摘要
MBO后公司管理层可能利用各种方式侵犯外部流通股东利益是许多人反对我国上市公司实施MBO的原因之一。文章对我国上市公司 MBO公告的股价效应和流通股东的长期收益特点进行了较为全面的统计分析,发现 MBO公司流通股东虽然没有遭受财富损失,但也没有获得超过市场平均水平的高额回报。总体看来,我国上市公司MBO对流通股东财富的影响并不显著。
The management may take advantage of every means to misappropriate outside stockholder’s wealth after MBO, one of the main problems about which many people are concerned.Through fully analysis of the stocks’price effect of MBO announcement and the stockholders’ long term income characteristics of listed companies,the paper finds that although outside stockholders suffer no losses from MBO,they obtain no high return that exceeds the market level at the same time.In sum,the effects of MBO on the wealth of outside stockholders are not remarkable.
出处
《上海立信会计学院学报》
2005年第1期29-34,共6页
Journal of Shanghai Lixin University of Commerce
