As an economic and social organization transformed from the original Chinese rural collective economy，community joint-stock company（Community Company for short）has played an important role in many aspects such as economic construction，social development and has led members of the community become rich. However，being a product of passive urbanization，Community Company has some defects in the property right arrangement，governance structure and development model. Limited space to use and inefficiency of economic performance and the lacking of potential for further development have been shown recently. With the development of new urban economic division of labor and industrial layout，the Community Company is no longer adapt to the city economic integration and its transitional feature has become increasingly apparent，Community stock cooperative economy has to be reformed. Ways of reform includes changing the existing equity structure，opening，and circulating its equity，improving corporate governance structure，establishing modern enterprise system，and promoting the transformation of a Community Company to a modern enterprise.