China's State-owned Shares Of Listed Companies In The Pricing Model

It is an inevitable choice for our country to implement strategic lesseningstate-owned share holding, and die core of it is the pricing of stated-owned share. How to design an applicable, accuracy, operable pricing model is die key of studying lessening of stale-owned share holding.Based on die experience of pricing state-owned share at home and abroad, die article put forward three models: (1) pricing model of price-earn rate (PE) ; (2) pricing model of liquidity; (3) pricing model of concentrating share and discount.The first model takes die reasonable PE as evaluating index to evaluate die project of state-owned share lessening. In die model, we can get die price of listed company on the condition of full-flowing by multiplying PE and earning, and then we can get die reasonable flowing-price of stated-owned share baaed on die ihaie-holding structure.The second model firstly admits that die rights of flowing is valuable, if die state-owned share needs to get back die rights of flowing, tiiey must pay die price, hi anodier words, die total rising-price of liquidity must equal to die total discount of liquidity. So we can turn die pricing of die state-owned share to die pricing of die stock on die condition of full-flowing.The third model is die combination widi concentrating-share model and discount model. Firsdy, we must concentrate state-owned share based on investing cost; secondly, we can evaluate die stock on full-flowing condition by discount model, dien we can get die reasonable price of state-owned share.Lastly, die results of die pricing-simulation on "luzoulaojia" show that die diree models are feasible too.