职工持股和投资关联企业是国有企业改制过程中一个关键而现实的问题。国有企业归国家所有、全民所有,其委托代理链条较其他所有制企业长,长期以来一直存在股权单一、监督激励机制不健全等问题。通过国有企业改制,一方面可以实现国有企业产权多元化,另一方面可以通过职工持股 Employee stock ownership and investment in related enterprises are a key and realistic issue in the process of the restructuring of state-owned enterprises. State-owned enterprises are owned by the state and are owned by the whole people. The chain of their principal-agent agencies is longer than that of other ownership-holding enterprises. For a long time, there has been a single issue of equity ownership and a lack of supervision and incentive mechanism. Through the restructuring of state-owned enterprises, on the one hand, the diversification of property rights of state-owned enterprises can be realized and, on the other hand,