The reform of state - owned enterp rises is the important content of the reform of economic system. In the reform in past thirty years, state - owned enterp rises have experienced the change from “decentralization ” to “ system innovation”, and made some achievements, butmany p roblems have also emerged. This paper uses the indexes of added value, p rofits, losses, labor p roductivity and so on to evaluate the reform efficiency of state - owned enterp rises and the results show that they have had comparatively high efficiency in such areas as added value and labor p roductivity, but the profit is still low, and losses are still serious. The p roblems are due to historical factors, and also related to current policies. It also points out that it is necessary to enhance the structure adjustment of state - owned enterp rises and the reform ofmonopoly industries, and to consummate budget mechanism for managing state - owned capital.