国有股上市流通问题必须解决 ,但不能以牺牲股票市场现有投资者的利益为代价。已经实施过的几种减持方案涉及股市的资金流出 ,破坏了股市资金供求的平衡 ,引起股市暴跌。本文认为 ,减少国有股上市流通对股市冲击的关键在于把国有资金留在股市 ,其具体方案是 :( 1)国有股上市流通可采取回购与配售结合 ;( 2 )缩股与配售结合。 The listing and circulation of state-owned shares must be resolved, but not at the expense of the interests of existing investors in the stock market. Several reduction plans that have been implemented involve the outflow of funds from the stock market, undermining the balance of supply and demand in the stock market and causing the stock market to plunge. This paper argues that reducing the state-owned shares listed on the stock market impact of the key lies in the state-owned funds remain in the stock market, the specific programs are: (1) the listing of state-owned shares can take the merger of repurchase and placement;