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变色龙是一种人们见得不多但熟知的动物,它善于变换皮肤颜色,以适应周围环境,保护自己。在上市公司中也有这样的变色龙。为了达到某种目的,它总能变出自己所需要的颜色来。这其中,ST黄河科（黄河机电股份有限公司,600831）的变色技巧,在1000多家上市公司中恐怕是首屈一指了。按它的经营业绩,依据《公司法》关于连续3年亏损的上市公司就要退市的规定,它几年前就该退市了。可是,由于它善于改变自己的颜色,现在还在享受ST的待遇,离退市还早着呢。ST黄河科是1994年上市的红色国企,地方政府的掌上明珠。正由于当地政府把它看成宝贝疙瘩,于是长期政企不分,插手企业的人事、管理甚至生产经营活动。旧的管理体制及生产经营模式沉渣泛起,公司始终没有摆脱亏损的阴影。头一年才风风光光地上市,第二年就出现大幅亏损,每股亏损0.85元。1996年,更是亏得一塌糊涂,每股巨亏2.10元,1997年中期又陷于亏损,倘若年底不能扭亏,公司将成为沪深两市第一只被暂停上市的股票。在这事关检验地方政府政绩的紧要关头,如
Chameleon is a rare but well-known animal, it is good at changing the color of the skin to adapt to the surrounding environment and protect themselves. There are also such chameleons in public companies. In order to achieve a certain purpose, it can always change the color of their own needs. Among them, ST Yellow River Branch (Yellow River Electromechanical Co., Ltd., 600,831) discoloration skills, I am afraid in more than 1,000 listed companies is second to none. According to its operating performance, according to the “Company Law” on the loss of listed companies for three consecutive years the delisting is required, it should delisting a few years ago. However, because it is good at changing its own color, is still enjoying the treatment of ST, leave the market still early. ST Yellow River Branch is listed on the 1994 red state-owned enterprises, the pearl of the palm of the local government. Due to the local government treating it as a pimple, long-term government and enterprises are neither divided nor involved in the personnel of the enterprise, and the management and even the production and business operations are carried out. The old management system and production and management mode sediment emerged, the company has not been out of the shadow of loss. The first year of the market in a breeze, the second year there have been substantial losses, loss of 0.85 yuan per share. In 1996, it even suffered a mess with a huge loss of 2.10 yuan per share. At the same time, it plunged into losses in mid-1997. If it can not turn around at the end of the year, it will become the first listed company to be suspended in Shanghai and Shenzhen stock markets. In this matter, the crucial juncture of examining the performance of local governments, such as