Study On The Issue Of The State-Owned Running Asset's Pricing While Being Transferred

In the process of deepening reform of state-owned enterprise and vitalizing state-owned assets, it's concerned inevitably to make sure of the value of the state-owned assets. More normally, the transfer price of state-owned assets must be estimated when transferring state-owned property. The reform of state-owned enterprise that is never disconnected and the establishment of the state-owned property exchange organization in the last few years both indicate the central government's determination and willpower to next step about deepening state-owned enterprise and vitalizing state-owned assets. Therefore, it's necessary to study the issue of the state-owned running assets'pricing while being transferred. There are five chapters in this dissertation. The first introductory chapter mainly includes the significance of the study, the purpose and the content of the study as well as the innovation of this article, and summarizes the present research situation home and abroad. The second chapter, as the academic basis of the state-owned running assets'pricing, establishes the basic concepts system that will be used in further research, then reveals that the inner meaning of the state-owned running assets while being transferred is that capital owner's use the highest control right of capital after defining the property ownership of the state-owned capital. Finally analyzes the theory about the price mechanism and applied fields of all kinds of price models. The third chapter, research of the state-owned running assets'price mechanism while being transferred, analyzes the influencing factors such as relationship of supply and demand, specialized use nature of assets, profit expectation, etc. at first. Then the pricing of state-owned running assets in short is analyzed mainly and the expected demand model is established and the price under maximizing the expected profit is concluded. Analysis is made deeply in the process of forming and operating the price mechanism, in combination with the factual condition, and solution measures and policy suggestions are made in the point of actual problems. Chapter Four is to estimate the transfer price of the state-owned running assets. Flow chart about choosing the state-owned running assets'pricing methods is given to choose corresponding pricing model under different condition. Three major parameters in discount cash flow method are chosen in fact. It is brought forward that the CAPM must be used distinguishingly through classification of target enterprise and risk coefficient in industry needs to be adjusted when the target enterprise is state-owned enterprise. An AHP model for assessment of state-owned assets value is established based on which a weighted analysis of factors that affect the target assets value is carried out. After comparing it with representative listed counterparts, the transfer price of the target assets can be achieved finally. The definition and concrete content of implied return and implied cost are analyzed and a conclusion is put forward that considering transfer price must be in the basis of connotative income and cost. The conclusive part, Chapter Five, draws the conclusions to the previous study and puts forward some further study suggestions.