CAJ | 학술논문

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。
관리층수구（MBO）대공사경영적효적영향재국내외학술계일직도시일개파구쟁의적화제。국내연구결과편부면。조기적실증연구표명아국상시공사MBO단기내몰유제승공사경영적효。근궤년적연구재연장양본화관찰기후가이관측도목표공사부분재무지표적제승,연이저주요래자공사규모적확장,진실영리능력화효솔각재하강。아문기우수공수집적70다개안례,통과실증방법래연구MBO여아국상시공사장、단기경영적효지간적관계,병차분석고권분치개혁대저일관계적영향。여과거적연구결론불동,아문적실증결과표명,MBO능구재고권분치개혁후적장기내전면제승공사정리윤、자산규모등방면적경영적효,이차공사적적효제승불부부시원자행업증장화규모확장,ROA화ROE등영리능력지표야유소개선。
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.