一、上市公司国有股回购的理论意义上市公司国有股减持,从宏观上讲,是要变现一部分国有资产存量,实现国有经济的战略重组;从微观上讲。是要降低上市公司过高的国有股比例,改善股权结构和公司治理结构,提高公司经营效率。现代公司的根本特征是在产权结构上实现了所有权和控制权的分离,在委托代理关系中,不同股权结构背景下的委托人对代理人的监控能力和积极性是不同的,因此股权结构的调整和完善是优化上市公司治理结构的一种重要途径。 First, the theoretical significance of state-owned shares repurchase of listed companies The reduction of state-owned shares of listed companies, from the macro point of view, is to realize a part of the state-owned assets inventory, to achieve the strategic restructuring of the state-owned economy; from the micro perspective. It is necessary to reduce the proportion of state-owned stocks that are too high in listed companies, improve the ownership structure and corporate governance structure, and increase company operating efficiency. The fundamental feature of modern companies is the separation of ownership and control rights in the property right structure. In the principal-agent relationship, the trustee’s ability to monitor and motivate different agents is different in the context of different ownership structures. Therefore, the ownership structure is adjusted. And improvement is an important way to optimize the governance structure of listed companies.