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In Our Country,How Can the Laws Concerned Supervise MBO Well

ZHANG Fan  
Emerging from the reform of state-owned enterprises in China,the Management Buy-Out(MBO),as a form of restructured assets,has provided a solution to many long-standing issues such as the absent ownership, high acting cost and low management efficiency,etc.However,some MBO issues are not stipulated by current Chinese laws and policies,which results in a couple of barriers regarding the qualification of buyers,buy-out pricing,financing channels,supervision over repaying abilities,and the protection of minority shareholders and other relevant parties.In order to solve the mentioned problems,better guide and regulate the MBO with the purpose of well performing its economic effectiveness,it is advisable to design a MBO legal mechanism in China in terms of extending the financing channels,well performing the supervisory duties of the Bank,reflecting the intermediary role of trust institutions,optimizing the structure of corporate governance,and defining the Management responsibilities.
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