The last part mainly discusses how to optimize the equity ownership structure to meet the target of improving corporate governance . it stresses that state - owned share must be cut down to lower the proportion of non - circulating share and to make listed companies vivid , starting with reforming the property system 强调在优化股权结构的路径选择上，突破以往决策层长期采用的优化设计国有股持股主体的方式，而大胆地从产权制度上入手，减持国有股，使非流通股的比例大大降低，真正提高上市公司的活力。
Therefore , the author presents a major , workab1e scheme to so1ve the prob1em basing on domestic and foreign experience of reducing state - - ho1ding shares , that is , so1ving the state - - ho1ding shares prob1em outside domestic stock market to optimize the distribution of market resources , and then so1ving the non - - tradab1e - - share prob1em in accordance with the improvement of the achievements made by the corporations and the further deve1opment of the stock mai ' ket 因此，本文在汲取中外国有股减持经验的基础上，提出了相对可行的方案，即以协议转让方式在证券市场外减持国有股，再以非流通股股东向流通股股东补偿现金以换取流通权的方式解决非流通股问题。
Bases on the experience of releasing state share and perfectly research on theory , the author advances some feasible ways of releasing state share , from rules and regulations to the framework of administration . not only summarizes the used ways , but also lies some specific plans . all the ways bases on the country , the market and the investors 在对国有股减持实践经验和理论探讨进行充分研究的基础上，就如何减持国有股从政策制定，到管理机构的组织架构，到具体减持方式提出了多种可行的办法，其中既有对老办法的经验总结，又有新办法的可操作方案。
To perfect the capital structure of the listed companies , we put forward some countermeasures from the perspective of policy design : ( 1 ) performing state - owned share reduction plan ; ( 2 ) strengthen the construction of bond market ; ( 3 ) improving the corporate governance mechanism to avoid insider control ; ( 4 ) reforming the system of appraising corporate performance and perfecting the supervising mechanism of capital market 为此，本文提出了治理股权融资偏好的政策建议，包括：减持国有股，调整上市公司股权结构；加强债券市场建设，拓宽债权融资渠道；改善公司的治理结构，防止内部人控制；改革考核体系，完善资本市场监督机制。
Firstly , ownership concentration should be kept properly in chinese listed companies and the shareholding percentage of large shareholders should be declined to achieve ownership control . secondly , decrease the percentage of state - owned shares by means of selling them to artificial persons . problem of the absence of the available state - owned shareholders should be solved as soon as possible 根据以上结论，本文提出四点建议： ( 1 )保持一定程度的股权集中，同时通过降低第一大股东持股比例形成股权制衡； ( 2 )以法人股东受让的方式减持国有股，解决国有股有效持股主体缺位的问题； ( 3 )提高流通股比例与大力发展机构投资者相结合，引导机构投资者参与公司治理； ( 4 )进行经营者持股的制度创新，充分发挥其激励作用。
However , there are still some disputes on reduction of state - owned stocks . in my opinion , the essential reason is that the circle has not formed a unified recognition on the necessities we reduce state - owned stocks . in order to solve this problem , this article introduces state - owned stocks " origin and inherent contradictions based upon the analysis of its fundamental meaning 但目前，关于国有股减持仍存在许多争议，我认为，存在意见分歧的根本原因是对为什么要减持国有股的理念尚未形成统一认识，大家仍未能认识到国有股减持的必要性，没有意识到国有股减持对我国经济发展的作用。
