本文提出了我国上市公司实施MBO后影响公司治理绩效的四个效应假设:(1)金字塔型股权结构下管理层的现金流权和控制权的两权分离效应;(2)上市公司增加现金股利分配效应;(3)管理层的挖壕自守效应;(4)管理层的掘隧输送利益效应。通过对样本公司的实证数据检验,本文肯定了两权分离效应、挖壕自守效应、掘隧输送利益效应的存在,否定了增加现金股利分配效应的存在。 This paper puts forward four hypothesis of hypotheses which affect the performance of corporate governance after MBOs are implemented by listed companies in our country: (1) the separation effect of management rights and cash dividends under the pyramidal ownership structure; (2) the increase of cash dividends by listed companies Distribution effect; (3) Managers’ trenching self-protection effect; (4) Management’s tunneling benefit. Through the test of the empirical data of the sample companies, this paper confirms the existence of the separation effect of the two rights, the natural effect of digging ditches and the benefit of tunneling and transmission, and negates the existence of the effect of increasing cash dividend distribution.