| 基于市盈率修正的非上市公司国有股权定价模型研究 |
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| 引用本文： | 王平,刘莎,张竞元,黄文思.基于市盈率修正的非上市公司国有股权定价模型研究[J].价值工程,2010,29(2):2-4. |
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| 作者姓名： | 王平 刘莎 张竞元 黄文思 |
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| 作者单位： | 大连理工大学管理学院; |
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| 基金项目： | 辽宁省社会科学规划基金项目(L07BJY013):辽宁省外资并购中国有股权定价研究;;大连理工大学大学生创新性实验计划项目(2008025) |
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| 摘 要： | 外资并购国有企业对我国国有企业改革和资本市场的发展具有重要的推动作用,合理确定国有股的转让价是外资并购中的核心问题,它将直接影响到外资并购的成功与否。基于市盈率修正的非上市公司国有股权定价模型,根据恰当的指标采用德尔菲法选取上市公司作为参照公司,将非流通股和流通股区别定价,采用加权法确定上市公司合理市盈率,解决了直接利用流通股市盈率估价非流通股存在的市盈率易被高估的问题,完善了传统的股权定价理论,对非上市公司国有股权定价具有很好的指导作用。
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| 关 键 词： | 外资并购 非上市公司 国有股权定价 市盈率修正 |
Research on the Equity Pricing Model for Unquoted Companies on the Basis of P/E Improvement |
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| Wang Ping,Liu Sha,Zhang Jingyuan,Huang Wensi.Research on the Equity Pricing Model for Unquoted Companies on the Basis of P/E Improvement[J].Value Engineering,2010,29(2):2-4. |
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| Authors: | Wang Ping Liu Sha Zhang Jingyuan Huang Wensi |
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| Institution: | School of Management/a>;Dalian University of Technology/a>;Dalian 116024/a>;China |
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| Abstract: | The takeover of state-owned enterprises by foreign companies significantly promotes the reform of state-owned enterprises and the development of capital market.To determine the reasonable transfer price for state shares is the core issue of foreign capital M&A,which will directly influence the success of merger.Delphi Method is applied in this model according to several appropriate indexes.The model takes listed companies as reference,it prices the non-tradeable shares and tradeable shares respectively,thus... |
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| Keywords: | foreign capital M&A unquoted companies state-owned shares pricing P/E improvement |
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