非流通股的一种市场定价及全流通方案

An Approach to Pricing and Circulation of State-Own Shares

运用金融工程方法 ,设计了一个专为国有股和法人股流通的过渡市场 .国有法人股在对现有流通股东进行补偿后进入该市场转让 ;过渡市场借助于流通证 (一个资产互换期权 )可与现有的流通股二级市场相通 ,使投资者可以随时将持有的国有法人股票换成现有二级市场的流通股票 ,国有法人股在此市场内流通转让一定时间 (1～ 3年 )获得真实定价后 ,通过缩股与现有流通股票成为同类股票 ,专设的过渡市场亦随之与现有流通市场合并 .

This article studies how the state-owned and other non-public shares could be priced and circulated. A specialized subsidiary market is suggested for these shares' pricing, which is designed by means of financial engineering methods. After entering the subsidiary market for a certain period, saying one to three years, and having been priced reasonably there, these shares are to be transformed in a proper proportion into current public shares and circulate in current exchanges