This paper analyzes the stock price reactions to management buyout (MBO) in China with some case studies.

本文采用标准事件研究法来考察管理层收购（MBO）在中国证券市场的股价反应。

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Management buyout (MBO) is an effective method of optimizing corporate governance, reducing agency cost, making best use of enterprisers' talents and improving finance performance.

管理层收购(MBO)是优化公司治理结构、降低代理成本、充分发挥企业家才能，从而提高公司财务绩效的有效途径。

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MBO (management buyout), born and mostly applied to reduce the agency cost of enterprises in the West, is has an outstanding performance in matters of improving the efficiency of companies' operation.

产生并大量适用于英美等西方国家的管理层收购在减少企业代理成本和提高公司运营效率方面成绩卓著；

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