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Chinese Management Buyouts and Board Transformation

机译：中国管理层收购和董事会转型

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摘要

We assess the extent to which Chinese MBOs of listed corporations enable a balance to be achieved between facilitating growth and supporting the interests of minority shareholders other than the buyout organization. Using novel, hand-collected data from 19 MBOs of listed corporations in China, a matched sample of 19 non-MBOs and the population of listed corporations, we examine the extent to which boards of directors are changed to bring in executive and outside directors with the skills to grow as well as restructure a business. We also examine the extent to which outside directors become involved in actions to develop the business rather than actions related to fostering the interests of all shareholders. We find in fact little evidence that outside board members have the skills to add value to the MBO firms. Boards appear to focus mainly on related-party transactions with some more limited attention to growth strategies. Outside directors do not seem to openly disagree with incumbent managers on the disclosure of their actions but may express their views and exert pressure behind the scenes.
机译：我们评估了上市公司的中国MBO在多大程度上能够实现促进增长与支持除收购组织之外的少数股东利益之间的平衡。我们使用了来自中国19家上市公司MBO的手工收集的新颖数据，19个非MBO的匹配样本以及上市公司的人口，我们研究了董事会在多大程度上被引入执行董事和外部董事。发展和重组业务的技能。我们还研究了外部董事在多大程度上参与了发展业务的行动，而不是与促进所有股东利益相关的行动。实际上，我们发现几乎没有证据表明外部董事会成员具有为MBO公司增值的技能。董事会似乎主要关注与关联方的交易，而对增长战略的关注则更为有限。外部董事似乎并未就现任管理者公开披露其行为公开表示不同意，但可能会表达自己的观点并在幕后施加压力。

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  • 来源
    《Journal of Business Ethics》 |2010年第2期|p.361-380|共20页
  • 作者

    Yao Li; Mike Wright; Louise Scholes;

  • 作者单位

    School of Finance,Shanghai University of Finance and Economics,Shanghai, China;

    Centre for Management Bity-Out Research, Nottingham University Business School, University of Nottingham,Nottingham, U.K.;

    Institute for Enterprise and Innovation, University of Nottingham,Nottingham, U.K;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    management buyouts; china; board; governance; listed companies;

    机译：管理层收购;中国;板;治理;上市公司;

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