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New Management Buy-out Theory:From the View of Investor Protection

WEI Jian(Economic Research Center of Shandong University, Jinan 250100, China)  
The efficiency increases theory and the wealth transfer theory are the current theories hypothesis that explain Management Buy-out. They stand opposite to each other, and didn't explain the MBO practice in the transfer economic countries. In order to perform the MBO's theory, the author bring a new theory frame, to explain the relation between investor protection and the performance of MBO, and point out the exaltation of investor protection level is the key to produce the efficient MBO.
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