The Empirical Research Of The Performance Assessment Of Management Buy-out

With the deepening of the process of reform of China's economic mechanism, the SOE (stated-owned enterprises) reform is making progress too;enterprise's property right becomes the main thinking of the SOE reform and developing direction in pluralism. While the property right of state-owned enterprise is pluralistic, administration and supervision authorities appear in reforming the vision as a kind of main part of property right. Administration and supervision authorities can choose the way while purchasing one kind that become property right reform of state-owned enterprise too. Administration and supervision authorities purchase, namely MBO (Management Buyout), meaning management teams through buying all or some company share, it obtain this company control power. In practice, goal management teams usually implement MBO by uniting with outside investor sometimes, in order to reduce the cost of purchasing, disperse the investment riskIn practice, MBO is a topic of the extremely hot dispute. This paper intend to appraise the result that administration and supervision authorities purchase in terms of enterprise's performance, it is sure to consult to offer for decision of the policy-making level. It generally include research laws of incidents and achievement evaluation assessments mainly that the achievement of the listed company is appraised, this paper adopts the achievement to appraise the method mainly.The frame structure of the full paper is as follows: The first part is that the main innovation related to research background, research approach, research focal point and this paper of this paper is clicked;The second part is defining and characteristic of probing into MBO, and foreign MBO produced the background and relevant theories to explain;The third part in our country MBO issue discussion mainly, and property right theory angle probe into possibility and realistic meaning that administration and supervision authorities purchase of our country then from department;The fourth part have summed up seven kinds of common MBO operation modes in practice.The fifth part is about merging the performance and carrying on theempirical research to MBO of listed company of our country, the selected works have fetched 27 listed companies as the sample, the thinking of main research is to score through the factor of drawing each financial index of analytic approach of the factor from the financial index of several enterprises, calculate comprehensive factor score, adopt sure method of inspection (T examining method and Z examining method) examine results of MBO finally. Finally, the conclusion that MBO is remarkable to the performance of listed companies is skeptical and no proof can support it.