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以国有股为代表的非流通股在历史上曾经起过积极作用,它以向旧体制妥协的巨大代价为股票市场赢得了生存权和发展权。但时至今日,这类股票的存在对股市运行所起的则主要是消极作用,并且已经失去了赖以存在的制度基础。非流通股流通的核心和关键都是价格问题。能否确定一个合理的和被市场与投资者认同的定价原则,将直接关系到转换方案的成败。非流通股流通的定价原则应当具有简单、明了和可操作的特点,并且要尽可能地把各种变数都转化为定数.从而让投资者对转换过程有一个明确的市场预期。以净资产——权数定价方案的要点是在净资产值的基础上,再加上净资产值与上市公司前三年的平均净资产收益率的乘积,进而得出非流通股的流通价格。这样的流通价格既能为市场和投资者所接受,又可以充分体现股票的账面价值、内在价值与市场价值。各上市公司可以根据自身的情况来确定不同的转换方案,并且要在转换中坚持股东优先原则和注重对流通股股东权益的保护。上市公司的转换方案只有获得了流通股股东有效表决权的51％以上的支持时,才能进入转换程序。
Non-tradable shares represented by state-owned shares have played a positive role in history and have won the right to subsistence and development in the stock market at a tremendous price of compromise with the old system. However, up to now, the existence of such stocks has been mainly negative for stock market operations and has lost its institutional foundation. The core of the circulation of non-tradable shares and the key are price issues. Whether to determine a reasonable pricing principle that is agreed by the market and investors will directly affect the success or failure of the conversion plan. The pricing principle of non-tradable shares circulation should be simple, clear and operable, and try to convert all variables into fixed numbers as much as possible, so that investors have a clear market expectation on the conversion process. The key point of the net asset-weight pricing scheme is that on the basis of the net asset value and the product of the net asset value and the average return on equity of the listed company in the previous three years, the negotiable price of non-negotiable shares . Such a circulation price can not only be accepted by the market and investors, but also fully reflect the book value, intrinsic value and market value of the stock. Each listed company can determine different conversion plans according to its own situation and insist on the principle of priority of shareholders and the protection of the rights and interests of tradable shareholders in the conversion. The conversion plan of a listed company can only enter the conversion process if it is supported by more than 51% of the effective voting rights of shareholders of tradable shares.