中国上市公司管理层收购(MBO)绩效研究

在中国,在MBO相关的法律制度尚不健全、国有资产监管体系尚未完备、股权分置的情况还未解决等客观因素的制约下,MBO是否能优化企业资源配置效率、改善资本结构从而提高企业的经营绩效?为了回答这个问题,必须对中国所发生的MBO事件的经济后果及各种客观条件进行全面深入的实证与理论研究。本文运用统计学的因子分析法,对中国2001-2002年17家实施了MBO的上市公司的经营绩效进行了实证研究。实证分析的结果表明:上市公司的经营业绩在MBO当年和后一年有所上升,但是在MBO后二年,却出现了一定程度的下滑。因此,文章认为,在目前,由于中国MBO运行的市场环境和制度环境尚不成熟和不完善,上市公司MBO还须慎行,应采取切实可行的措施规范上市公司MBO,以使上市公司MBO后的经营绩效能稳步提升。

A Study on MBO Performance of Listed Companies in China

In China,under the restriction of some objective factors such as legal system correlated with MBO is still imperfect,state-run assets supervisory system yet not complete,and the separation of stock right situation also getting unresolved,can MBO optimize enterprise resource distribution efficiency,and improve capital structure to raise management performance of enterprise? To answer this question,we should carry on the overall and deep real example and theoretical research to the economic consequence and various kinds of objective conditions to MBO incidents happen in our country.This paper attempts to look for the real experiment evidence of the listed companies' MBO value of our country through the study of performance of domestic listed companies' MBO,as a result,to offer certain reference value for MBO.