| Since the 1980s, MBO (Management Buy-Outs) has been developing rapidly in western countries. MBO means the acquirement of the shares of a company by its management for the purpose of changing the company's ownership structure, power of control structure and asset structure, thereby restructuring the company and winning expected returns on investment. MBO, through the unity of property power and management power, has played an un-displaced role in reforming property regimentation, and ameliorating managements' stimulation mechanism.As an institutional imitation in the course of state-share enterprises' reform, a number of cases of MBO began to emerge in China after the first case of Beijing stone organization. Listed companies, the representative of corporations in China did something in the MBO wave too. From 1999 to the 2003, there were more than 10 listed companies did MBO. More and more enterprises have begun or prepared to begin MBO. But because our capital market and security market is still young and the market mechanism is unsound, system environment, financial environment, law environment and realities of our country cause many obstacles to MBO. Therefore, many problems have arisen during MBO's operation and Ministry of Finance suspended MBO in Mar 2003. But in order to pursue the personal interests, much management has brought MBO into concealment. It's necessary to implement measures to qualify MBO in our country.This thesis focuses on some special issues concerning MBO in the present situation of China. Its structure is as follows:Chapter 1 reviews the evolvement history of MBO, and sums up the definition and the feature of the MBO in China.Chapter 2 analyzes the feasibility in theory and variability in reality that MBO is brought into effect in China's enterprises. During the course of MBO, many unexpected problems have appeared.Chapter 3 interprets the present situation that MBO makes the related parties (except the management) suffer from benefit loss from a fairness standpoint.Chapter 4 describes the risks that MBO confronts with in China, including law risks, price risks, financing risks, management moral risks, operation risks, finance and managing risks. These risks make it difficult for MBO to spread in China.Chapter 5 indicates that the effects of MBO in China are not optimistic. On the contrary, the performance of some enterprises fell off, and factitious performance made appearance frequently.Chapter 6 discusses the applicability of MBO in China. Because the system environment in our country is not mature, it is unfeasible for large-scale enterprises especially listed companies to operate MBO. This chapter also brings forward some suggestions and advice relevant to the problems discussed before.This thesis adopts mainly criterion analysis methods with some examples and datas. Its contents consist of the theoretical basis, executing status and suggestions or advice.MBO is a new type of regimentation arrangement and a system innovation. Since MBO has been adopted widely in more and more enterprises in our country, it has given a rise to dispute. Whether MBO is applicable to China's enterprises, which becomes a doubt in many people's eyes. When referring to the related materials, we select the relevant contents carefully and combine them into one logical system.
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