While there are so many problems that made trust and investment companies face lots of internal and external risks in real operation such as the immature market , the scarcity of government legislation and supervision , the management risks in the trust and investment companies and so on . all these need be solved by the trust and investment companies under the assistance of government department responsible for legislation and supervision . this article states from the real status of the trust industry , analyses the risk of it and brings forward the solutions from the following four angles : innovating trust production , such as npl trust , state - owned stock trust , leasing trust , mbo trust , esot , etc , perfecting the mechanism of risk control from var model and risk estimation , enhancing the cooperation with other financial institutions like banks , securities institutions , insurance companies and leasing companies , and strengthening the system of government legislation , supervision and self - restriction of trust and investment companies 本文从中国信托业的现状出发，分析信托投资公司存在的问题，尤其是整顿后依然存在的问题，借鉴国外信托业的经验，结合中国信托业的实际情况，从创新信托产品、健全信托投资公司风险控制机制、加强与其他金融机构合作和增强监管机制等角度进行探讨，提出解决问题、加速信托机构健康发展的途径：第一、根据目前我国信托业的规定，结合中国的经济状况，从处置国有不良资产、减持国有股、与金融租赁相结合、管理层收购、职工持股、银行处理信贷资产、房地产、应收债权等领域创新信托产品；第二、引入国际上风险控制模型内控信托机构的风险，并采取信用评级的手段对信托投资公司和信托产品进行评级，从外部控制信托机构的风险；第三、提出信托投资公司应与银行、证券、保险和租赁业相结合，在业务上相互补充，资源上共享，促进信托业的发展；第四、从完善信托立法、加强监管力度、健全信托投资公司个体自律和行业自律等方面完善信托的监管体系。
The thesis on the research how to perfect the share ownership structure of china ' s listed companies discusses the ways to improve and rationalize the share ownership structure from four points . first , it is how to make the intensive degree of share ownership be reasonable . second , it is how to reduce the shares owned by government and state enterprises 本文《上市公司股权结构优化研究》分别从上市公司股权集中度的合理性，减持国有股、优化上市公司产权结构，改善股权流通性结构，上市公司股票期权四个方面，对上市公司股权结构的合理化和优化进行了研究和分析。
Then it puts forward the reduction subject and deeply expounds the necessity and effects of reduction . this article is divided into three sections : section : based upon state - owned stocks " meaning , origin and inherent contradictions , this section expounds the meaning of reduction of state - owned stocks , meanwhile , it elaborates the difference between reduction and cash conversion , reduction and circulation . these set up a basis for analysis of its necessity and effects 本文针对这个问题，从分析国有股的基本含义入手，在介绍了国有股产生的历史渊源和其存在的内部矛盾的基础之上，论述了提出国有股减持的必然性，之后深入阐述了减持国有股的必要性，并进一步探讨了国有股减持的作用及产生作用的原因。
4 ) to perfect the system of independent director in our country , following steps should be accomplished : gradually reducing the stock of state ownership , lowering the its degree of concentration ; rationally dividing the functions and the authorities of independent directors and the board of supervisory directors , improving the effect of supervision ; sele 逐步减持国有股，降低国有股权集中度；合理划分独立董事与监事会的职能、权限，提高监督效果；建立培育和选择独立董事的市场机制；制定和完善能使独立董事发挥作用的法律环境和工作环境。
The paper also argues that the government should protect shareholders " interests by rights offering or stock dividend method , and also suggest that strategic investors should be introduced into the reduction process in order to keep the market stable . in chapter 4 , the paper use an econometric model to estimate the relationship between reduction plan and stock prices . the conclusion is that relationship is not very obvious 第四章主要针对2001年提出的《减持国有股筹资社会保障资金管理暂行办法》实施过程中市场的反应来进行实证分析，采用具体的股价和公司业绩等数据进行计量模型检验，发现股市的下跌与国有股减持不存在明显的因果关系。
For reducing state shares to fulfill society security founds , the specialists in home put forward many measures . for example , large state - owned invest companies pedicipate in reducing state shares , establish state shares holding fotmds , or transfer state shares to bounds , etc . , meanwile the govemment have experienced some experimental project research , such as directional sales and purchase of state shares , sales of state shares by l0 % of the financing , etc . , 为减持国有股充实社会保障基金，国内的专家学者提出过国有大型投资公司参与国有股减持、建立国有股持股基金、股转债等多种国有股减持方案；国家也进行过国有股定向配售、国有股回购、按融资额的10出售国有股等国有股减持方案试点，但最终都不能为投资者所接受。
In fact , if the structural contradiction can not be settled thoroughly , this will affect it ' s further development of china ' s securities market . this article analyses the history of china ' s securities market , explains the reason to set up state share , illustrates it ' s positive effects and negative impact during different decades . by the reason of reorganization of the state economic strategy , perfection of legal person corporate governance and healthy development of china ' s securities market , it is time to release state share 本文从分析中国证券市场的发展历史着手，说明了在初期设立国有股的原因，阐明了国有股在不同历史时期所起的正负两方面的不同作用，以及现阶段国有股的存在对证券市场进一步发展所起的消极影响，并从国有经济的战略调整、完善公司的法人治理结构和促进我国证券市场健康发展等多角度分析了减持国有股的必要性和可能性，得出国有股减持势在必行的结论。
At the same time , other measures should be taken to improve the corporate governance , which include improving the incentive mechanism of listed companies , enlarging the structure of board of directors , enforcing the protection on small shareholders , strengthening the information disclosing system and strengthening the supervision and regulation 从优化股权结构的角度看，减持国有股使上市公司股权结构多元化是其中的核心。除优化股权结构以外，完善上市公司治理的其他措施还包括:进一步完善董事会结构、完善上市公司激励机制、建立完善的信息披露监管体系等。
In fact , if each reducing state - owned investor uses capital to buy shares sold by other state - owned investors , mutually reduce state owned share , the insufficient acceptance capability of capital market will be eased and bring the state - owned enterprises better stock structure , corporate governance and new operation structure of national capital 其实，只要每一个减持国有股的投资主体，用变现资金再购买其他企业拟减持的国有股，即实现交互减持，就可以大为缓解资本市场承接能力不足的问题，并且为国企股权结构、治理结构及国有资本营运带来新的格局。
