国有股减持应兼顾国有股股东和流通股股东的利益 ;减持应兼顾国有经济战略调整和优化上市公司股权结构的需要 ,实现最优兼顾 ,才能形成“多赢”格局。本文提出并论证了“内接式组合模式”与“并列式组合模式”。本文还提出 ,为使国有股减持顺利进行 ,应注意保持证券市场的适度活跃。 The reduction of state-owned shares should take the interests of state-owned shareholders and tradable shareholders into consideration. The reduction of shares should take into account the needs of strategic adjustment of state-owned economy and optimization of the ownership structure of listed companies. Only in this way can the “win-win” pattern be formed. This paper presents and demonstrates the “inner combination mode” and “parallel combination mode.” The paper also proposes that to keep the reduction of state-owned shares smooth, we should pay attention to keeping the securities market moderately active.