MBO to whom the dream.doc

 PAGE \* MERGEFORMAT 4 MBO to whom the dream The 20th century, the 90s one day, the Beijing Haidian Theater, Stone Group, employees of the General Assembly to convene, the chairman Duan Yongji on stage saying: ‘We want to establish a sense of working for shareholders’. Banners audience of workers, ‘we do not wage-earners! ‘At that time, as China’s most prestigious private high-tech enterprise, Stone Group, which has been plunged into turmoil continued. The question is: Who is the owner of Stone? Toss back and forth for several years, the Stone Group, until 1999, and finally adopted MBO model to solve the issue of property rights, more than 600 four-way people really become a four-way master. Stone Group’s MBO restructuring struck a chord with many people, MBO underwater quietly began the wave of surging, in 2001, listed companies, Guangdong Midea and deep side of a piece of paper big announcement, declaring its MBO program surfaced. Management became the majority shareholder of listed companies! MBO has given countless companies who can resist! In China, MBO exactly to whom a dream? The first class enterprise, by clarifying property rights, to solve the problem the owner return. There are many Chinese companies such as Stone, they may wear the state-owned enterprises, collective enterprises or limited liability company hat, but have very similar characteristics: an enterprise from the beginning of the creation of a property is not clear enough. 2, the entrepreneur or executive level of human capital is essential for the development of enterprises, but they share in the enterprise is very little or no stake. Now through MBO to clarify the ownership structure of enterprises is a corporate contribution to a compensation for the entrepreneur, but also a return to their owner’s identity. Stone, the United States and parties are mostly of such enterprises. The second types of businesses in need of restructuring in terms of state-owned enterprises, MBO is to