上市公司国有股定价方式比较分析

A Comparision between the Methods of Setting State Shares' Price

国有股的定价是国有股减持的关键问题之一 .通过对证券市场的承接能力、国有股价格形成机制及现状分析 ,提出“在保证国有资产的保值增值前提下 ,国有股定价宜低不宜高”的定价原则 ,进而对分别以市场方式、净资产、市盈率、内在价值等为依据的 4种国有股定价方式进行比较、分析 ,确定每种方式适应的范围 。

The pricing of state shares is one of the key factors in the reduction of state shares. This paper analyzes the capacity of the stock market, the process and status quo of pricing state shares, then points out that the price of state shares should be set as low as possible, but on the condition of the stablity or raising of the value of state owned ussets. And the paper introduces four methods of setting state shares' price: market method, net asset method, price earnings ratio method and inner value method. Finally this paper shows the advantage and disadvantage of those methods and lists their application range.