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近年来,管理层收购(ManagementBuy-outs,MBO)作为企业并购重组的一种方式,越来越受到国内学者的关注。本文拟从中国MBO实施现状出发,选取目前已经发生MBO的21家上市公司的相关指标数据,运用会计研究法从实证的角度来研究企业在MBO前后的绩效变化,分析MBO是否真正使企业利润提高、激励机制得到改善。并结合实证研究的结果,以新制度经济学为理论基础,探讨我国目前在MBO实施的过程中存在的问题,从而提出MBO运作上有待改进的方面和相关的建议。
In recent years, as a way of M & A and reorganization, MBO (Management Buy-Out) has drawn more and more attention from domestic scholars. Based on the status quo of MBO in China, this paper chooses the relevant index data of 21 listed companies that have taken place in MBO at present, and uses the accounting research method to study the performance change of MBO companies before and after the MBO from the empirical point of view, and analyzes whether MBO really improves the profit of the enterprise Incentives have been improved. Based on the results of empirical research and the new institutional economics, this paper explores the existing problems in the implementation of MBO in China, and puts forward the aspects to be improved in MBO operation and the related suggestions.