国企收购上市公司股权定价的研究

资本市场是资源合理配置的有效场所。国有企业通过并购重组收购上市公司股权提升资产证券化率,实现国有资产保值增值的目标。国有企业收购上市公司股权过程中,定价是最核心的问题,然而,不确定性资产定价又是非常复杂的事情。对目标企业的定价除考虑定价理论和估值方法外,还考虑控制权、流动性、协同效应、支付方式等因素。虽然交易方式更加丰富多样,但从本质上讲,所有方式的背后都会通过定价反映出来。

Research on the Pricing about for the State-owned Enterprisesto Acquire the Equity of Listed Companies

Capital market is an effective place for rational allocation of resources.State-owned enterprises improve the rate of asset securitization through merger,reorganization and acquisition of listed companies'equity,and realize the goal of maintaining and increasing the value of state-owned assets.In the process of state-owned enterprises acquiring the stock rights of listed companies,pricing is the most core problem.However,uncertain asset pricing is a very complicated thing.In addition to pricing theory and valuation method,factors such as control right,liquidity,synergies and payment method are also considered in the pricing of target enterprises.There is a richer variety of trading options,but all of them are essentially reflected through pricing.