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国有股定价是国有股减持中的一个技术难题。从以往案例来看,回购、协议转让等方式多以每股净资产为基础价格,然后结合公司成长性和质量由供求双方商议一个成交价格,而中国嘉陵的国有股配售则是以平均每股收益乘以市盈率来确定的。这些方式均有其合理性,但也存在着不足。我们认为,国有股配售价格确定应体现企业内在价值与市场供求决定的市场价值的统一,本文正是从内在价值与市场的角度探讨了国有股配售价格的确定。
The pricing of state-owned shares is a technical problem in the reduction of state-owned shares. Judging from the past cases, repurchase, agreement transfer and other methods based on more net assets per share basis, and then combined with company growth and quality negotiated by both parties to a transaction price, while China Jialing’s state-owned shares placement is based on the average per share Income multiplied by the price-earnings ratio to determine. These methods have their rationality, but there are also shortcomings. In our opinion, the pricing of state-owned shares should reflect the unity of market value determined by the intrinsic value of the enterprise and market supply and demand. This paper discusses the determination of the placement price of state-owned shares from the perspective of intrinsic value and market.