Financing Strategies, Management Buyouts Of Listed Companies In China

Management Buy-out(MBO), being a kind of system innovation, has extremely vital significance to valid integration of company, reduce agency cost and optimise allocation of social resource. Owing to MBO involves enormous funds beyond the payment ability for management; a great deal of need funds raised is the key for company to implement MBO with procures smoothly. Therefore, the financing became the core problem to MBO.This article first elaborates the research of the background and realistic meaning about our country listed-company MBO, introduces present research status of domestic and foreign, and presents the contents and research method of the thesis. We induce the related basal theories of the issue, which include MBO and financing theory; the status of financing structure, financing interval, financing tools and back out ways of fund is analysed and compared between China and foreign countries, and their financing difference is investigated. The financing method and channel is analysed by statistic way over 63-implement listed-company in our country. We summarize the financing characteristic of MBO, indicate the difficult and obstacle about financing, farther design financing scheme for domestic MBO. At the end of paper, the practise of three financing strategy as Trust Financing, Bank Loan and MBO fund is discussed with cases, and suggestion is provided for domestic MBO.