文章认为，股份合作制不是股份制与合作制的简单集合，而是两种制度有机融合的产物，是一种新型的相对独立、稳定的企业组织形式，适合于高于合作制而低于股份制所适应的社会生产力水平。其独特性质表现在６个方面：（１）入股者身份的适度分离性；（２）产权构造的适度开放性；（３）决策方式上的适度民主性；（４）股金红利的适度分配性；（５）治理结构的灵活性；（６）适应生产力水平的多层次性 The article argues that the joint-stock cooperative system is not a simple collection of joint-stock system and cooperation system, but a product of organic integration of the two systems. It is a relatively new form of independent and stable enterprise organization, suitable for being higher than the cooperative system and lower than the shareholding system Adaptable level of social productivity. Its unique nature is manifested in six aspects: (1) moderate separation of shareholders' identities; (2) moderate openness of property rights structure; (3) moderate democracy in decision-making; (4) moderate distribution of bonus shares (5) The flexibility of the governance structure; (6) Multi-level adaptation to the level of productivity