实施管理层收购的企业绩效研究——基于我国上市公司的实证分析

根据主成分分析法,本文选取国内多家上市公司作为样本,以选定的相关财务指标构建企业绩效的综合评分模型,对我国实施MBO的上市公司绩效进行配比分析。实证结果显示:实施管理层收购的企业在绩效方面显著优于相应未实施管理层收购的企业。因此,尽管目前管理层收购在我国存在着较大的争议,但应肯定其在解决国有企业内部激励不足、效益长期低下方面的积极意义。当前的问题不是要不要允许上市公司实施管理层收购,而是如何对其进行规范。

A Study on the Performance of MBO Companies--An Empirical Analysis Based on Listed Companies in China

In this paper, the writers present a study of the performance of the MBO companies. To avoid the limitation of single index, we choose several financial indexes which can reflect the performance and establish a function to appraise the general performance of the company. Through empirical research, we find that the performance of MBO companies is better than the contrastive companies. Therefore, though MBO is still a dispute in our country at present, we should affirm its positive significance in our country. The present problem is not whether or not to allow the listed company to implement MBO, but how to standardize and supervise it.