The criteria of financial behavior of the management buy-out

在本研究中，我们厘清了管理层收购的财务行为准则。本文的研究内容如下我们从管理的角度对MBO的定义进行了澄清。特别是，我们澄清了MBO具有与日本公司重组和公司价值创造有关的管理财务政策的含义MBO的财务行为准则要求引入资本成本的概念。资金成本的准确计量是非常重要的。我们澄清了我们选择MBO项目是通过应用资本成本MBO和MBI（管理层买入）之间存在一定的关系。因此，管理人员构成了公司的主要组成部分阐明了管理者的形象和MBO的管理理念。5阐明了MBO的现状分析和MBO未来的管理事务。特别是明确了MBO和MBI企业融资的必要性。我们认为风险投资公司的行动指导在MBO政策中是非常重要的。

In this research we clarified the criteria of financial behavior of the management buy-out(MBO). The following is the contents of the research.1 We clarified the definition of MBO by management approach. Especially we clarified that MBO has the implication of managerial financial policy in relation to the restructuring of Japanese Corporation and the value creation of the firm.2 The criteria of financial behavior of MBO request the concept the cost of the capital. The accurate measurement of the cost of capital is very important. We clarified that we selected MBO projects through the application of the cost of capital.3 There is a relation between MBO and MBI (management buy-in).And so, management form the main constituency of that corporation.4 We clarified the image of manager and the management idea of MBO.5 We clarified the present analysis of MBO and the future management affairs of MBO. Especially we clarified the necessities of corporate financing of MBO and MBI. We consider that the action guide of Venture Capital and Investment Corporation is very important in MBO policy.