我国上市公司MBO前后绩效变化实证研究

以1997—2004年间16家MBO上市公司为研究样本，选取16个综合反映企业绩效的财务指标，利用各公司在MBO前3年至后3年（t-3年至t＋3年）共计7年的财务数据，对我国上市公司MBO前后短期绩效和长期绩效的变化进行了实证研究，以期为我国MB0相关政策的制定提供必要的实证基础。实证结果表明：虽然MBO曾在短期内对我国上市公司绩效起到一定的积极作用，但从长期来看，MBO后上市公司的盈利能力、偿债能力、营运能力、成长能力均出现不同程度的降低，甚至出现一定程度的恶化。由此可见，MBO对我国上市公司的绩效能否起到促进作用仍然值得商榷。

Empirical Study on MBO Performance of Listed Companies in China

In order to provide necessary evidences for the MBO policy setting in China, adopting 16 financial indexes and based on the financial data in the time interval from t-3 to t ＋ 3, this dissertation analyzed empirically the short-term performance and long-term performance changes of the listed companies in China which carried out MBO from 1997 - 2004. The result showed that the MBO performance improved only in a short run, while the long-term MBO performance, such as the profitability, solvency, operating capacity and growth ability, all become worse to a certain extent. Therefore, it is questionable that MBO has a positive effect on the performance of the listed companies in China.