The fundamental problems lying in the state-owned stocks and corporation-owned stocks are the continuous increase of negotiable note in stock market, and the efficient contribution to market made by the perfection system of the full negotiable note. 国家股、法人股流通渠道的根本问题是全流通股票在股市中所占比重的不断提高和全流通股票自身的完善机制对提高市场有效性的贡献。