国有股“人格”不完整、“一股独大”、流动性差是国有企业治理结构效率低下的主要原因。本文认为应将国有股改造为托管凭证,持有人拥有国有股的实际控制权,依此形成相对集中的“垄断竞争型”的股权结构、构建相互制衡的董事会结构,最终塑造出国有股主体,实现国有资产保值增值。 State-owned shares, “personality” is not complete, “a single dominant,” poor liquidity is the main reason for the inefficient governance structure of state-owned enterprises. This paper argues that the state-owned shares should be transformed into custody vouchers. The holders should have the actual control right of the state-owned shares so as to form a relatively concentrated “monopolistically competitive” shareholding structure and establish a balanced structure of the board of directors. Finally, the main body of state- Assets preservation and appreciation.