The Influential Factors In The Premium Of The Transfer Price Of The State-owned Stocks In China's Listed Companies

The stock holding structure with the state-owned stocks because of historical reasons has controlled the development of China's economy and capital market to some extent. The academic circles and management have discussed extensively about how to reduce the holding percentage of the state-owned stocks. And they reach a consensus of that the transfer by agreement is the main pattern. The fixing price is the core during the process of the transfer. However, in the actual process the waving of the premium is very great. What factors have influenced the premium of the transfer price on earth? How great is the influencing of each factor? To answer these questions is not only the basis for our researching the question of the price fixing, but also is helpful in practice.In the chapter one, I introduce the conception of the state-owned stocks and its questions, and then lead to the question of reducing the stocks. First, I review the development of the transfer of the state-owned stocks by agreement. Second, I analyze the characters and tendency of the transfer by agreement. These two formthe theory background and analysis basis.In the chapter two, I summarize the documents of the premium of transfer price overseas and interior. Although there isn't the question of state-owned stocks overseas, their great achievements of the premium of stocks in the capital market are useful for us. The achievements include stock price and the effects of the transfer interior. I put forward my researching hypothesis on their basis.In the chapter three, I analyze the factors of the premium. I put forward the model design and researching hypothesis. After that, I make describable statistics and MLR analysis. Then, I analyze the concrete results. At last I point out the aspects that need to improve.Considering the contents, there're few achievements interior. Considering the method, my article adopts the method of combining the practical study and standard study to quest the above questions. I bring forth new ideas of contents and method in my article. In addition, my article is helpful to provide scientific basis for the exact evaluation of the transfer price of the state-owned stocks, and to reduce the blindness of the price fixing, and to limit the manipulation of the price during the process of stock transfer. And it provides a real base for the founding of a reasonable and scientific model of price fixing in the future.