Management Buy-outs Of Chinese Listed Companies And The Influence On Enterprise Performance

For a long time,some state-owned enterprises in China have the problem of inefficiency of enterprises.With the deepening of state-owned enterprise reforms,people are increasingly aware that we should carry out strategic restructuring of the state-owned economy to achieve the concentration of state-owned capital from general competition departments to strategic departments.Management Buy-Outs continue to develop in our country,which has become an innovative approach for reorganizing asset and resource of enterprise in China.Firstly,this article elaborates the related concepts and theoretical basis of Management Buy-Outs,gives the definition of management,Management Buy-Outs and corporate performance,then analyze comparatively the development status and characteristics of Management Buy-Outs and analyzes the impact of Management Buy-Outs on enterprise performance theoretically.The TCL Group Management Buy-Outs is currently considered to be the most instructive management acquisition case in China and has a certain degree of representation.Secondly,combined with qualitative analysis and quantitative analysis to analyze the case of TCL Group Management Buy-Outs.Qualitative analysis is mainly through analyzing the economic consequences and the changes in corporate behavior of TCL Group implementation of Management Buy-Outs in actively.Quantitative analysis mainly through event analysis and calculation of related financial indicators to research and And summed up the reasons for the success of the TCL Group Management Buy-Outs.At the end of the article,given relevant suggestions for improvement from management,business and government.Management should actively play the personal talents of management,take the initiative to assume corresponding legal responsibilities and actively protect the legal interests of small and medium shareholders;Enterprise should establish equity incentive mechanism and expand financing channels;The government should identify the role of government in,formulation policies and regulations to regulate the information disclosure of the management after the acquisition of Management Buy-Outs and formulate relevant laws and regulations,regulate the implementation of management buyouts,etc.