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论文编号：	1692
作者编号：	041912
上传时间：	2010/5/24 15:27:26
中文题目：	基于对上市公司管理层收购过程的财务绩效与分红情况的研究
英文题目：	Listed Company; Management Buy-out; Financial Performance; Divided
指导老师：	于仲鸣
中文关键字：	上市公司；管理层收购；财务绩效；分红
英文关键字：	Listed Company; Management Buy-out; Financial Performance; Divided
中文摘要：	管理层收购 (management buy-out 简称MBO)近几年来成为国企改革话题中的高频度词汇，无论是在理论界还是实践方面都引起广泛的关注。位于产权制度改革的关键时期，管理层收购的到来无疑给中国企业改革带来新的一种尝试。借鉴西方的运作经验，利用其可以降低代理成本，优化企业公司治理结构，激励管理人员的优势，可以为中国企业产权制度改革开辟出一条光明的道路。但是由于中国的历史遗留问题以及目前的管理层收购方面的法律规定不够健全，MBO在中国的应用过程中出现了许多问题。 MBO理论在国外也只有30多年的历史，理论上还不够成熟，在中国就更为年轻，而且中国的环境与国外也不尽相同，实践中也会出现许多异常的情况。所以目前在中国实施MBO资本运作，在理论和实践方面都需要不断的完善。上市公司作为中国企业的领军，应该责无旁贷的成为管理层收购的实践者，对上市公司的管理层收购问题进行研究具有十分重大的理论意义，同时也可以对中国的MBO实践给予指导，具有重大的实践意义。 本文以2000—2004年中国实施MBO的全部上市公司的数据为基础，以中国上市公司管理层收购过程的财务绩效与分红情况为研究对象，依据管理层收购理论以及财务绩效和分红等理论，考察上市公司MBO过程中的财务绩效的状况和变化。通过案例深入分析MBO分红状况，然后在已有文献对上市公司分红理论与实证研究的基础上，分析了关于上市公司MBO的分红理论以及上市公司MBO财务绩效与分红的关系，在此基础上，发现目前中国上市公司MBO尚存在的大量问题，并提出相关的建议。
英文摘要：	Management buy-out has been a hot word in the reform of State-owned enterprises recently, causes wide concern not only in theory but also in practice. Management buy-out brings a new try to the reform of enterprises in china undoubtedly in the critical period of Property rights system reform. Using western Operation Experience for reference, MBO can lower agency cost, optimize corporate governance structure, inspire manager, and open a bright road for the reform of Property rights system in china enterprises. However, MBO had many problems in China's application process because it has questions left over by history as well as the legal about MBO is insufficiently perfect. MBO theory has also only more than 30 years' history in overseas, is insufficiently mature theoretically. At present, therefore implementation of the MBO capital operation needs the unceasing consummation in theory and practice in China. As commanding troops of Chinese enterprises, there is no shirking the responsibility listed company should practice in MBO. The research in listed company's MBO question will have the extremely significant theory significance, at the same time also may give the instruction to China's MBO practice, have the significant practice significance. This thesis Chinese take 43 listed companies' data from 2000 to 2004 as a foundation, and financial performance and Dividend situation in the process of Chinese listed companies' MBO as the research object, according to the theory based on the MBO, financial performance and dividend inspect the condition and change of financial performance in the MBO process. The thesis will also analyze the condition of bonus in MBO through the case. Then analyze the relations between financial performance and dividend theory about listed companies' MBO on the base of theory and positive research literature. In this foundation, lots of problems are found in Chinese listed companies' MBO, this thesis will put forward the correlation proposal.
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