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华中科技大学硕士学位论文MBO与管理层效率的实证研究姓名：杨鹏申请学位级别：硕士专业：工商管理指导教师：夏新平20041028IIIIIAbstractTheeconomyofmarketalizationinChinaisrapidlyandswiftlydeveloping,thedemandforreformontheownershipisveryurgent.ManagementBuyouts(hereinafterasMBO),amainmethodtochangetheownershipofcompany,hasbeenwidelytakenbymoreandmoreChinesecorporations.TheessayanalysesthemotivationandbehavourofMBOinthecurrentChineseeconomicbackgroundandplacethetargetondisclosingtherelationshipbetweenMBOandEfficiencyofAdministration.TheessayalsopointsoutsomerepresentativeproblemsunderlyinginMBOoperationsandtriestoguidetheorientationanddevelopmentofMBOinChina.Practice-Joint-Theoryisthestudymeasureofthisessaywhileempiricalstudyisthetechnique.TheessayconstruestheexistingsurroundingsanddevelopingimpetusofMBOafterintroducingitshistoryofthedevelopment.ThisessayalsoconsistsofPricingandFinancing,twokeyfactorsofMBO.Asamatteroffact,MBOoperationinChinaleadstomanykindsofeconomicissueswhileithaswonhealthyandorderlydevelopmentinthewesterncountries.ThatiswhytheessayatthesametimeforwarditsdoubtsontheChinesecompaniesabouttheirmotiverationality,pricingequityandfinancefeasibilitywhenexercisingMBO.Themosteffectivewaytoremovethedoubtsistomakeempiricalstudythroughwhichthedataandfactsay.Theessaysamplesdatafromsomejoint-stockChinesecompaniesandchoosesthesizeandfortuneasguideline.AftertransversecontrastingthecompanieswhichappliedMBOandthosedidnotapplyMBOintheindustriesoftextilemanufacturing,plasticmanufacturingandelectronicappliancemanufacturing,theessaycometothefinalconclusionthatinChinesecorporation,MBOandtheirAdministrationEfficiencyisnotinterrelated,evenanti-relatedunderthecurrentChineseeconomicbackground.Keywords:MBOManagementEfficiencyofAdministrationEmpiricalStudyI111.1302341.2MBO5671.381.41.4.11.4.29102MBO2.1MBO2.1.1MBO()))((1()111tttttttttwfSSTpgSCF+---+=--11nnstnttsskKgTXkgbTXV)1(/)1)(1()1()1()1)(1(10100++-+++--=+=∑12)(FMFiRRRR-×+=b2.1.2MBO132.2MBO2.2.1MBO142.2.2MBO151617183MBO3.1MBO19203.2MBO21223.3MBO233.4MBO24254MBO4.14.2262728294.33031324.433343536[1].200223111-15[2]1997126-129[3]MBO2001(11)26-29[4][5].2004(01)80-82[6]MBO2003(6)70-75[7]1999-2002MBO—EMBO2003(10)74-81[8]2003(12)3-10[9]2004(8)150-151[10]-2004(7)41-45[11]CAPM200227(2)194-197[12]ESOPMBO2002(9)25-28[13]MBO:2003(3)9-11[14]MBO1999(4)27-29[15](MBO)2001(2)31-33[16]MBO.2000(10)2-5[17]—2003(2)69-7337[18]ESOP:2000(4)9-11[19]MBO2002(9)19-20[20]2002(1)28-30[21]200232(1)29-33[22].2002(6)78-85[23]MBO:2004(6)26-27[24].2000152-178[25]MBO2003(1)22-24[26]1999(11)56-58[27]1999(2)36-38[28]MBO2003(3)11-13[29].()20017(1)7—10[30]MBO2000(3)16-18[31]2002(2)19-22[32]2003(3)26-33[33]2003(11)36-41[34]2004(1)29-31[35]Myers,S.C.,andN.J.Majlnf,Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave,JournalofFinancial38Economies1984.13(7):187-221[36]VanHome,J.C.,andJ.M.Wachowiez,FundamentalsofFinancialManagement,NewYork:Prentice-HailInc.,1998[37]Willamson,Oliver,Corporatefinanceandcorporategovernance,JournalofFinance1988(43):567-591[38]SCThompson,BusinessPlanningforMergesandAcquisitions,Durham:CarolinaAcademicPress,2001,717-719[39]GaryWEmery,CorporateFinance,Massachusetts:AddisonWesleyLongman,1998,830-831[40]DHChew,TheNewCorporateFinance,Boston:IrwinMcGraw-HillCo,1999,693[41]RABooth,ManagementBuyouts,ShareholderWelfare,andtheL....NewYorkUniversityLawReview,1985(10):630-665[42]BrianJTerry,TheInternationalHandbookofCorporateFinance,Chicago:GlenlakePublishingCompany,1997,128-132[43]FHEasterbrook,DRFischel,TheEconomicStructureofCorporatelaw,Cambridge:HarvardUniversityPress,1991,134-139[44]ESOPs2001(7)19-22[45]DAOesterle,JRNorberg,CreatingorAppropriatingShareholderWealth?,VanderbiltLawReview,1988(3):207-259[46]LouisLowenstein,ManagementBuyouts,ColumbiaLawReview,198585(5):730-784[47]LEMitchell,LACunningham,LDSolomon.CorporateFinanceandGovernance,Durham:CarolinaAcademicPress,1996,1066-1071[48]2002(10)30-32[49]Black,F.andM.scholes.ThePricingofOptionsandCorporateLiabilities.JournalofpoliticalEconomy,1973(5)25-31[50]Fama,EugeneF.,andJamesMacBeth,Risk,return,andequilibrium:empiricaltests.39JournalofPoliticalEconomy,1973(81):607-636[51]HarryDeAngelo,LindaDeAngelo,ManagementBuyoutsofPubliclyTradedCorporations,FinancialAnalystsJournal,1987(5):38-40[52]CarlFerenbach,TheIPOMarketWelcomeforLBOsinTransition,Mergers&Acquisitions,1987(11):59[53]BrianMSchulman,ShareholdersVotingandAppraisalRightsinCorpo....BusinessLawyer,198338(8):1529-1535[54]Myers,S.C.,andN.J.Majluf.Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave.JournalofFinancialEconomics,198413(6):187-221[55]Willamson,Oliver.Corporatefinanceandcorporategovernance.JournalofFinance,1988(43):567-591401[1]2002(10)78-80MBO与管理层效率的实证研究作者：杨鹏学位授予单位：华中科技大学相似文献(2条)1.学位论文万建军国有上市企业股权结构、管理层效率和企业价值分析2004本文对国内关于股权结构是否影响企业价值这一问题进行了研究分析，发现近年国内的实证研究并不能证明股权结构对企业价值有显著影响，而这里的股权结构主要指产权意义上的股权结构。为此，本文着重研究了非产权意义上股权结构对于企业价值的影响，发现非产权意义上的股权结构虽然不能直接作用于企业价值，但是可以通过影响管理层行为而最终影响企业价值。本文选取了上证180指数2002年的数据进行实证检验，证明了这一传导机制的存在性