10384 200115009 UDC
Management Buy-outs MBO MBO MBO 2002 MBO MBO MBO MBO 000527 MBO MBO MBO MBO MBO MBO MBO MBO MBO MBO MBO Q MBO MBO MBO
Abstract Its related empirical study demonstrates a remarkable improvement in company performance since the company carries out MBO. Reports in The Sixteenth National Party Congress have developed new ideas for reform in State-owned enterprises property right, which arose general attention in the latter half of the year 2002. Can it improve an enterprise performance and maximize its value in China as foreign documents conclusion has claimed? The thesis consists of three parts. Part one introduces MBO s development, its theoretical issues and active effects on corporation governance. In addition, it states current issues of MBO in China and concludes differences of MBO between China and foreign countries. The second part is about literature review and contribution of this research, methods to research on practicing MBO s influence on listed companies performance in China is presented too. The third part is the case study of Midea Company's MBO. It analyzes MBO s influence on the company s performance. As a result, it concludes that MBO has not resulted in an expected performance improvement and briefly analyzes the reason which concerns the management board s achieving personal wealth increase by sacrificing medium and small stockholders benefits via internal control and relationship transaction. In the end, the thesis brings forward suggestion on practicing MBO. Key Words: MBO; Corporation Governance; Company Performance
Rit = β 0 + β1r Mt + ε t Rit = β 0 + β1r It + ε t
Table of Contents Table of Contents Preface...1 Chapter 1 Theoretical Issues & Practical Problems on MBO 3 1.1 Development of MBO and It s Solution to Main Problems...3 1.2 Current Situation Issues of MBO in China...8 1.3 Differences of MBO between China and Foreign Countries...18 Chapter 2 Related Study of MBO on Company Performance...22 2.1 Documents Review on Relationship Research between MBO and Company Performances...22 2.2 Contribution of this Research and Implications of Potential Results...24 2.3 Methodology and Research Design...26 Chapter 3 Analysis of Performance Effect of MBO for Midea...30 3.1 Overview...30 3.2 Performance Effect Analysis for Midea s MBO...35 3.3 Conclusion and Inspiration of Performance Analysis...50 Appendix...58 References...60 Postscript...62
MBO 2002 2002 8 MBO MBO 2003 MBO 2003 4 MBO 2003 1200 200 MBO MBO MBO MBO MBO MBO MBO MBO - 1 -
MBO MBO MBO - 2 -
MBO Management Buy outs MBO Leverage But-out LBO MBO 1980 Mike Wright Management Buyouts MBO 1981 3 MBO MBO MBO MBO 60 70 20 60 70-3 -
20 70 20 70 MBO MBO - 4 -
MBO 20 60 70 MBO MBO Corporate Governance 1-5 -
2 3 1 MBO MBO 2 MBO - 6 -
MBO Hart Moore,1990 MBO MBO MBO MBO - 7 -
Steven N.Kaplan 1986 MBO Shack A.Zahra 1995 MBO / / MBO MBO MBO MBO MBO MBO MBO MBO MBO MBO 1997 5 7 1997 5 5 2600 20.08%; 650 5.02%; 260 2.01% Shaker A. Zahra, Corporation Entrepreneurship and Financial Performance: the Case of Management Leveraged Buyouts, Journal of Business Venturing, 1995, 10 th, p225-p247-8 -
MBO 4.30 7871250 6.08% 90% MBO 1999 1998 0.98% MBO MBO 2002 2002 8 MBO 2003 MBO 2003 4 MBO 2003 1200 200 MBO MBO 1997 2002 MBO 23 1-9 -
1 2 3 4 5 6 7 8 9 1997-5-7 20.08% 26,000,000 4.30 2.69 600635 600645 1998-3-2 9.60% 15,000,000 1.00 2.55 1999-7-27 29.36% 68,945,448 4.72 4.94 000040 1998-10-8 0.98% 4,522,255 3.10 600611 1999-11-12 24.74 140,000,000 3.32 3.37 7.25% 35,184,000 2.95 600527 2000-12-20 14.94% 72,430,331 3.00 4.07 2000-6-10 6.32% 36,000,000 3.45 3.76 600776 2000-6-27 36,728,911 2.04 600671 2001-5-21 8.70% 11,900,520 600066 2001-6-20 15.44% 21,103,000 2001-6-28 16.498% 48,900,000 3.28 000055 2001-6-29 3.745% 11,100,000 3.55 6.33 3.58-10 -
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