国有股占绝大比重但不能流通是中国证券市场的一大特点。对国有股不流通的问题及原因进行了剖析。指出应当多渠道、有步骤地促使国有股流通 ,实现国有资产存量的重组和社会资源的优化配置以及股票市场的稳定、健康发展。国家通过减持国有股 ,实现对上市公司参股而不控股 ,充分发挥股东“用手投票”和“用脚投票”的权利 ,使企业真正摆脱行政干预。最后 ,探讨了国有股流通的一种方式——国有股投资基金 State-owned shares make up the vast majority but can not be circulated, which is a major feature of China’s securities market. The problem of non-circulation of state-owned shares and the reasons for the analysis. It points out that multi-channel and step-by-step procedures should be adopted to facilitate the circulation of state-owned shares and to achieve the reorganization of the stock of state-owned assets and the optimal allocation of social resources as well as the stable and healthy development of the stock market. By reducing state-owned shares, the state realizes the equity participation of listed companies without controlling shareholder rights and gives full play to shareholders’ “voting by hand” and “voting by their feet” so that the enterprises can truly get rid of administrative interference. Finally, it explores a way of circulation of state-owned shares - state-owned stock investment funds