Study On The Rationality Of Asset Pricing In The Mixed Ownership Reform Of CITIC Guoan

In recent years,the reform direction of state-owned enterprises is mainly based on the development of mixed ownership.The reform of mixed ownership of state-owned enterprises is still a hot spot of economic development.With the release of a batch of batches of state-owned enterprises,the intensity,breadth and depth of the current reforms have reached a period of high growth,which will have far-reaching and longterm impact on the development of social economy.Therefore,it is of practical significance to study the reform of mixed ownership of state-owned enterprises.CITIC Guoan Group Co.,Ltd.is undoubtedly at the forefront among state-owned enterprises that have undergone mixed ownership reform in China.In August 2014,CITIC Guoan Group announced a major effort to mix and change.As a pioneer of mixed reform after the Third Plenary Session of the 18 th CPC Central Committee,whether the group's choice of strategic investors and the price of asset transfer were reasonable at that time became the focus of attention at the time.Just after the announcement of the mixed reform,many social discussions and criticisms were triggered..This paper will mainly start from the perspective of asset transfer pricing,and analyze the current pricing of the group by using the enterprise value assessment method to judge its rationality,in order to provide reference for the current state-owned enterprise mixed reform.This paper first analyzes the application of each theory based on the theory of property rights and the theory of principal-agent.At the same time,it introduces the related concepts of mixed ownership reform and enterprise value assessment,and provides theoretical support for the following.Secondly,it summarizes the enterprise value assessment and evaluates the existing more commonly used evaluation methods.Then,it gives an overview of the situation of CITIC Guoan Group and the company's mixed ownership reform,and analyzes its causes,processes and status quo.At the same time,it leads to the question raised by many media at the beginning of the mixed reform of CITIC Guoan Group,and further based on this.Discuss the factors that may affect pricing in the company's mixed reform,such as the selection method of strategic investors and the publicity of asset valuation pricing information.Finally,based on the discounted cash flow method,the value of CITIC Guoan enterprise is re-evaluated,and the evaluation result is further verified by the EVA evaluation method.On this basis,the enterprise value of CITIC Guoan was evaluated,and the calculation results under the two methods were compared with the transfer price disclosed at the time to judge the rationality of the pricing.The results show that through the calculation of the discounted cash flow method,the value of CITIC Guoan's corporate value after conversion to the mixed reform in 2014 was 49.83 billion yuan,corresponding to the total value of the five private investors holding a total of about 39.39 billion yuan;Through the calculation of the EVA assessment method,the enterprise value is 41.57 billion yuan,and the value of the corresponding holding ratio is 32.86 billion yuan.Compared with the 8 billion yuan invested by the five private enterprises at the time,the author believes that the actual discounted value of the enterprise and the amount of capital contribution are large,and the transfer price of CITIC Guoan is unreasonable.