本文从经济理论角度 ,探讨了国有股减持为何先为各方看好 ,后来则遭遇挫折被迫停止的深层原因 ,分析了关于国有股减持的主要流行理论 ,如国有股“一股独大”和“全流通”理论 ,存在哪些缺陷并导致了同原设想相反的实践后果 ,未能筹集社会保障资金反而造成股市动荡。本文还论述了中国证券市场的改革方向 ,怎样借鉴美国股市、公司丑闻的教训 ,防止泡沫投机危害 ,促进股市稳定发展 ,提出了建立国有股流通稳定基金的政策设想 ,主张应按经济规律促进国有股的适度流通 ,实现有进有出的国有资产结构优化调整 This article explores the underlying reasons why the reduction of state-owned shares favorably favored by all parties and then ended up from a setback in economic theory. It also analyzes the major popular theories about the reduction of state-owned shares, such as “one single dominant” and “ Full circulation ”theory, what are the shortcomings and lead to the opposite of the original idea of ​​the practical consequences, failed to raise funds for social security instead of causing stock market turmoil. This article also discusses the direction of the reform of China’s securities market, how to learn from the lessons of the U.S. stock market and corporate scandals, prevent the speculative dangers of the bubble and promote the stable development of the stock market. It proposes a policy plan for establishing a stable fund for the circulation of state-owned stocks, advocating that the promotion of state- Moderate circulation, to achieve optimization and adjustment of state-owned assets into and out of the structure