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Research on Problem of MBO in State-owned Enterprise and Counter Measurement

Author: ZhangYi
Tutor: ZhangZuo
School: Southwestern University of Finance and Economics
Course: Business management
Keywords: Management Buy-out(MBO) Pricing State-owned Enterprises Financing
CLC: F271
Type: Master's thesis
Year: 2008
Downloads: 370
Quote: 0
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Abstract


Management Buy-outs appeared in 1970s in Europe. Actually,MBO is one kind of Leveraged Buy—outs. MBO is often used by management layer to obtain some shares of the company. It can change the structure of the enterprises. Many enterprises have practiced MBO recently. The goal of MBO in China enterprises is to play active roles of MBO in such aspects as clearing state-owned enterprise property right, decreasing agency costs and as the same time MBO is a way for state-owned capital secede. During the short time after MBO come into China, it was found many problems, such as unequal pricing, financing difficulty and incompletion of financial information.The first chapter introduces the meaning and the background of MBO to understand the whole face of MBO. And it introduces how the MBO came into being, and what strong point it has. Then is the history of MBO in China. At last I bring some related traditional buy-out theories to you for sustaining my point of view.First, I will tell you some background of the innovation of state-owned enterprises. How to activate the state-owned property and adjust the operation efficiency of the state-owned property is not only related with the prosperity of the capital market in our country, but also related close with the future direction of national economic system reform. And then explain why state-owned capital should quit in some economic field nowadays. I think state-owned capital quitting and property right reforming both are important in the innovation. I consider China should make proper rules to MBO for a better future.The third chapter is to analyses two important problem. The first one is pricing problem. The pricing problem is the core and focus in the process of Chinese state-owned enterprises practice of MBO. The meaning of enterprises value is firstly discussed. This paper argues that it is not reasonable of the present pricing way for the price is decided according to the Net Asset Per-Share. As a result, many State-owned assets are lost and the benefits of minor stockholders are damaged. So this paper advice us to use the Discounted-Cash-Flow to solve the pricing problem. The second question is financing. To solve the financing problem the author gives a new way. It’s about another kind of Leveraged Buy—outs. It’s use the subsidiary company’s money to accomplish MBO. There some other problems in the MBO, but they are not the emphases. So we are not discus them.The last part is an ended part. This chapter gets some conclusions and advices about MBO.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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