在我国股票市场发展的初期，国有企业中占据绝对控股地位的是大量非流通的国有股和法人股。随着经济社会的持续发展，我国努力进行国企控股结构改革，这既是盘活国有企业存量资产，改善上市公司治理的关键举措，也是解决非流通国有股占比过大的股权结构畸形这一问题的必要一步。近年来，可交换债券作为一种新型的融资和减持工具，日渐受到发行方和投资者的青睐。 本文通过对清华控股集团发行清控EB案例的分析，探讨了通过发行可交换债券进行国有股份减持的优势，对企业发行可交换债券对公司价值的影响进行了分析，并思索相关启示，主要目的是为其他国有企业和混合所有制企业的股权改革方案设计提供一些可能的借鉴。

In the early stages of the development of China's stock market, absolute holding role in state-owned enterprises is the mass amount of non-tradable shares like state-owned shares and legal person shares. With the development of the social economy, our country efforts to promote the state-owned holding company structure reform, which is not only the key action to revitalize the stock assets of state-owned enterprises and improve the governance of listed companies, but also a necessary step to solve the equity structure deformity. In recent years, the exchangeable bonds as a new financing and reducing tool, increasingly gets the favor of issuers and investors. Through the analysis of the case study of tsinghua holdings, this article discusses the advantage of reduction of state-owned shares by issuing exchangeable bonds, depthing the impact on the value of the company after issuing exchangeable bonds in order to provide useful lessons for future reform scheme design of other state-owned enterprises and the equity of the mixed ownership enterprises.