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(From China Daily)
Improved profitability is a compelling evidence of the necessity and effectiveness of China's ongoing property right reform of State-owned enterprises (SOEs).
The high-profile moves the Chinese authorities have recently made to strengthen regulation on management buy-outs (MBOs) in State-owned enterprises indicate that it is high time to standardize the course of reform.
There have been a surge of such calls since Larry Lang, a professor with the Chinese University of Hong Kong, sparked domestic debates early this year with a series of articles exposing allegedly flawed MBOs during the restructuring of some State firms.
An MBO refers to the acquisition of all or part of the equity capital of a company by its directors and senior executives.
As an approach to diversify property rights structure, MBOs were adopted in the reform of many SOEs in recent years.