Reseach on Financing of State-owned Enterprise Managent-buyouts in China

Management buyout (MBO, Management Buy-Out), refers to the target company's management uses the funds raised to purchase shares or assets of the enterprise, access to corporate ownership and control, and asset structure by reorganizing enterprises, access to An expected return offer. MBO is a 1970s American listed companies in the privatization process, the privatization and leveraged buyouts generated by combining a special offer. After 40 years of continuous development, management buyouts in developed countries have entered standardized. Management buy-outs of this important financial innovation and institutional innovation model, by optimizing the company's governance structure, to prevent agency costs resulting from inefficient management, bringing changes in enterprise management mechanism, and promote social and economic development in developed countries. As a state-owned and state-owned enterprise reform and economic restructuring of the way, management buyouts are widely used in order to achieve our corporate property rights and the state-owned economy to exit the competitive field. Management buyouts in the adjustment of state-owned economic structure, optimize the configuration of state-owned assets, reduce agency costs and accelerate the restructuring of state-owned small and medium enterprises, to mobilize the enthusiasm of enterprise workers and to improve the management level of management, and promote the growth of an entrepreneurial class has an important role in other aspects . However, the immaturity of China's capital market and the lack of financial instruments, together with the restrictions and regulations on the financing channels, restricting the development of China's management buyout. For the management of the individual, owned funds are limited, fund raising is an important part of the management buyout, standardized way of financing legitimate sources of funds largely determine the successful implementation of management buyouts, while but also on the post-acquisition business performance. Thus, in the existing conditions of viable and legitimate way of financing has important practical significance. This article is divided into six parts. The first chapter is an introduction; second chapter analyzes the theoretical basis for management buyouts, elaborated agency cost theory, the theory of property rights theory and financing the content; Chapter III analyzes MBO stakeholder behavior, and pointed out MBO of the main problems; fourth chapter on China's state-owned enterprises through a management buyout financing status, source of repayment after financing analysis, pointing out the influence of MBO financing factors; propose solutions to our chapter MBO financing measures is the introduction of venture capital. The first analysis of China's state-owned enterprises to introduce risk management buyout financing the feasibility of investment, and then pointed out how the introduction of venture capital, and finally invest in management buyouts of risk in the application and describes the role; Chapter VI Case part of the management buyout by analyzing Sina background and process of implementation, management buyouts draw Sina reasons for the success, and proposed the introduction of venture capital business conditions and the norms of management buyout proposal.