The Pricing Issue Of The State-owned Shares Lessening

The existence of state-owned shares is decided by our special conditions,and the circulation of China's state-owned shares is one of the most important problems in China's state-owned enterprises' reform and the capital markers' development,and is an important means of economy promotes.So it becomes the focus of this problem both practically and academically.Twice the promulgated and suspended of state-owned shares lessening,the most important issue is the pricing.The pricing is inevitable and favorable that weather it's successful will affect the circulation.All the paper employs the backward stochastic differential equations mechanism to analyze the pricing.The second chapter is analyzing about the background and the course of the state-owned shares lessening,then give the proportion of state-owned shares in the enterprise and the influence of its development through specific data.The third chapter introduces the necessity and feasibilityof lessening through the specific data.The roundbreaking work is analyzing the necessity with the von-neumann utility function.The fourth chapter is a specific example to illustrate the problems needed to resolve,and the lessening couldn't be isseued direct in the A share market for which the C share market is established to instead.The fifth chapter resolves the pricing problem through the mathematic model.Firstly,there is a brief introduction about backward stochastic differential equations;then explains the cockamamie and complex of the original pricing methods through binomial tree model.And an example is giving to explain that the new pricing model is much more precise.In the last chapter some summary and advices is giving about the whole paper.