Study Of State-owned Smes In Management Buyouts (mbo)

Management Buy-outs appeared in 1970s in Europe. Actually, MBO is one kind of Leveraged Buy—outs. MBO is often used by management layer to obtain some shares of the company. It can change the structure of the enterprises .Many enterprises have practiced MBO recently. The goal of MBO in China enterprises is to play active roles of MBO in such aspects as clearing state-owned enterprise property right, decreasing agency costs and as the same time MBO is a way for state-owned capital secede. During the short time after MBO come into China, it was found many problems, such as unequal pricing, financing difficulty and incompletion of financial information. Last year, Ministry of finance announced that only medium and minor state-owned enterprises can practice MBO. So I wish to make a study on MBO in medium and minor state-owned enterprises.The first chapter introduces the meaning and the background of MBO to understand the whole face of MBO. And it introduces how the MBO came into being, and what strongpoint it has. Then is the history of MBO in China. At last I bring some related traditional buy-out theories to you for sustaining my point of view.The next chapter is to tell you why we would like to practice MBO in medium and minor state-owned enterprises. First, I will tell you some background of the innovation of state-owned enterprises. How to activate the state-owned property and adjust the operation efficiency of the state-owned property is not only related with the prosperity of the capital market in our country, but also related close with the future direction of national economic system reform. And then explain why state-owned capital should quit in some economic field nowadays. I think state-owned capital quitting and property right reforming both are important in the...