从"中关村"论我国管理层收购"做亏模式"的控制

“中关村”管理层收购表面上看是因为“亏损’’企业的大股东急于脱手．经营者进行“蛇吞象”式的收购。实际上是一种效仿者众的管理层收购“做亏模式”，为了达到“将企业做亏后再买之”的目的，经营者通常处心积虑，从一开始就采取措施倒逼大股东就范：其危害十分巨大，不仅保护中小投资者将落空，上市公司扭亏增盈无望，而且国有资产保值增值也会成泡影。因此，必须采取措施针对“做亏模式”不同阶段特点予以控制。

Management Buyout of Zhongguancun and Controls of "Loss Model" in China

Management buyout(MBO) of Zhongguancun Co.is apparently an "snaker-devouring-elephant" MBO,which takes place when the largest stock-holder is anxiouse to give up stakes of its difficult enterprise.But it has actually been developed into a typical "loss model" of MBO that managements would make its enterprise in failure.Because Under current supervision circumstance,the more deeply the enterprise falls into failure,the more large its management will exploit sum of money.So many managements of state-owned enterprises have the impulsion of simulating Zhongguancun to buyout their own enterprises step by step,which should be effectively controlled due to their hazards.