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文章认为， 将国有企业改革为上市公司并不能彻底解决企业的转制问题。目前我国证券市场只为企业解决了资金问题， 在国家股占绝对控股地位且非流通股占总股本７０ ％ 还多的情况下， 不可能对企业治理结构产生根本的影响。解决国企转制问题的关键还在于彻底判断企业与政府的联系， 把企业真正推向市场。为此， 政府应该从企业中摆脱出来， 国有资产控股地位不应该在所有国企上市中都存在。除极少数关系国计民生的重大产业外， 国有资产应该从一般竞争性产业中退出。而且， 国有资产的退出必须通过国有股的上市流通来实现。因为流通所代表的市场监管机制能有效地行使所有者对经营者的监督与控制， 对上市公司治理结构将产生实质性的影响。为此，应构筑中国的战略投资家群体。目前中国的投资者结构尚不符合这一要求， 因而引进国外投资银行类机构至关重要
The article believes that the reform of state-owned enterprises listed companies can not completely solve the problem of enterprise restructuring. At present, the securities market in our country only solves the capital problem for the enterprises. Under the situation that the state shares take the absolute controlling position and the non-tradable shares account for more than 70% of the total share capital, it is impossible to have a fundamental influence on the corporate governance structure. The key to resolving the problem of the restructuring of state-owned enterprises lies in completely judging the links between the enterprises and the government and truly bringing the enterprises to the market. To this end, the government should get rid of the enterprise, the status of state-owned assets holding should not exist in all state-owned enterprises listed. Apart from a handful of major industries that are related to national economy and the people’s livelihood, state-owned assets should be withdrawn from the general competitive industries. Moreover, the withdrawal of state-owned assets must be realized through the listing and circulation of state-owned shares. Because the market supervision mechanism represented by the circulation can effectively exercise the owner’s supervision and control over the managers, it will have a substantive impact on the governance structure of the listed companies. To this end, we should build a strategic investor group in China. At present, China’s investor structure is still not in line with this requirement, so the introduction of foreign investment banking agencies is essential