Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Securities Market Herald》 2015-01
Add to Favorite Get Latest Update

A Study of the Operating Performance of Chinese Listed Companies MBO in Long or Short Term

Wang Jianping;Li Ziran;  
The impact on fi rm operating performance of management buy-outs(MBO) is a controversial topic in academics around the world. Early studies on Chinese listed fi rms showed negative effects, as no operating performance improvement in a short term after MBO. Recent research fi nds growth evidence in target companies from a longer-term perspective, but the gains are mainly from asset scale expansion rather than from profi tability. Using a sample of hand-collected cases, we explore empirically the relationship in an either long or short term between MBO and the operating performance of Chinese listed fi rms and analyze the role of share structure reform in this relationship. Different from previous studies, our study confi rms positive MBO impact on the long term performance of target fi rms after the 2005 share structure reform, and the gains in performance are found both in asset/income scale and ROA/ROE profi tability.
【Fund】: 国家自然科学基金资助 项目编号:71003094
【CateGory Index】: F832.51;F272.9
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【Citations】
Chinese Journal Full-text Database 5 Hits
1 BIN Jian-cheng(1.College of International Economy and Trade,Jiangxi University of Finance and Economics,Nanchang 330013,China);A Study on MBO Performance of Listed Companies in China[J];Journal of Chongqing University(Social Science Edition);2006-03
2 YI Zhi(School of Economics, Shanghai University of Finance and Economics,Shanghai 200433,China);An Empirical Study on the MBO of Listed Companies in China[J];The Study of Finance and Economics;2003-05
3 MAO Dao-wei CAI Lei REN Pei-yu (Business School of Sichuan University,Chengdu 610064,China);Positive Analysis of MBO in Chinese Listed Companies (1999-2002)[J];China Industrial Economy;2003-10
4 YANG Xian-yue1, HE Guang-hui2(1. Institute of Industry Economics, Shanghai Academy of Social Sciences, Shanghai 200020, China; 2. School of Economics, Fudan University, Shanghai 200433, China);Varying Structure Effects of Management Buyouts on Financial Performances of Listed Companies in China[J];China Industrial Economy;2007-01
5 HU Jie-wu,ZJANG Qiu-sheng,XIE Ji-gang(China Center for Mergers & Acquisitions Research,Beijing Jiaotong University,Beijing 100044,China);An Empirical Study on Long-Term Wealth Effects of MBOs in Chinese Listed Companies[J];China Soft Science;2008-09
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 GAO Yu-xiang, ZHANG Qiu-sheng, YANG Hang, ZHANG Jin-xin (Center for Chinese M&A Research,Beijing Jiaotong University, Beijing 100044, China);Corporate Governance Effect in China Listed Corporate Control Market: An Empirical Analysis[J];Journal of Beijing Jiaotong University(Social Sciences Edition);2004-02
2 YU Tie-ming,GAO Yu-xiang,ZHANG Jin-xin (Center for Chinese M & A Research, Beijing Jiaotong University, Beijing 100044, China);Relationship between Industry Life Cycle and Merger Type——Inspection of Market Efficiency for Corporate Control in China[J];Journal of Beijing Jiaotong University(Social Sciences Edition);2004-04
3 TANG Wen-xian, Zhu cai- bin ( School of Economics and Management, Beijing University of Technology, Beijing 100022, China );An Empirical Analysis on MBO Performance of Chinese Listed Companies[J];Journal of Beijing Polytechnic University Social Sciences Edition;2004-03
4 JIAO Ling-jia , YANG Qi-feng (Business School,NanJing Normal University, NanJing,JiangSu 210097, China);On Top Management Turnover of Acquired Firms[J];Commercial Research;2002-20
5 YUAN Zhi - yong , JI Sha- ni (College of Business Administration Zhejiang University of Technology, Hangzhou, 310014, China);The Analysis on the Motivation of Management Buyout[J];Commercial Research;2003-02
6 HAN Xue-fei,CHEN Ji-nan(School of Business and Administration,Jiangsu University,Jiangsu,Zhenjiang 212013,China);An Empirical Analysis on the MBO of Listed Companies[J];Commercial Research;2005-06
7 XU Xue-xia~1,QUAN Deng-hua~2(1.School of Economics and Management,Wuhan Institute of Science and Technology,Wuhan,Hubei 430073,China;2.School of Management,Zhongshan University,Wuhan,Hubei 430073,China);Auction:the Machanism Selling State-owned Enterprises[J];Commercial Research;2005-20
8 ZHANG Zhi-bai(Department of Finance and Economics,Zhaoqing University,Guangdong,526061,China);The Application of MBO Game Model to Chinese Listed Companies[J];Commercial Research;2006-17
9 ZHANG Tong,HE Dan(School of Management,Tianjin University,Tianjin 300072,China);The Characteristics of Takeover Targets in China Stock Markets[J];Commercial Research;2006-19
10 CHEN Ying (Accounting Department, Tianjin Institute of Commerce, Tianjin 300134, China);Analysis on the Influential Factors of Company Merging on the Wealth Effect of the Shareholders and Its Revelation[J];Journal of Chongqing Institute of Technology Management;2002-04
China Proceedings of conference Full-text Database 4 Hits
1 Shen Minghao (School of Management, Jinan University, Guangzhou, 510632);Game Analysis for Supervising the Privatization of the State-owned Business[A];[C];2006
2 Guan Yan Zhang Zhong (Business & Management College of Henan university);The Analyzing of Management Bay-out Theory Based on Entrepreneur Choice[A];[C];2006
3 Bai Yunxiaa,b Wu Lianshenga (a: Guanghua School of Management,Peking University;b: School of Business,Shantou University);The Impact of Takeovers and Change of Ultimate Control on Operating Performance of State-owned Enterprises[A];[C];2007
4 WANG Huan & TANG Guliang;Is the Roundabout Way to MBO an Innovation of Approach or Absence of Regulation? An Exploratory Case Study on Shuanghui MBO[A];[C];2011
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 TANG Wen-xian, Zhu cai- bin ( School of Economics and Management, Beijing University of Technology, Beijing 100022, China );An Empirical Analysis on MBO Performance of Chinese Listed Companies[J];Journal of Beijing Polytechnic University Social Sciences Edition;2004-03
2 YI Zhi(School of Economics, Shanghai University of Finance and Economics,Shanghai 200433,China);An Empirical Study on the MBO of Listed Companies in China[J];The Study of Finance and Economics;2003-05
3 MAO Dao-wei CAI Lei REN Pei-yu (Business School of Sichuan University,Chengdu 610064,China);Positive Analysis of MBO in Chinese Listed Companies (1999-2002)[J];China Industrial Economy;2003-10
4 YANG Xian-yue1,HE Guang-hui2(1.Institute of Industry Economics,Shanghai Academy of Social Sciences,Shanghai 200020,China; 2.School of Economics,Fudan University,Shanghai 200433,China);Management Buyout of Zhongguancun and Controls of "Loss Model" in China[J];China Industrial Economy;2006-07
5 by Zhu Hongjun, Chen Jiyun and Yu Liyong;The Multiple Game and the Failure in Control when there is an Interest Conflict between the Central Government and Local Governments and State-owned Enterprises——a Case Study of the Managers' Purchase of Yutong Passenger Cars[J];Management World;2006-04
6 ZHANG Wei-guo, JI Jie, GE Chun-hui (School of Economics and Business Administration, Chongqing University, Chongqing 400030, P.R. China);An Empirical Analysis of the Operating Performance of Management Buyout (MBO) at Listed Companies[J];Journal of Guizhou College of Finance and Economics;2004-06
7 LIU Zhi-jie, YANG Li-feng (China Southwest University of Politics & Law, Chongqing 400031);On MBO and Legal Problems Concerned[J];Journal of Guangxi Administative Cadre Institute of Politics and Law;2003-01
8 Wang Wei, Jin Xiangrong and Wang Miaojun(School of Economics and CRPE, Zhejiang University);Management Buyouts with Distorted Motivation:A New Explanation to SOEs' Performance Deterioration[J];Economic Research Journal;2006-03
9 LI Yao (School of Securities and Futures, Shanghai University of Finance and Economics,Shanghai 200433, China);A Case Study on Management Buy out of a China's listed Company[J];Journal of Shanghai University of Finance and Economics;2004-03
10 Liao Li etc;The Experimental Analysis of Reaction of MBO Incident in the Market[J];Statistical Research;2005-07
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved