As a result, the thesis educes some conclusions as follow: firstly, contrary to what the theories say, MBO leads to bad effect on the management achievement of the stock companies in China.

• 第二,我国上市公司管理层收购弱化了管理层的约束机制,几乎所有的公司管理层都是以低于净资产的价格购得了股权,而管理层若要卖出股权,其风险显然是小于流通股股东。