国有股流通定价机制与方案创新研究

On the Pricing Scheme of State-Owned Share Circulation

定价问题是国有股减持的难点,在分析目前市场上两种定价模式缺陷的基础上,运用企业价值理论和方法,设计一种国有股减持的定价方案,并以上市公司华北高速为模拟对象实施了该方案。这一价格既考虑了流通股的市价,又考虑了国有股权的内在价值,兼顾了国有股股东和流通股股东的利益,可以作为国有股减持的定价依据之一。

Pricing is a difficult subject of reducing state-owned share. This text first analyzed the defects of two pricing modes in market, then designed another pricing scheme and made use of it in one quoted company. The price not only considers market price of ordinary share and intrinsic value of state-owned ownership, but also protects benefits of shareholders. so it can be used as basis of pricing subject.