Research On Application Of Negotiating Transfer In State-Owned Stocks' Reduction For Listed Company

The application of negotiating transfer in the state-owned shares' reduction of listed company of our country is long-standing. In our country, the first reduction of state-owned stocks of listed company on the market was realized through the way of negotiating transfer. At the present stage, it has great meanings of negotiating transfer for the actual implementation and success of reduction of state-owned stocks, since it accords with the strategic object of reduction of state-owned stocks, and the more important thing is, it can effectively realize the basic goal of the reduction. Agreeing on our economic characteristic and realistic condition of our country, negotiating transfer has vigorous vitality hi stocks' reducing practice. However, in theory, the researches on transferring model are still in the very deficient state at present. Meanwhile, there is still some drawback and insufficiency in the traditional transfer practice of state-owned stocks' reduction. So it has very far-reaching meanings to make over the research and innovation of the negotiating transfer mode in the reduction of state-owned stocks. Its urgency is self-evident too.This thesis starts from reviewing history of reduction of state-owned stocks and explaining the inherent meaning and purpose of reduction of state-owned stocks, sets the criteria for assessing the mode of state-owned stock reduction, objectively appraises the characters and advantages of negotiating transfer, and proves, from theory, practice, state policies, that negotiating transfer is the main method for reduction of state-owned stocks at the present stage. In the meanwhile, this paper carries on the deep positive research on history and current situation of negotiating transfer method in the reduction of state-owned stocks of listed company of our country, seizes the train of its development, seeks its inherent law, points out its insufficient while affirming the achievement. Besides, the thesis forms the model of negotiating transfer of state-owned stocks from the angle of the system. On the basis of analyzing the inter-dynamic relation among every key element of the system, this paper parses, in divisions, the characteristic, development andimperfectness of every key element, including environment, subject of state-owned stock transferring, state-owned stock assign subject and listed company, and puts forward the countermeasures and suggestions. On the question of pricing which is the core in negotiating transfer, this paper, with value theory as guide, carries on deep qualitative and quantitative analysis on the component of the value of state-owned stock and social circulating stock, constructs the brand-new appraisal model taking inherent value of stock right as platform, and implements on instance simulation to this model. Finally, the thesis explains the brief procedures and rules related to negotiating transfer method in the state-owned stocks' reduction after designing a succinct flow chart.The research of this thesis aims at contributing to the theory construction (" casts a brick to attract jade") of state-owned stocks, and at the same time offering theory support and basis of decision-making in the improvement and perfection of negotiating transfer's application in reduction of state-owned stocks of listed company in our country, through overall and systematic positive research and theory study over the mode for the state-owned stocks' negotiating transfer.