上市公司非流通股价值评估初探

Thinking about the Appraisal for Non-marketable Share of Listed Companies

上市公司国有股、社会法人股目前不能在二级市场流通,但在非公开交易领域存在大量交换,客观上需要评估机构的介入,减少信息不对称。非流通股具有其特殊性,应采取恰当的价值属性,以收益法为基础进行评估。

Though the state share and legal person share are not allowed to be publicly tradedin the secondary market, yet the private trade volume is high which results in a de-mand for the services provided by the intermediary firms to reduce the risks causedby information asymmetry. The author believes that non-trading stocks have its spe-cial nature and should be evaluated on the basis of income approach.