摘要
采用事件分析法从财富变化效应和公司绩效2个方面对中国上市公司管理层收购(MBO)进行了全样本的分析。通过对我国上市公司累计异常收益、每股收益、净资产收益率、净利润等指标的计量分析,发现上市公司实施MBO以后并未提高公司绩效,股东财富效应亦不显著,从而得出上市公司缓行MBO的结论。
This is an empirical analysis on the MBO behavior of the management of listed companies in China with the analytic approach of event analysis. By means of calculating abnormal returns （CAR）, the earning per share （EPS）, return on net assets （ROA） and net profit, we find that MBO of listed companies in China has not improved company＇s performance and that the fortune effects of shareholders are not remarkable, we coulude that it is not proper to have MBO for listed companies now in China.
