“再没有法律规定，到国有企业改革完的时候，国有资产也就所剩无几了。”一些社会人士对国有企业改革忧心忡忡。
　　事实是，有时候一个账面资产上千万元的企业，由于缺乏相关的规定和约束，有可能会被以极低的价格处理掉，从而导致国有资产在一种隐蔽的状态下慢慢流失。
　　2003年11月，国务院办公厅转发了国资委《关于规范国有企业改制工作的意见》。这个《意见》对国有企业改制的全过程进行了规范，对批准制度、清产核资、财务审计、资产评估、交易管理、定价管理、转让价款管理、依法保护债权人利益、维护职工合法权益、管理层收购10个主要环节和方面，提出了明确的政策要求。同年12月，国务院国有资产监督管理委员会、财政部公布了《企业国有产权转让管理暂行办法 》，对企业国有产权转让行为的决策、批准及交易的操作程序等进行了规范，并明确了相关各方的法律责任。办法自2004年2月1日起施行。
　　《意见》和《办法》的出台，旨在规范国有企业改制和国有产权转让行为，加强企业改制和国有产权交易的监督管理，促进企业国有资产的合理流动、国有经济布局和结构的战略性调整，防止企业国有资产流失。这为正处在热潮中的国有企业改革提供了一个行为准则。
　　
　　规范管理层收购
　　
　　2003年上半年，山东省对省内的上市公司作了一个国有股权退出的摸底调查，在国有股退出的诸多方式中，上市公司几乎众口一词选择管理层和员工持股。
　　2001年山东省国有资产高达1700多亿元，如此巨大数额的国有资本仅仅依靠外资或民间资本来消化显然不现实。在这种情况下，依靠原企业职工和经营层来解决国有资本的退出则是一种更为现实的选择。
　　据了解，齐鲁制药厂在改制之前就明确提出，职工入股买断企业是投资，职工有收益权，同时也有承担风险的义务。齐鲁制药厂是全国行业50强，盈利前景看好，结果是不但干部职工踊跃出资、使改制顺利进行，而且通过改制，职工们从自己的切身利益出发，工作积极性得到了进一步的提高，企业发展加速。
　　对效益好的企业，管理层持股的积极性很高。但是这些企业国有股比重大，管理层持股，动辄就需几百万、上千万元的资金，钱从何来？因为管理层手中没有大笔可以用来收购的资金，这样必然要融资;而融资需要抵押，许多人就想到用所持股权进行抵押从银行贷款，甚至用改制企业的财产抵押贷款，还有的向本企业或者其他国有及国有控股企业借款。这样一来，用改制企业的资产进行融资，用分红来偿还债务，管理层根本没有从自己口袋里往外拿钱，并不承担任何风险。一些企业的管理层将改制后所取得的股权质押给金融机构，以此贷来款项支付收购资金。
　　所以，管理层能否有合法来源的收购资金，这成为MBO能否成功的关键。这就要求管理层收购市场化，改制企业在产权交易所挂牌交易，可以有效地避免“暗箱操作”，使各类投资者都能在平等的环境中公平竞争，谁出价高卖给谁，不仅有利于实现国有资产的最大价值，而且国有资产管理部门和交易所从审计、评估阶段就介入管理层收购，能对企业的家底做到心中有数，避免管理层利用企业资金收购企业、故意低估贱卖和自卖自买国有资产的情况出现。
　　
　　国有产权市场交易
　　
　　国企改制的焦点，在于资产问题。需要改制的企业到底有多少国有资产？到底谁说了算？这是保护国有资产的首要前提。而在产权转让的过程中，国有资产能否得到合理、准确的评估，能否做到进场交易，是关系国有资产会不会流失的两个关键环节。
　　在以往的改制中，企业的资产往往由企业出钱来评估，企业管理层为了自己的利益，必然想方设法压低国有资产的评估价格，这样审计和评估的结果很难完全保持公正、客观，往往偏向于支付费用者。
　　山东振鲁会计师事务所副所长王爱军认为，在改制企业的评估中，除了固定资产外，企业的无形资产也必须纳入评估范围。中国目前采用重置成本评估法，来确定企业资产的价值。这种方法的着眼点在于资产的购置成本，没有考虑到其盈利能力。资产评估要验证企业是否存在没有入账的无形资产，其中包括企业的老字号、销售网络、知名商标、商誉等。另外，企业可能一年盈利，也可能亏损，净资产并不能完全反映企业的资产状况，这些在资产评估时都要计算在内。
　　为了有效防止国有资产的流失，山东省制定了严格的国企改制程序，推介了60多家符合条件的中介机构，参加省属国有企业改革的中介服务。省属国有企业经过专业中介机构的审计和评估，审计和评估结果经有关部门核准之后，国有产权指定在两家产权交易市场挂牌交易。为保证审计、评估结果的客观公正，山东建立了相关制度，通过招投标方式选择对改制的省属国有企业进行审计评估的中介机构，并对中介机构作出严格的纪律约束。这样可以有效地防止中介机构与企业勾结低评低估、隐匿转移、侵占国有资产的行为，杜绝企业的自卖自买现象。2003年8月30日，齐鲁制药厂经过中介机构的审计评估后，在山东鲁信产权交易中心进行了产权的交替，成功实现了改制。
　　但是，由于观念等方面的原因，许多企业不愿意进市场交易。山东鲁财产权交易中心常务副总裁韩四平表示，国内外投资者对山东省国有企业产权都很感兴趣，但由于企业对产权交易中心的认识还不充分，不愿意进场交易，一定程度上减缓了国企改革进程。
　　国务院国资委主任李荣融近日指出，国有经济布局和结构的调整必然涉及拍卖、收购、兼并、投资参股、债权转股权等多种形式的产权交易和流转，都需要一个信息公开、操作规范的产权交易平台。山东省的产权交易市场随着国有企业改革步伐的加快，出现了蓬勃发展的景象。
　　
　　监管国有资产
　　
　　在规范国有企业改制的同时，山东加大了对企业国有资产的监督力度。4月初，山东省政府首次向９大国有企业集团派出的12名专职监事陆续进驻企业，其职责是对企业的国有资产实行监督。
　　据了解，首批被监督的９家企业，截至去年底，其总资产、净资产均占到了省管企业的50％左右。对如此巨大的国有资产实行有效的监管，在最大程度上防止国有资产的浪费和流失，专职监事所发挥的积极作用可想而知。
　　专职监事可随时查看企业的生产、库存以及新旧投资和进展情况，查看审计企业的财务报表等。
　　由专职监事组成的监事会，可以在不征求企业意见的情况下，通过日常监督报告和专项报告的形式，直接向省政府上报监管企业存在的问题。
　　据了解，待山东省国资委成立后，专职监事的队伍将会扩大，随之的监督和激励措施也将陆续出台。
　　
　　At the end of 2003, the State-Owned Assets Supervision and Management Committee of the State Council of China and the Ministry of Finance promulgated The Provisional Managing Measures Concerning Transference of Properties of State-Owned Enterprises, which clearly regulated operation procedures concerning decision-making, approvals and all dealings concerning the transference of properties of the state-owned enterprises (SOEs). The Measures were carried into execution from February 1, 2004.
　　The promulgation of the Measures aims to standardize the transference of properties of the SOEs, strengthen the supervision and management of the dealings concerning of state-owned properties, promote the reasonable circulation of state-owned assets and the strategic adjustment of state-owned economic structure, and prevent the loss of state-owned assets.
　　In the first half of 2003, Shandong Province made an investigation among the listed companies within its administration scope concerning retreating of the state-owned shares from the listed companies, which revealed that, among many alternatives, Management Buy Out (MBO) was the primary choice for almost all the companies.
　　Investigation revealed that before reforms concerning transference of state-owned properties were implemented in Qilu Pharmaceuticals Factory, it was already clear that the staff members would buy out the company shares as their personal investment. In this way, they will benefit from their investment while bearing the venture risk incurred in the operation. Qilu Pharmaceuticals Factory is one of the 50 most powerful enterprises in the pharmaceuticals production trade in China. With good payoff prospects, all the managers and employees in the factory enthusiastically bought the shares, which smoothly promoting the reform. In addition, the working enthusiasm of all staff members was greatly enhanced.
　　Whether the managerial staff has adequate funds to afford the MBO is the key for the transference of state-owned assets. Therefore, in order to effectively prevent any under-the-counter dealings, MBO should be carried out in a fair marketing environment. The enterprise involved in the transference should be listed in the properties transference market for public sales and should be sold to those who bid the highest price. In this way, all the investors can compete in a fair environment, turning over the highest value for the state-owned assets. Moreover, the departments concerning state-owned assets management and the securities market can participate in the MBO dealings from the period of audit and appraisals with a view towards making a fair evaluation of the value of the state-owned assets while also preventing the managerial staff in the enterprise from paying for the buy out with funds from the enterprise.
　　With a mind to effectively prevent the losses of state-owned properties, Shandong Province has formulated strict procedures concerning reforms of SOEs. Only after being audited and appraised by professional agency departments, can the SOEs directly run by the province be listed on two properties dealings markets for sales. In this way, more than 60 qualified agency departments have been chosen to engage in the audit and appraisals of SOEs directly run by the province. On August 30, 2003, after being appraised by a professional agency department, the properties ownership of Qilu Pharmaceuticals Factory was successfully transferred in Shandong Luxin Center for Properties Dealings.
　　Han Siping, executive general manager of Shandong Lucai Center for Properties Dealings, is quoted as saying that many foreign and domestic investors are very interested in the properties dealing of SOEs in Shandong Province. However, their lack of understanding of the properties dealings center prevents them from participating in the dealings, which, somehow, is slowing down the reforms of SOEs in Shandong.
　　While standardizing the reforms concerning properties transference of SOEs, Shandong has also strengthened its supervision of state-owned assets. In early April this year, for the first time, the provincial government sent 12 professional supervisors to nine large state-owned enterprise groups to supervise state-owned assets. The supervisory committee is composed of professional supervisors and can directly report to the provincial government about problems in the enterprise by means of supervisory or professional reports without first seeking either advice or approval from the enterprises.