【作者】 徐元铖；

【导师】 尹效华；

【作者基本信息】 郑州大学 ， 国民经济学， 2002， 硕士

【摘要】 当前国有经济分布的范围过广，国有股权比重过大(约占总股份的70％)且不流通，严重影响和制约我国国民经济的持续健康发展。国有经济存在的问题表明对国有经济进行战略性调整势在必行，而国有股权不能流通成为国有经济战略性调整的巨大障碍。实现国有股的流通性不仅有利于企业治理机制的完善、证券市场的规范发展，更有利于国民经济的结构调整。本文着重研究国有股流通及国有股流通的条做主要是国有股流通定价)，以此为基础设计—个较为可行(成本低，易实施)的国有股流通的定价机制。 国有股问题的核心是流通，而不是减持。正确认识和处理国有股流通和国有股减持之间的关系，对促进国有股存量的高效整具有重要意义。国有股要实现流通，其技术关键是确定—个公平合理高效的定价机制，市场化定价是国有股得以流通的必然出路。 国有股流通无非是国有股从尚不流通进入流通，流通前后的国有股的本质变化在于是否具有流通性，与此相应，国有股的价格变化也在于流通性的价格。流通性定价法为国有股的市场化定价提供了有效保证。流通陛定价法的实质是为避免国有股流通后流通股的抛售套利过程，通过国有股的流通性折价对国有股的流通性溢价的足额补偿而形成公平合理的国有股流通性价格。 国有股流通性定价机制发挥作用需要一系列的配套措施。政府在市场各方的博弈中扮演重要角色，应在国有股管理体制、投融资体制改革等方面为国有股的流通创造良好的市场环境。 在对国有股流通性和定价机制进行分析时，本文主要采取规范分析、实证分析和个案分析三种基本的分析方法。同时，尽量将定性分析和定量分析结合在—起，从各个不同的角度来探讨国有股流通性问题。更多还原

【Abstract】 The proportion of state-owned shares is as much as 70% in the share-holding structure of China’s listed companies, and their illiquidity has long been a major obstacle to the continuous development of the stock market. This thesis first makes a perspective overview of the pratical background of the study- the history and problems of stated-owned economy, and proves that to achieve the liquidity of stated-owned shares is a crucial and difficult task.Based on the analysis of the unique characteristics of China’s stock market and how they take effects on the adjustment of Chinese econmic structure, the author puts forward that the prices of stated-owned shares, which will completely and free circulate in the stock market, should be determined by market mechanism. A successful and reasonable pricing mechanism would contribute to the realization of state-owned share mobilization. Therefore, one of the goals of this thesis is to build a theoretical pricing model, by means of which we could find out effective and fair share prices at the minimum cost. The author argues that the method mainly pricing the liqudity of state-owned share can provide a feasible choice. This method emphasizes that the premium on the liqulity of state-owned shares should be compensated by the share discount forilliqudity from the shareholders of state-owned stock.The strategical adjustment of the government’s policy for stated-owned shares is required when this pricng method is applied to state-owned shares. The government plays a significant role in the State-owned shares’ liqudity and lessening, so it should lay down the management rules and laws of the stated-owned share, and reform the system of investment and finiancing, etc..The research methods applied in this thesis mainly involve in theoretical and perspective methods, as well as comparative stuides in which some of listed companies and practices are examined.更多还原