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本文以股份制自身的效率为研究基点，分析了它作为一种法律制度设计存在的优势以及内在的固有缺陷，并从股份制与中国国有企业兼容性的角度出发，提出了借鉴、移植西方股份制改造国有企业的过程中遇到的三大障碍：代理人成本问题更加突出；外部约束机制不力；缺乏资本运营能力。这三大难题均与目前法律环境的不完善密切相关。要提高股份制与中国国企的兼容性，使之发挥最大的制度优势，不仅需要法律环境的优化，而且需要其他的外在机制的协助配合。
In this paper, taking the efficiency of the shareholding system as the research base, this paper analyzes its advantages as an inherent legal system design and inherent flaws. From the point of view of the compatibility between the shareholding system and Chinese state-owned enterprises, Three obstacles encountered in the process of the enterprise: the cost of agent is more prominent; the external constraint mechanism is not good; the lack of capital operation ability. These three major problems are closely related to the current imperfect legal environment. To improve the compatibility of the shareholding system with Chinese state-owned enterprises so that they can exert their greatest institutional advantages requires not only the optimization of the legal environment but also the cooperation and assistance of other external mechanisms.