The Study Of Shengli Joint-Stock Company Management Buy-outs (MBO)

In last 20 years, an important change that enterprise takes over is the development of Management Buy-outs (MBO). Management Buy-outs (MBO) has become fashionable in the West. In such countries as U.S.A, Britain, etc., MBO is as business given up or withdrawn at the beginning, and the capital running form, which investors favor. But. to the eighties of the 20th century, MBO, changeable form and feasible financing form gradually as a kind of convenient ownership is all right its road. Such transition economy countries as Russia and Eastern Europe, etc. have drawn lessons from this form of MBO in movement of privation that began at the beginning of 1990s. And such countries as Russia and Eastern Europe, etc. regard it as the most important way that state-run assets withdraw.Since reforming and opening up, the state-owned enterprises of our country have carried on a series of reforms from easy to difficult, but has not touched the problem of property right at all. The management authorities of state-owned enterprise purchase the ownership of enterprise as the important method of state-owned properties right reform, is becoming the effective means that the state-owned enterprise is carrying on strategic reorganization. Therefore, It seems quite urgent to lead MBO as the effective means of property right reform to state-owned enterprise reform. How MBO will be carried on and with what terms can carry on MBO, is the hot topic that the academic and enterprise circles study atpresent. Domestic present policy and institutional environment has urged a batch of enterprise to carry out MBO reform, among them is keen on MBO most the state holding listed company particularly. Listed company-"Yue Meidi" blow clarion call of MBO in June 1999 and 16 listed companies have carried on MBO at present.In order to probe that MBO is regarded as the important way p carry on property right reform to the state-owned enterprise, the author chooses and investigates 16 listed companies that have already carried on MBO as the sample, and collects a large amount of materials to analyze MBO in depth, and chooses sate holding listed company with typical significance -"Shengli Joint-Stock Company" to carry on case study from it. Aiming at studying it and combining domestic and international relevant theory and practice, We summarize and go abroad and have enterprise carry on positive meaning of MBO and carry on tactics, question and risk of precaution that evade that MBO should adopt.This text has adopted the analytical method compared; compare a great deal of MBO cases to analyze the operation mode of MBO. It researches the issue of MBO raise of property right efficiency and financial performance emphatically, and thinks that the implementation of MBO can not only realize system improvement, but also realize managing appreciation. This text researches the MBO from theory and practice systematically by quoting MBO cases of "Shengli Joint-Stock Company" and draws lessons from "Shengli Joint-Stock Company" MBO, hope to add some valuable content to the property right reform of the Chinese state-owned enterprises.