An empirical test of the effect of the management buyouts of the listed company in China

作者：Jiang Yapeng

来源：6th Wuhan International Conference on E-Business, 2007-05-26 to 2007-05-27.

• complex score model
• management buyouts
• principal components analysis
• performance

The paper examined the effect of management buyouts (MBO) on the performance of the listed company in China. Through analyzing a sample of 19 management buyouts of the listed companies completed between 2001 and 2002 was analyzed. It founded that, in the 1st year after the buyouts, performance declined. The declining tendency was more apparent after eliminating the influence of industry factor. Considering that the change of stock price is not a rational measure of the effect of firm's MBO in the present stage in China, and single performance indicator can't fully reflect firm's performance, this paper used the principal components analysis method of statistics to analyze four performance indicators, and constructed complex score model to calculate complex scores that could reflect the general performance of firms. This research attempted to test the effects of management buyouts on firm's performance in China by comparing the change of orders with respect to their complex scores before and after the MBO.

• 出版日期2007
• 单位沈阳工业大学