中国上市公司MBO效应研究——基于公司财务指标变动的分析

Research on Effect of China's Listed Companies MBO Based on the Analysis of Changes in Corporate Financial Targets

通过以2001年末我国实施管理层收购(MBO)的11家上市公司为研究样本,对MBO前后公司获利能力、经营能力、偿债能力、经营发展能力和资本结构等五方面的变化进行了考察。结果发现,在MBO后的两年内,公司的获利能力和经营能力均没有发生明显改变,但公司的经营发展能力显著提高,并且公司普遍加大了对财务杠杆的利用。

This thesis analyzes the tendency of rarely destroying the prdit in capital dealing of a long period, unevenbanded, the trade without currency, currencylize, related trade, non - realated trade, the preparation of reducing value, regulation, the correction of accountant, public finance subsidy, edge, and soon. It draw this conclusion ： it appears five policies on rarely operation of destroying the profit of the company on the market