中文摘要：

管理层收购（MBO）对公司经营绩效的影响在国内外学术界一直都是一个颇具争议的话题。国内研究结果偏负面。早期的实证研究表明我国上市公司MBO短期内没有提升公司经营绩效。近几年的研究在延长样本和观察期后可以观测到目标公司部分财务指标的提升,然而这主要来自公司规模的扩张,真实盈利能力和效率却在下降。我们基于手工收集的70多个案例,通过实证方法来研究MBO与我国上市公司长、短期经营绩效之间的关系,并且分析股权分置改革对这一关系的影响。与过去的研究结论不同,我们的实证结果表明,MBO能够在股权分置改革后的长期内全面提升公司净利润、资产规模等方面的经营绩效,而且公司的绩效提升不仅仅是源自行业增长和规模扩张,ROA和ROE等盈利能力指标也有所改善。

英文摘要：

The impact on firm operating performance of management buy-outs （MBO） is a controversial topic in academics around the world. Early studies on Chinese listed firms showed negative effects, as no operating performance improvement in a short term after MBO. Recent research finds growth evidence in target companies from a longer-term perspective, but the gains are mainly from asset scale expansion rather than from profitability. Using a sample of hand-collected cases, we explore empirically the relationship in an either long or short term between MBO and the operating performance of Chinese listed firms and analyze the role of share structure reform in this relationship. Different from previous studies, our study confirms positive MBO impact on the long term performance of target firms after the 2005 share structure reform, and the gains in performance are found both in asset/ income scale and ROA/ROE profitability.