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The Current Situation and Prospect of MBO

Author: QiTong
Tutor: TangJianXin
School: Wuhan University
Course: Accounting
Keywords: Management Buyout (MBO) Modern Enterprise System Enterprise Theory Combination of Two Rights
CLC: F271
Type: Master's thesis
Year: 2005
Downloads: 238
Quote: 0
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Abstract


As a way to be property right reform of state-owned enterprises, MBO (Management Buyout) now is being closely followed. Since SiTong Corporation finished their MBO, which is the first MBO in China, MBO has been developed in practice. Meanwhile the objection to MBO never stops. In this article, we try to start form the viewpoint of New Institutional Economics. Any enterprise that carries out MBO, we think that a different enterprise system is founded. So we can explain that why MBO is developing so rapidly though it is in dispute.MBO is the behavior that the control right of enterprise property right legally transfers to the inside people (managers and employees), which is a kind of control rights incentive. In a way, MBO goes against the modern enterprise system, because its result is combination of ownership rights and control rights. By taking over the corporation, the managers can own the decision control rights, residual control rights and residual claims. So agency costs will decrease. In fact, MBO is rectification of large agency costs.In our state, research on MBO is mainly about operation, positive analysis and performance, etc. In this article, we start from the history of enterprise system home and abroad with a viewpoint of New Institutional Economics, use enterprise theory to analyze that the origin and development of MBO, based on which we discuss the apocalypse to property right reform of state-owned enterprises of MBO and prospect the foreground of MBO.This article includes 4 chapters. The first chapter discusses the focus about MBO in our state and the government’s attitude to MBO, in addition, briefly introduces present research. In the second chapter, it describes at length the origin and development of MBO in US, UK and our state. In the third part, we analyze origin of MBO in our state with a viewpoint of New Institutional Economics. Firstly, we look back the development of modem enterprise system and enterprise system of our state. Then point out appearance of MBO in our state is necessary, adapting to modern enterprise system with the characteristics of separation of ownership rights and control rights. The last chapter, we summarize the whole article and get the result, which is that MBO in our state is a optional path to reform of state-owned enterprises. In the courseof founding modern enterprise system, we can’t rigidly apply joint-stock system, we should make some essential change. We also discuss the apocalypse to property right reform of state-owned enterprises of MBO and prospect the foreground of MBO.

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