| 国有控股上市公司MBO的绩效变动成因分析 |
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| 引用本文： | 程才良. 国有控股上市公司MBO的绩效变动成因分析[J]. 证券市场导报, 2007, 0(6): 34-42 |
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| 作者姓名： | 程才良 |
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| 作者单位： | 暨南大学金融研究所,广东广州510632 |
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| 摘 要： | 本文以16家国有控股上市公司为样本，研究MBO对公司绩效的影响。研究发现，MBO对经营性现金流产生了积极的正向作用，但对其余财务指标的影响并不显著。本文认为，导致MBO对公司绩效影响不显著的主要原因是，资本市场基础性制度缺陷诱使管理层追求“制度性套利空间”的动因强化，MB0部分收购模式的固有缺陷引发管理层“内部人控制”问题恶化，以及MBO制度约束导致管理层行为扭曲。
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| 关 键 词： | 管理层收购 公司绩效 公司治理 内部人控制 |
Analysis on Impact of MBO on Corporate Performance |
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| Cheng Cailiang. Analysis on Impact of MBO on Corporate Performance[J]. Securities Market Herald, 2007, 0(6): 34-42 |
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| Authors: | Cheng Cailiang |
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| Abstract: | Based on the sample of 16 state enterprises, the author reviews the impact of MBO on corporate performance. Studies reveal that MBO positively affects the operational cash flow, but marginally on other financial indicators. The author believes that the weak impact of MBO on corporate performance is attributed to the fact that management is motivated to pursue institutional arbitrage due to institutional setback in capital market. The deteriorating issue of insider control caused by MBO partial buyback model and the distorted management behavior are also to be blamed for the result. |
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| Keywords: | MBO corporate performance corporate governance insider control |
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