Research On Management Buy-out Of Chinese Listed Companies Based On The Asymmetric Information

MBO, as a quite mature lever purchase in capital market, can improve company's administration structure; provide a feasible method for the reduction and withdrawal of state-owned stocks; and for state-run rearrangement of present assets of our country too.Improving the property right reform of state-owned enterprises by Management Buy-out has very important realistic meanings to strengthen the vigor of the state-owned economy,accelerate the market-based process of state-owned enterprises,and especially lighten the social pressure on employment.The paper analyzes the manager incentive and leash system in management level purchasing and put the submit-agent theory and the game theory in the research of management level purchasing based on the asymmetric information as the main exploration and experiment.At the same time this thesis is through purchasing analysis and judgment that the theory and practice develop to domestic and international management, regard Chian's actual conditions as the starting point, research and analyze the feasibility of management purchase and inherent environmental defect at present of our country, the relation of MBO and company's administration structure and management and purchase relevant problems, then perfect the management of our country and purchase the system and regulation and put forward the relevant policy recommendations.The research demonstrated: the MBO is effective theoretically with standard method, sometimes obtained MBO from China to be listed data's empirical analysis the effect not obvious conclusion which executes in our country, thought that MBO effective must satisfy certain condition; and has fixed a price somewhat low using gambling model analysis MBO is the reality choice result. Through the above research, a final suggestion is we should define enterprise's property right ownership,perfect the relevant laws and regulations,make greater efforts to reduce the degree of state-run loss of assets when advancing MBO.So,the urgent matter is draw the strength to cultivate the market mechanism,maintain the market oeder,perfect policy,laws and regulations and support and impel the sustainable development of market natured MBO.