中国企业西式MBO的管理层行为与市场反应——基于S公司的案例研究

Management Behavior and Market Reaction During MBO of Western Operating Modes in China:A Case of S Company

在选取了中国第一家按照西方模式进行MBO的公司——S公司网络技术股份有限公司,从盈余管理的角度,结合该公司的财务表现与战略发展,研究了其MBO事件前后管理层的行为与市场反应的关系。有证据显示S公司MBO事件使管理层有进行盈余管理的动机,管理层借助营业外收入、特殊投资事项等方式进行操作,影响市场对公司的判断,且该公司的财务表现很符合管理层收购后股价先升后降再升的利益需求。这些结论将对国内以后涉及MBO的投资者、公司管理层以及市场监管者提供一定的帮助。

The paper chooses the first corporation adopting MBO of Western Operating Modes in China - Sina Corporation, fixan the view of earnings management, and considering its financial performance and development strategy,we study the relationship between management behavior and market reaction both before and after the event. Evidents indicate that in the case of sina, MBO is a motive of surplus management, and it is possible for the management to affect the judgement of the market using non - operating income, special investment, and some other items, and we also find that the financial performance of the corporation corresponds to the benefit of the management, because the stock price risod at first, then dropped, and finally went up again. The conclusions of the paper give advice to people who are involved in MBO, such as investors, the management, and regulators.