【作者】 肖钢；

【导师】 张维；

【作者基本信息】 天津大学 ， 管理科学与工程， 2008， 博士

【摘要】 在建设和管理产权交易市场的过程中,如何对企业产权合理定价是一个重点,也是一个难点。在经济全球化、贸易自由化的背景下,产权交易定价已经成为社会和市场迫切需要解决的问题。在进行产权交易活动时,产权评估只是作为双方交易的一张底牌,而最后成交价格的确定,则是双方讨价还价(即博弈)的结果。因此,对产权交易定价的研究,从根本上讲,就是对交易双方讨价还价整个过程的分析。本文基于均衡定价理论,尝试构建不完全信息条件下的动态博弈模型,结合产权交易的三种基本方式分析了均衡定价理论在产权交易讨价还价过程中的作用和影响因素。在研究过程中,始终结合产权理论、金融理论、经济学、制度经济学、计量经济学等学科的最新发展,以求探索出适合社会主义市场经济的产权交易定价机制和管理模式,力求能进一步完善我国的产权制度。本文的主要工作和创新点如下:第一,运用博弈论和信息经济学理论研究企业产权定价,利用信号博弈模型探讨协议转让方式下产权交易价格的形成机制,并根据信号博弈不同的贝叶斯均衡结果,比较政府参与与否情况下的产权协议转让的交易结果。第二,利用非参数的DEA方法分析招标转让方式下的产权价格形成机制,借助特殊的线性规划模型确定产权的影子价格,在资源配置的帕累托特性下给产权定价。这不仅提供了一种可操作的产权定价方法,同时也拓展了DEA理论的应用范围。第三,从拍卖机制设计的角度考察了产权所有人策略的选择,并借助双重的委托-代理模型分析国有产权的定价问题。第四,运用数理模型对目前存在的常用的产权交易方式进行比较分析,指出各自的特点,并试图采用招标转让和协议转让两者相结合的方式为产权交易定价,在合理地估计产权价格协议空间的前提下,利用讨价还价模型确定产权最终的交易价格。这对于当前我国的企业产权交易定价的实践活动来说,不仅具有重要的理论参考价值,同时具有积极的现实指导意义。更多还原

【Abstract】 In the process of constructing and managing the property rights trading market, reasonable pricing issue is a key point, also is a difficult point. As the world’s economies become more global and free, property transactions pricing has become a problem of the community and the market, which is urgently need to address. In property rights transactions, property assessment only be regarded as a bottom line, and the final transaction price is determined by the bargaining (game) results. Therefore, as for analysis of the property rights transaction pricing, the basic bargain is the analysis of the whole process of the property rights transaction.Basing on the equilibrium pricing theory, this dissertation will try to build the dynamic game model with incomplete informations, and combining with the three basic ways of the property rights transaction, analyse the function and influencing factors of the equilibrium pricing theory in the property rights transaction bargaining.In the researching process,always combining with the newest development of property rights theory,finace theory,ecnomics,institution ecnomics and ecnometrics, look forward to find the the property rights transaction pricing system and management pattern adapt to the communist market ecnomy, and further develop our national property rights institution.The main job and innovative point of the dissertation as following:Firstly,research the enterprises’property rights transaction pricing with game theory and information ecnomics theory, make the use of signal game model to find how the property rights transaction price come into being.And basing on various Bayesian equilibrium results of singal game,compare the transaction results of the property rights agreement transfer in the state of the government joining in or not.Secondly, make the use of non-parameter DEA method to analyse how the property rights transaction price come into being under the way of tender transfer.In virtue of special linearity layout model to confirm the shadow price of property rights,and price the property rights under the Polyhedron speciality of configuring resource.So not only provide a operative property rights pricing method,but also expand the application range of DEA theory.Thirdly,review how the owner of property rights select the pricing strategy from the angle of auction system design,and analyse the pricing problems of state-owned enterprises’property rights in virtue of double commissioned-agent model.Fourthly,make the use of mathematical models to comapare and analyse the current existing property rights transaction ways,point out each characteristics.And try to price the property transactions by combining tender transfer with agreement transfer,in precondition of estimating the resonnable agreement property price,using bargaining model to make sure of the last transferring price.For our current enterprises’property rights transaction pricing practice,there is not only of important theory value,but also of positive reality meaning.更多还原