上市公司MBO前后创业行为与绩效关系研究  

An Empirical Research on Entrepreneurship and Performance of the Listed Companies before and after MBO

作　　者：黄荣冬[1] 朱义[2] 刘锦红[2] 

机构地区：[1]四川大学金融研究所 [2]四川大学工商管理学院

出　　处：《财经科学》2007年第12期84-90,共7页Finance & Economics

摘　　要：本文基于年报数据研究MBO对公司创业行为和经营绩效的影响以及二者之间的内在关系。结果发现:MBO后公司所有者对公司的控制明显加强,而创业活动没有显著的变化;MBO导致我国上市公司盈利能力显著下降,MBO价值创造理论与现实表现不符,管理层投机因素较大;公司研发和创新能力与盈利能力显著正相关,而以公司重大诉讼事项和担保事项所体现的经营风险会显著影响公司资产的运用效率。By ＂analyzing the difference of the entrepreneurship activities and performance of the listed companies in China before and after MBO on the basis of annual reports dada, this paper researches MBO＇ effects on entrepreneurslup and performance and their relationship. The conclusions are as followed. First, the owners＇ ability of controlling the companies are improved after MBO. And other entrepreneurship activities have no significant change. Second, MBO cause the profitability of the listed companies to decrease significantly. The acts of the listed companies after MBO are not consistent with the theory of MBOs＇ value creation. There are some factors of speculation for managers to carry out MBOs, Finally, the relationship between the improvement of the ability of R＆D and innovation and the ability to make profits is significantly positive. And as the increase of great lawsuits and guarantees, the contingent liabilities will increase. It will increase the management risk and cause the lower efficiency of total assets.

关 键 词：上市公司 管理层收购 企业创业行为 公司绩效 

分 类 号：F832.51[经济管理—金融学] F272