【摘要】 从理论上讲，国有股减持既能充实社会保障基金，规范证券市场，又能促使政府职能转变，完善法人治理结构，实现多重价值目标。实践中已有配售、回购、协议转让、存量发行等多种模式。然而，由于证券制度设计上的缺陷造成的市场环境人为割裂，使得在现有法律框架下形成的国有股减持模式实质上难以实现理论上的价值目标，亟待法律制度的创新和完善。更多还原

【Abstract】 In theory,the deduction of holding the state-owne d share can not only enrich the social security fund, regulate the stock market, but impel the government’s functional change, perfect the corporate management structure, achieve multi-value aims. In practice, there are already many kinds o f modes, such as allotment sales, a return purchase, contractual convey, existin g stock distribution. However, the market environment personal seperation, which is caused by the defects of stock system plan, leads to the result that the mod e of deducting the hold of state-owned share formed in the existing legal structu re hardly achieves the theoratically value aims. It is urgent to innovate and pe rfect the legal system.更多还原