State-Owned Enterprise Property Right Reform And MBO From The View Of Proxy

Management Buy-outs(MBO) started from England in the end of 1970s, and it has been 20 years since then. As soon as MBO is introduced to China and applied in the reform in the state-owned enterprises, it touches the sensitive nerve of state-owned assets run-off and causes tremendous controversy. Studying MBO and state-owned enterprise reform from theoretical height has very important meaning to both state-owned enterprise reform and the whole economy development.Firstly, the paper introduced the concept of MBO, then elaborated the practices of state-owned enterprises reform, and analyzed the content of property right and the characteristid of state-owned property.Then, introducing the developments theoretical study of MBO in developed countries English and America and in our country respectively, the paper point out that, owing to the difference of economic environment, the practice and theoretical study of MBO in China has had great variation.Next, after introducing the theory of "separation of ownership and operating rights" and proxy theory, the paper generalized the proxy relationships that exist in the economy practice now into two types:Horizontal And Single Level Proxy Relation and Lengthway And Many Level Proxy Relation. They are both single-way relations. The proxy relations of state-owned enterprises before and after MBO both belong to Lengthway And Many Level Proxy Relation.After that, using the thought of game-theory and comparison method , the paper proved that the proxy relation of enterprises...