产权市场中国有权益交易定价机制研究

发布时间：2018-06-06 06:10

本文选题：产权 + 产权交易　；参考：《太原理工大学》2013年硕士论文

【摘要】：国有企业作为国民经济的中坚力量在改革开放中始终引领着中国经济的发展方向,对经济发展起着支柱性作用。计划经济时代,国家以行政指令方式直接参与、管理企业经营活动的行为有效促进了国民经济的恢复,为我国经济的快速发展奠定了坚实的基础;然而进入20世纪80年代,在经济建设不断取得丰硕成果的同时,国有企业较为刻板的经营体制与社会主义市场经济建设的矛盾也日益凸显,旧有的经营体制严重束缚了国有企业的发展活力,体制亟需创新,改革迫在眉睫。 2001年,《中华人民共和国国民经济和社会发展第十个五年计划纲要》为国有企业改革指明了方向。“纲要”明确指出,“十五”期间应继续深化国有企业改革,建立产权清晰、权责明确、政企分开、管理科学的现代企业制度。同一时期,为国有企业改革服务的产权交易市场也开始发展壮大,在国有企业改革中发挥着举足轻重的作用。产权交易市场为国有企业产权的流转提供了理想平台,通过发挥市场机制作用能够有效实现国有资本的优化重组和扩张增值。近年来,在产权市场进行的国有产权交易中,以整体或部分出售国有股权的方式完成国有企业改革的案例比比皆是,据统计,2010年,国有股权交易占产权市场中所有交易项目的比重高达70%左右。股权收购必然会涉及股权定价问题,在股权交易过程中能否对国有权益进行科学合理的定价,并使定价能够满足交易双方的需求是决定交易成败的关键。目前,发展相对成熟了的证券交易市场对上市公司股权交易已经形成了一套科学合理的定价机制,而我国产权交易市场现阶段仍处于建设初期,在市场运作模式和相关法律法规上都还不完善,尚未形成一套高效的价格发现和价格形成机制。因而,在国有权益交易过程中,对国有权益定价方法、交易方式和监管模式等方式方法的选择上还存在很多问题,加之我国国有企业特殊的委托代理关系,使整个定价过程变得更加复杂。因此,针对产权市场中国有权益交易定价机制问题的研究有一定的必要性。本文通过研究产权市场中国有权益交易定价机制的现状,归纳总结出国有权益交易定价机制的演变历程,在深入分析现行定价机制的基础上,提出目前我国产权市场中国有权益交易定价机制存在的问题。为明确问题产生的根源,对可能影响国有权益交易价格形成的因素进行分析,并以产权市场中实际发生的国有股权交易项目为研究样本,对交易价格的影响因素进行回归分析,以进一步明确国有权益交易定价机制的改进方向。最后,针对现行定价机制所存在的问题提出合理的完善建议,使定价机制真正发挥市场配置资源的作用,达到资源优化配置和国有权益保值增值的目的。
[Abstract]:As the backbone of the national economy, the state-owned enterprises always lead the development direction of China's economy in the reform and opening up, and play a pillar role in the economic development. In the era of planned economy, the state participated directly in the form of administrative instructions and managed the business activities of enterprises, which effectively promoted the recovery of the national economy and laid a solid foundation for the rapid economic development of our country. However, in the 1980s, At the same time, the contradiction between the more rigid management system of state-owned enterprises and the construction of socialist market economy is becoming increasingly prominent. The old management system has seriously constrained the vitality of the development of state-owned enterprises. The system is in urgent need of innovation and reform is imminent. In 2001, the outline of the Tenth Five-Year Plan for National Economic and Social Development of the people's Republic of China pointed out the direction for the reform of state-owned enterprises. The outline clearly points out that during the 10th Five-Year Plan period, we should continue to deepen the reform of state-owned enterprises and establish a modern enterprise system with clear property rights, clear powers and responsibilities, separation of government from enterprises, and scientific management. At the same time, the property right transaction market, which serves the reform of state-owned enterprises, began to grow and play an important role in the reform of state-owned enterprises. The property right transaction market provides an ideal platform for the circulation of state-owned enterprises' property rights, and it can effectively realize the optimization, reorganization and expansion of state-owned capital by exerting the role of market mechanism. In recent years, in the transaction of state-owned property rights carried out in the property market, there are many cases of state-owned enterprise reform completed by the way of whole or partial sale of state-owned shares. According to statistics, in 2010, State-owned equity trading accounts for about 70 percent of all transactions in the property market. Ownership acquisition is bound to involve the issue of equity pricing. Whether the state-owned equity can be priced scientifically and reasonably in the course of equity trading, and whether the pricing can meet the needs of both sides is the key to the success or failure of the transaction. At present, the relatively mature stock exchange market has formed a set of scientific and reasonable pricing mechanism for the stock trading of listed companies, while the property right trading market in our country is still in the initial stage of construction. In the market operation mode and related laws and regulations are not perfect, has not yet formed a set of efficient price discovery and price formation mechanism. Therefore, in the process of state-owned equity trading, there are still many problems in the selection of pricing methods, transaction methods and regulatory models of state-owned equity, and the special principal-agent relationship of state-owned enterprises in China. Make the whole pricing process more complicated. Therefore, it is necessary to study the pricing mechanism of equity transaction in China. By studying the current situation of China's equity transaction pricing mechanism in the property right market, this paper summarizes the evolution of the state-owned equity transaction pricing mechanism, and on the basis of in-depth analysis of the current pricing mechanism, This paper puts forward the problems existing in the pricing mechanism of China's equity transaction in the property right market. In order to clarify the root cause of the problem, this paper analyzes the factors that may affect the formation of the transaction price of the state-owned equity, and takes the actual state-owned equity trading items in the property market as the research sample, carries on the regression analysis to the influence factor of the transaction price. In order to further clarify the state-owned equity trading pricing mechanism to improve the direction. Finally, in view of the problems existing in the current pricing mechanism, some reasonable suggestions are put forward to make the pricing mechanism play the role of market allocation of resources and achieve the purpose of optimizing the allocation of resources and maintaining and increasing the value of state-owned rights and interests.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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