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国有企业股份制改造成效差的根本原因是对西方股份制的本质缺乏深刻理解，简单照搬，忽视了我国公有制的特殊性。本文指出西方股份制“一股一票”制的前提假设存在的缺陷，进而构筑公有制基础上的利益制衡机制，即由企业职工行使对经营者的选择和监督，这是搞活国有企业的关键。
The basic reason for the poor performance of state-owned joint-stock reform is the lack of a deep understanding of the nature of the western joint-stock system, a simplification of the system and the neglect of the particularity of public ownership in our country. This paper points out the defects of the precondition of the “one share, one vote” system in the western joint stock system, and then constructs the system of checks and balances based on the public ownership, that is, the selection and supervision exercised by the enterprise staff on the managers, which is the key to activating the state - owned enterprises.