国企转轨所涉及的产权交易和存量资产流动、重组的成效是成功转轨和建立现代企业制度的关键，而进行股份合作改制则是国有中型企业改制的有效途径。本文对股份合作改制所涉及的产权交易等问题，分别从公共选择理论、博弈理论以及企业治理结构和融资结构等多种角度深入解析了国有中小企业股份合作改制的合理性。，This paper is focused on the reform of middle sale state-owned enterprises. It thinks that the efficiency of property rights transaction and the flow of the stock assets and reconstruction of these assets be the key to fulfill the state-owned enterprises reform and build up the modern enterprises system. It shows that the share corporative system be the way to effective transition of the middle scale state-owned enterprises. Based on public-choice theory, game theory and from the aspect of corporate governance structure and financial structure, the paper comprehensively analyses the feasibility of the reform of middle scale state-owned enterprises oriented to share corporative system.