【正文】 r MBOs．And there are even some panies on market take the risk to collect purchase funds with illegal methods，the result is the lapse of the national capitals．In recent years，in the process of the national enterprise reform，the speed of national capital lapse is increasing．It’s mainly due to the MBO which is being used widely．The lapses of national capitals in the purchase process of the management level，has bee the main obstacle which restricts the publication of the national enterprises．In 2003，the financing ministry announced the document that the purchase of the management was temporarily paused to be processed．It meal[1s，more MBOs in China are in wealth transference mode．In the two different opinions，we surely believe that the profit gains are due to the efficiency improvement rather than the wealth transference after the corporation took the MBO，this is Our purpose．How to fund and solve those problems，making the MBO in China bee the efficiency model and maximizing the society welfare are the questions we should think of．Starting from improving the enterprise reform III rules and formatting the reform process of the national enterprise and avoiding the national capital lapse are pressing．Now win China the MBO operation is quiet different from that in the US．And the problems are also different．Those determined the profit management of the MBO in china must be different form that in western world．It needs the ten calized the solutions．Based on the ownership theory and the agency theory ,this article carries the basic methods that Can prevent the national enterprise lapse by analyzing the management level’S purchase in China．By analyzing the purchase host，purchase price and the channels from which the capitals were lost，this article figures the main reasons that the capitals lapse．And by the study ,it carry out four main respects，first，improving the MBO law system of the panies on market，second，bringing out the detailed implement rules and careful control on the panies which carl take MBO．Standardizing the price system，the last，strengthening the inspection system．In general，there is only one purpose that we clarify t