Research On Pricing Of State-owned Enterprises' Transfer

There are more and more problems in system and operation of original state-owned enterprises along with the reform. The national capital committee and the managerial force of state-owned enterprises both realize that only asset reorganization can help to support enterprises reform. The science and technology progress and the socialization of production all demand that asset reorganization as one of the resource allocation system. Now, if state-owned enterprises want to step off predicament, it should not only being continue insisting the trend of reformation, but also reorganize the stock asset. To invigorate and do well the state-owned economics on the whole through structure optimization.But in the process of state-owned asset reorganization in recent years, many reorganization examples of state-owned assets aroused strict crisis, the author introduces classical take over pricing theory, and give analysis about "Shuanghui purchased by Rotex , transfer of state-owned shares of Zhangyu, and Bank of China introduce strategic investors " in detail.In the case involved in the paper, relative valuation and the discounted cash flow method indicate underestimation in the prices of the transfer of state-owned shares in the different degree. Although strategic investors bring facilities for the future IPO of the Bank of China, the transfer prices of the state-owned shares in Shuanghui and Zhangyu cases are low, and there are evidences for MBO in the transfers. The cases show loss of state-owned assets.China's state-owned enterprises currently are outstandingly lack in pricing, resulting in losing the initiative in the transfer pricing process; on the other hand, the lack of relevant legal and regulator provides an opportunity for some interest groups. However, we can not abandon the reform of state-owned enterprises and optimizing of the distribution of state-owned assets. Learning from the experience, and reducing loss of state-owned assets gradually are the way to improve the situation in the transfer the state-owned assets in the future.The research on pricing transfer is not a new topic, but those aren't deep enough for the state-owned asset reorganization research. I hope that my crude remarks may draw forth by abler people through my cases analysis.