Research On The Governance Efficiency Of MBO In State-owned Listed Companies

How to reduce the agency cost,improve the incentive and restraint mechanism of enterprises,and optimize the efficiency of corporate governance has been a common concern in the theory and practice at home and abroad for a long time.MBO is considered to be an effective mechanism to solve the above problems.Since the 1990 s,MBO has experienced a boom,halt and standardization process in our country.It is of great practical significance to promote the development of MBO and give full play to its role in reducing agency costs and improving corporate governance.This paper expounds the basic content of MBO,combined with the theory of corporate governance,analyzes the influence mechanism of corporate governance efficiency of MBO;based on the OECD principles and World Bank framework,combined with the actual situation of corporate governance in our country and the criterion of MBO,constructs the evaluation index system of listed companies including the equity structure,the effectiveness of board,financial performance and management evaluation.This paper takes 78 state-owned listed companies that implemented MBO from1997 to 2014 as the research sample,using 12 indicators as the evaluation index including the proportion of controlling shareholders,Herfindah-5 index,etc.Using non-parametric test and factor analysis method,respectively,have an empirical research on the change of individual and overall governance efficiency after MBO,and analyzes the reasons of empirical research results from the pattern defects,financing constraints,competition environment and capital market.On the basis of the empirical research results and the comparative studies of MBO at home and abroad,this article puts up with strategy to promote governance efficiency of listed company from the aspects of standardizing MBO procedures and improving MBO environment,aiming at different stages in MBO,including suggestions aimed at the acquired company,acquirer,external environment,standardizing and innovating the financial behavior,the internal and external supervision.