上市公司管理层收购的绩效出现结构性变化

本文通过建立一个统一的因子分析系统,应用面板数据对我国上市公司管理层收购(MBO)财务绩效进行多角度、全方位考察。结果发现,上市公司MBO前后7年间总的绩效没有发生显著变化;但规模变量出现显著增长;而经营效率却明显下降;资产负债状况显著恶化。这种结构性变化,可能是国内上市公司MBO绩效变动的典型特征,是经营者热衷于MBO的主要原因。要确保国内MBO公司经营效率的提高,必须采取有效措施控制其资产负债率的非正常上升,防止其规模变量盲目扩张。

Varying Structure Effects of Management Buyouts on Financial Performances of Listed Companies in China

The paper analyzes effects of management buyouts (MBO) on financial performances of listed companies in China during sample period using panel data in a factor analysis system. We find that the total performing results of the listed companies have no significant changes during sample period. At the same time, the scale variants show a significant growth trends, the operating efficiencies decrease obviously, rates of assets to liabilities descend rapidly. The main reasons of these kinds of structure variation may be the main businesses costs rise; other businesses profits drop; management expenses, business expenses and finance expenses rise. These real motives for interests behind eager for stated-own enterprises MBO should cause a deep concern.