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Study on Pricing of Target Firm in MBO of Our Country

Author: XueTao
Tutor: SongLi
School: Shenyang University of Technology
Course: Accounting
Keywords: Management Buyout (MBO) Firm Value Price
CLC: F271
Type: Master's thesis
Year: 2005
Downloads: 160
Quote: 1
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Abstract


Management Buyout namely MBO is a kind of purchase that mean in order to reform targeted company and get anticipated income administrators or managers of targeted company utilize debt and credit to buy the shares of company and change owner structure, control power structure, asset structures. MBO is popular in American and European countries and has risen in our country. With the quantity of enterprises of implementing MBO increasing constantly, the discussion about MBO and state-run property right reforming is more vehement in theory circle and practice circle. So one of core problem— —the pricing of target enterprise is the focus of preventing loss of state-run assets and perfecting relevant regulations of MBO. The paper studies targeted company’s pricing problem of MBO from theory angle to instruct practice of Chinese MBO and offer reference for perfection of relevant regulations.The paper is divided into 5 parts. In chapter 1 I explained the basic conception of MBO, problem, research’s goal and sense, review relevant literature of evaluating company and MBO pricing, make out research thought, method, means, innovation. In chapter 2 I explain firm value from different angle, introduce various kinds of appraisal methods and different pricing models and compare them to get their applicability. In chapter 3 I analyse effect of MBO to equity structure, structure of corporate governance, investment policy, management performance, dividend policy with experiential analysis method, then analyse the relation of firm value and them and discuss the effect of participators to pricing. Finally I get the pricing influence factor of enterprises of implementing MBO to establish the foundation for evaluating and pricing. In chapter 4 I define the manager of implementing MBO, demonstrate the theory cause that we should consider the history contribution of manager from several angles such as labour value, capital of manpower, economics and analyse correlative actual reasons. Finally I propose the model of computing the history contribution of manager. In chapter 5 first, I appraise the deficiency of taking net assets as the basis and competitive bidding. Second, based on actual conditions of Chinese MBO and above argumentation, I adjust and improve three kinds of main evaluation methods. The adjustment result is: establish equity discounted cash flow model of several stages and solve the problem of confirming parameter, structure fuzzy comparative appraisementmodel, resolve how to comfirm relevant variables of option pricing. Finally, I show the resolvent when participators are divergent in choosing models and parameters and the thought of MBO pricing.

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