中国上市公司管理层收购效应的实证案例研究

A Case Study on Management Buy out of a China's listed Company

西方文献研究认为管理层收购可以提高企业经营收入和现金流量。本文以上市公司粤美的为分析对象,发现在管理层收购后,企业经营利润、经营利润率、现金流量迅速增长,取得了显著超越同行业的增长速度。进一步提出了"自由控制资产假说"。在企业产权不清状况下,管理层控制了优质资产或潜在优质资产而不愿意投入上市公司,而在产权清晰后,管理层将这部分资产投入上市公司,并进行相关产业重组,提高了上市公司财务绩效。

The western literatures believe that the operating income and net cash flow will be improved after management buy-out. Analyzing the case of Yue Meidi, a Chinese listed company, the paper finds that the operating profit, operating profit rate, and operating cash flow increase quickly, and the increase rate exceeds that of the industry. The author comes up with free controlled assets hypothesis. When the property right was opaque, the management controll good-quality assets or potential goodquality assets and let them out of the listed company. When the property right is clear after MBO, these assets are put into the company so as to improve the financial performance of the listed company.