business performance,capital market reaction and whether there are signs of interest transfer after MBO;Finally,analyze the cause of the economic consequences from two angles:financial strategy and corporate governance.By means of the research and analysis of Jingshan Corrugating Machinery,I found that in the era of full circulation,MBO didn't brings incentive effect for the enterprise value and the subsequent development of the Jingshan Corrugating Machinery.Through this article analysis,I have following conclusions:firstly,in the era of full circulation,the range of acquirer is expend,there are more diversified sources of funds,the purchase price shall be to the market price,but the purchase price in this case is still lower than the market price;Secondly,in this case,the operating performance and the capital market reaction after MBO is not optimistic,but not showed signs of interest transfer;Thirdly,the decline in corporate performance after MBO is not illustrates that there are wealth transfer,and may be because of the financial strategy and the influence of corporate governance structure.Main contribution of this paper is to enrich the relevant literature:economic consequences after MBO in the era of full circulation and the causes,provide some advices for the choice of financial strategy in the company,governance structure and the supervision of the relevant departments.