中国企业管理层收购的兴起国有企业改革的核心与难点是调整企业产权结构，但由于担心国家失去控制权，害怕国有资产流失而一直停止不前。早期改革的方案是吸引人格化的非国有资本进来，但这种真正意义上的增量投资改革是非常有限的。但是改革的探索一直没有停止过，一种旨在激 The rise of China's management buyout The core and difficult point of state-owned enterprise reform is to adjust the structure of property rights in enterprises. However, it has been stalled due to fears of losing control of the state and fear of the loss of state-owned assets. Early reform programs attracted appealing non-state capitals, but this truly incremental investment reform was very limited. However, the exploration of reform has never ceased, and one aims to stimulate