我们从“重置成本”和利益博弈的角度去衡量试点前后各方拥有的价值,以此计算非流通股实际减持价格相对净资产的溢价幅度,为投资者评价不同试点方案提供一个相对统一的标准。经测算四家试点企业平均补偿率约20%。如果后续公司也基本遵循这一补偿比率,意味着全流通后,A股公司的市盈率将较前下降20%左右,对于那些已经具备国际比价优势的行业和公司,投资价值将进一步显现。 We measure the value owned by each party before and after the pilot from the perspective of “replacement cost” and the game of interest so as to calculate the premium of the relative reduction of net assets to the actual reduction price of non-circulating shares, and provide a relative unification for investors to evaluate different pilot programs Standard. After calculation, the average compensation rate of the four pilot enterprises is about 20%. If follow-up companies basically follow this compensation ratio, means that after the full circulation, A-share companies will have a P / E ratio of about 20% lower, for those who already have the international parity advantages of industries and companies, the investment value will be further revealed.