This paper discusses course of development history of Changzhou Corduroy Factory{ former name) from brilliancy to near bankruptcy, and finally through change of system reappear prosperity.

• 剖析了常州月夜灯芯绒有限公司(常州灯芯绒厂)辉煌到一蹶不振,后采用租赁方式又遭受再次失败,再到通过转换运行机制,实现扭亏为盈、现辉煌的历程,证明国企存在的“铁饭碗”、大锅饭”、作效率低等“大企业病”只有转换机制才能“治愈”。