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《China Industrial Economy》 2003-10
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Positive Analysis of MBO in Chinese Listed Companies (1999-2002)

MAO Dao-wei CAI Lei REN Pei-yu (Business School of Sichuan University,Chengdu 610064,China)  
Taking the listed companies which carried out MBO from year 1999 to 2002 as research objectives, based on large quantities of data, this paper has done empirical examinations on many aspects of objective companies, such as business, finance, capital, management, behavioral characteristics, buyout pricing and capital origin. After that, the positive characteristics during MBO of listed companies have been further analyzed and explained by use of economic theories. Finally we conclude that, MBO is not the main choice of implementing the "state capital out and private capital in" strategy, some important conditions are still necessary for companies to implement MBO successfully; the essence of disputes involving MBO reflects different understanding of publicity and government and management on the "justification of distribution" of the reform of state-owned stock assets; EMBO (Employee Management Buyouts) could be a system arrangement of solving the justification and legalization puzzle of property right reform of state-owned companies from the level of enterprise.
【CateGory Index】: F279.21
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