Study On State-owned Share Circulation And Its Pricing Of Listed Companies

The share of listed company is divided into country share, corporate share and public stock in our country. It is a makeshift division, which solves those history questions left over at the beginning of the reformation in the shareholding system. National related departments strictly control both country share and corporate share and forbid them to be transferred with freedom in security market. Or else, the circulation of them will cause state-run assets loss, reduce the national shareholding ratio and weaken the public-owned subject position. But the state-owned stock precipitated is larger and larger with the quickening of the shareholding system transformation process of state-owned enterprise and the enlargement of the market scale of the securities. The problems brought by prohibition of country share's and corporate share's circulation not merely restrict the normal development and operation of the security market seriously, but also make against the progress of the operating mechanism standardization and shareholding system reform of the corporate share in our country listed company. Therefore the circulation and pricing of state-owned stock and corporate share becomes the important subject demanding prompt solution. It is an extremely complicated system engineering to circulate state-owned stock, this text analyses the problem of circulating state-owned stock and fixing its price in following " three common" and marketization at the foundations of principle, and propose listed company state-owned stock's circulations and suggestions and the policies and measures of pricing. ①The state-owned stock circulating and pricing will have perfect legal system. ②The steady development of stock market depends on the long-term policy. ③The listed company should improve quality and sincerity. ④The state-owned stock circulates to need institutional investors. ⑤Circulating style and pricing method are in conformity with the diversification. It could not be solved the circulation problem of the state-owned stocks of so many listed companies with the unified scheme in terms of the difference of listed company industry and one's own situations, and situations of the stock market. Concrete circulation schemes should be diversified, the state-owned stock shareholder can choose different circulation styles and pricing method in such concrete conditions as holding proportion, business performance and secondary market stock price ,etc.. Through making analysis of theory in circulation and pricing of state-owned stock , this text makes conclusion, innovative place, and elaborates its position, value and meaning in this research field. Ⅰ.Conclusion This text puts forward feasible state-owned stock circulation style and pricing scheme that can be accepted by market main body in history of treating kindly and respect reality, maintaining legitimate rights and interests of investor, and absorbing existing securities foundation of theory to draw lessons from conscientiously actively. Namely the state-owned stock of listed company can't fix the price to circulate according to the unified price, because the financial situation, management performance and cash flow, and development overview of every listed company are different. Its suitable conditions are different: ①It is good to the achievement, growth fine or recent stock price steady listed company and cash flow parameter smaller listed company can estimate company stock right price according to freedom cash flow model. ②Choose different evaluation indexes according to different situations of the listed company in constant company's value rule: As to value assessment of income steady company, it is suitable for the constant company law based on p/e ratio. The p/e ratio model is most suitable for making profits in succession, and enterprises of Beta value approaches 1. Most heavy advantages of this method lie in simple and distinct, easy to operate, and shortcomings lie in evaluating different kinds of companies to deviated value when confirming concrete p/e ratio will meet heavy difficulty at the multiple. As to the company of the increasing type of the income, stock right value is usually underestimated, the profit is small because of this kind of company initial stage, the profit is large on later stage; As to the thing that income declining type company, stock right value is usually over-evaluated, because the profit of this kind of company is reduced year by year.It is the company that is on the occasion of for needing to have a large number of assets, net assets, is suitable for the constant company law based on net rate of market. This largest advantages of method are that the datum of the book value of the net assets are easy to obtain, and do not need to a large amount of calculation complicatedly, it is apt to guarantee the value preserving and appreciation of state-run assets, and its effectiveness is relatively strong. Shortcoming can't embody potential profit ability of listed company, and if company put into such issues as the mobile crisis, etc., it is a kind of most primitive pricing way. Its starting point is book value of assets: the companies with strong ability to the assets profit high in quality, which are apt to underestimate value, but to the companies not good with indifferent profit of quality of the assets, which are extremely easy appraising high value. Service trade enterprises of lower rate to the selling cost, or the convergent traditional trade enterprises of selling cost rate are suitable for the income multiplier and appraise models. The advantages of this model are: First of all, it will not present negative value, and can calculate out a meaningful value multiplier to the loss-generating enterprise and enterprise not paying one's debts with all his assets. Secondly, it is steadier, more reliable, and difficult to be handled. Finally, the income multiplier changes to the pricing policy and business strategy sensitively, and can reflect the consequence of this kind of change. Its limitation is the change not reflecting the cost, but the cost is one of the important factors of influencing enterprise's cash flow and value. ③If listed company is " beyond cure " ,it can only liquidate or adopt option fixing the price at the model is appraised. But generally speaking, the state-owned stock circulation and pricing should get rid of the constraint of the traditional pricing mechanism, and walk on the reform and innovation of amarketization, standardization, internationalized, pluralistic orientation. We should choose the rule of pricing with different comparative advantages to match, and safeguard the fair and stability of the capital market to the maximum extent against the market situation and difference the placing and circulation style of different periods of the companies. Ⅱ. Innovation points...