探讨国有资本运营制度的时候,国有资本的退出是其中的一个重要问题。中央政府只决定国有资本不能从哪些领域退出,应该在哪些领域继续保持控制。除了这些领域之外,地方政府可以决定所有的退出事宜。经粗略估计,2001年国有资产总权益的三分之一和总利润的三分之二集中在上市公司。上市公司国有股权的转让是国有资本退出和国有资产变现的主要渠道。关于国有股权转让的相关规则也正在起草。本文就通过场外交易市场来实现国有股权转让和国家对公司的控制权两个问题谈一些看法。 When discussing the operation system of state-owned capital, the withdrawal of state-owned capital is one of the important issues. The Central Government only decides from which areas the state-owned capital can not exit and in what areas it should continue to exercise control. In addition to these areas, local governments can decide on all exit matters. After a rough estimate, one third of the total state-owned assets in 2001 and two-thirds of the total profits concentrated in the listed company. The transfer of state-owned shares of listed companies is the main channel for the withdrawal of state-owned capital and realization of state-owned assets. Relevant rules on the transfer of state-owned shares are also being drafted. This article talks about the two issues of state-owned equity transfer and state control of the company through the OTC market.