国有企业混合所有制改革是我国经济体制改革的重点,针对当前经济环境的变化,文章以自然垄断型国有企业为研究对象,分析混合所有制改革中存在的股权“红线”、资产估价、资本结构等困境,结合中央经济指导性意见及对企业的实地调研结果,提出我国自然垄断型国有企业混合所有制改革可以从健全法律、强化国有股权监督、完善职工持股等方面来优化股权结构设计。 The reform of mixed ownership of state-owned enterprises (SOEs) is the focus of China’s economic reform. In view of the changes of the current economic environment, this paper takes the natural monopoly SOEs as the research object and analyzes the existing problems such as the “red line”, assets valuation, capital structure In the light of the guidance from the central government and the field investigation of the enterprises, this paper puts forward that the reform of the mixed ownership of the natural monopoly state-owned enterprises in China can optimize the structure design of the ownership structure by improving the law, strengthening the monitoring of the state-owned equity and improving the employee stock ownership.