The Empirical Analysis Of The Performance Of Our Country Listed Companies' MBO

Management Buy-outs is the management of the target company completing buying out the company through the leveraged financing. It has developed in western countries for more than 20 years. And its rapid development shows that it can link the development of the company and the benefits of the management, which can inspire the proactive of the management, reduce agency cost and improve the performance of the company.As the related policy and legal regulations being enacted in our country, more and more enterprises have begun or prepared to begin MBO. In the late 1990s, it began to be carried out in the listed companies of our country. And when it comes to 2002, the development of MBO comes into a high tide. But, because of the in-mature of our countries market economy and the un-sound of the related legal regulations, many problems arise during the dealing process of MBO. And the economic circle has different opinions on the effect of MBO.Firstly, this thesis selects 11 MBO companies from the stock exchange in Shanghai and Shenzhen as the study object. Then it analyzes the financial performance quantitatively of the 11 companies according to the five-year's data before and after MBO based on the index of earning power, assets management capacity, debt paying ability, development capacity and the capital structure, which includes: the performance change and development trend of the 11 companies as a whole before and after MBO, the comparison of the five-year's performance with the whole performance of all the listed companies in the stock exchange in Shanghai and Shenzhen, different performance of the 11 companies according to the different transferred proportion of the stock shares and the rising extent of...