认股权证与国有股减持定价

国有股减持是一项复杂的系统工程 ,不仅关系到国有经济战略布局的调整、国企改革的成败 ,而且还关乎中国证券市场的可持续发展。其中 ,如何合理地确定国有股的减持价格 ,从而平衡市场各方的经济和利益关系 ,更是社会各界广泛关注的焦点。本文在提出了一种“新股新办法 ,老股老办法”的方案后 ,着重论述了发行认股权证在“老国有股”减持定价中的运用 ,以期发现一种解决问题的方法。

Pre-emptive Rights and Pricing Mechanism of the State-owned Shares'''' Lessening

The state-owned shares' lessening is a complicated system, which will be crucial to the strategic adjustment of the state-owned economy, outcome of SOEs'reform and sustained development of Chinese security market. Especially, how to price the state-owned shares that are about to be lessened so as to balance the various beneficiaries of security market is a social focus concerned. This paper put forth a new scheme and emphasized itself on the usage of pre-emptive rights in the lessening price of the existed state-owned shares.