对定向募集公司这一历史遗留问题如何解决 ,不仅关系着 40 0 0多家定向募集公司及其职工的利益 ,而且关系着至少 3 0 0 0万个城镇家庭的利益 ,甚至可能会影响到社会的稳定。本文分析了定向募集公司问题产生的历史原因 ,指出建立分层次的证券市场是解决定向募集公司股权流通及促进公司规范化运作的有效途径 ,文章最后对股份公司的监管问题提出了自己的政策建议 How to address the issue of the historical issue of the private placement of companies not only affects the interests of more than 400 targeted recruitment companies and their employees, but also affects the interests of at least 30 million urban families and may even affect the society Stable. This article analyzes the historical reasons for the issue of private placement companies and points out that the establishment of a hierarchical securities market is an effective way to solve the problem of direct circulation of shares and promote the standardization of the company. Finally, the paper puts forward some suggestions on the supervision of joint-stock companies