管理层收购、现金流量结构与公司绩效（Management buyout, cash flow structure and corporate performance）.docVIP

管理层收购、现金流量结构与公司绩效（Management buyout, cash flow structure and corporate performance） Management buyout, cash flow structure and corporate performance Abstract: This paper takes 15 A-share listed companies in A in 2002 as the research sample, from cash flow MBO The amount of inflow structure, outflow structure, and inflow and outflow ratio of the three aspects of these firms in the MBO year prior to the latter A total of three years of cash flow structure were compared and analyzed, and the cash flow before and after MBO was found The structure has undergone significant changes, and on this basis, to examine the impact of cash flow structure on Corporate Performance The relationship model between cash flow structure and firm performance is established by multiple regression. Key words: management buyout; cash flow structure; corporate performance Overseas research on the performance of management buyout (MBO) mainly concentrated in 1980s, 90 years Generation. Maupin (1987) through empirical research found that MB0 after the enterprise than the same industry other enterprises have more High sales cash flow and lower sales receivables. Singh (1990) found MBO after the enterprises have higher Operating revenue, corporate performance is higher than the average performance of Companies in the industry which are still released by the public. Kaplan (1989) after studying the profit source of enterprises after MBO, we found that enterprises after MB0 have significant value creation Build capacity and increase shareholder profitability. Houlden (1990) study found that within three years after MB0, according to Corporate performance was significantly improved by capital return and sales profit measurement. Opler (1994) versus 1985? During the 1989, 44 samples of cash flows from enterprises were compared before and after MB0, and MB0 was found An increase of $2 billion 200 million in daily cash flow has provided investors with benefits and improved efficiency. Wright, Wilson, an