具有自然垄断性质的公用产业，与人民的生活息息相关，为在制度上确保其良性运转，政府必须运用规则对其企业行为进行规制。但规制也会带来一些负效应，困此各国在保留现行规制的同时，都在探求规制改革的思路。本文运用规制经济理论，借鉴西方发达国家的成功经验，对中国公用企业的规制与改革进行了探讨。 The public industry with natural monopoly is closely related to the life of the people. In order to ensure the sound operation of the system, the government must make use of the rules to regulate its corporate behavior. However, the regulation will also bring about some negative effects. While retaining the current regulations, all countries are seeking ways to regulate the reform. This paper discusses the regulation and reform of public enterprises in China by using the theory of regulated economy and learning from the successful experiences of western developed countries.