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1、AbstractIntwentiethcenturysincethe1970s,MBOhasbecomeanimportantmeansoftheriseofthewesternworldneweconomy.Inearlytwenty-firstcentury,ChinaalsorapidlyimposedtheMBOofseveralstate-ownedenterprises.ManyscholarshavestudiedtheeffectofMBOonthecompany'sfinancialperformance,butthevastmajori
2、tyofstudiesfocusedontheshort-termimpactofMBOandfinancialperformance,andlackedofresearchofthelong-termimpactonfinancialperformance.Buttheresearchonlong-termimpactbetweenMBOandfinancialperformanceisquiteimportantforcompanies’healthydevelopment,Soitismeaningfultostudythispaper.Theinn
3、ovationofthispaperliesinanalysisofChina'slistingCorporationMBOandlong-termeffectonfinancialperformancethroughtheempiricalstudy.BytheCAMAR,thepaperselects15listingCorporationintheyears2003-2004implementationofMBOassamples,basingonthepreviousstudiesandthe10%holdingstocksbythestocker
4、s.WithSPSS17.0statisticalsoftwarefordataprocessingtools,listingCorporationprofitabilityonbehalfofthecompany'sfinancialperformance,threefinancialindexaboutprofitabilityonbehalfofthecompanyfinancialperformance,thispaperadoptstheanalysismethodandcomprehensiveperformancescoresforprinc
5、ipalcomponentmodel,throughthecomparisonoftheimplementationfinancialperformancescorebeforeandafterMBO,todemonstratetheeffectoflong-termimpactonthefinancialperformanceofMBOChineselistingCorporation.Theempiricalresultsshowthat,amongthe15samplefirms,9samplefirms'financialperformanceha
6、sbeenpositiveindex(thecompany'sfinancialperformanceimproves),accountingforthetotalsamples60%;6samplefirmsgetnegativeindex(thatis,thefinancialperformanceoffirmstodecline),accountingfor40%samplefirms;whichshowsthatmorethanhalfofsamplelistingCorporationgettingsignificantimprovementin
7、theperformanceoftheimplementationofMBOtenyearslater.Accordingtothebasicprincipleofstatisticalinference,thispaperobtainsthefinalconclusionforthelong-termimpactoftheimplementation--besidesotherimpactsoffinancialperformance,ChineselistingCorporationforthefinancialperformanceofMBOispo
8、sitive,whichcanenhancethecompany'
