对上市公司MBO的实证分析

MBO是当今中国最为热门的话题之一 ,是目前国有资产退出方式的又一新尝试。在中国上市公司MBO中选取了 7家典型性样本公司 ,并从转让方式、定价、资金来源、业绩等方面进行实证分析 ,同时结合国外相关实践进行对比探讨 ,指出中国的MBO与国外盛行的MBO有着本质区别 ,因相应配套环境与措施的不健全 ,上市公司应慎行MBO ,应建设具有中国特色的MBO。

An Empirical Analysis on the MBO of Listed Companies

As the hottest economic topic in China ,MBO a new way for government to withdraw national assets.The paper samples 7 listed companies and makes an empirical analysis on the MBO behavior of those companies from such aspects as methods,pricing, sources of fund,corporate performance, etc.The paper also comments on the comparison between practices of other countries and that of China and finds the MBO of listed companies in China is not the same as that of other countries.Since the accessory environment and measures are imperfect,it concludes that listed companies of China should be caustious with having MBO,and it is necessary to build Chinese-characterized MBO.