基于解决股权分置的非流通股定价研究

Research on the Program of Pricing the Un-negotiable Shares

非流通股的价格如何确定是有效解决资本市场中股权分置问题的关键。由于两类股权分置,DDM及EVA法无法适用,净资产法偏离真实价值也很多。通过设计全市场流通的权证及竞价申购配售方案,使得配售价格和流通股股东的补偿都可以实现合理保障。竞价中购中的合理出价是一个复杂的事前无法确知的全体博弈问题,竞价结果及权证价值的形成遵循合理预期机制和套利机制。

Market-pricing is the most useful way to value the financial-assets, which bases on bidding system. In the program of All-Negotiable. fair and reasonable considerations should be taken into for balancing the equities between the shareholders of the Negotiable-stocks and the Un-negotiable-stocks, Preemptive rights for bidding, which amplified and allocated only to the shareholder of the Negotiable-stocks rationally and can circulate in the stock-market, being the key-point.