股票市场非流通股全流通价格的选择与比较

中国股票市场流通制度的缺陷是市场系统性风险的根源所在 ,出路在于股票市场非流通股的全流通。全流通成功的关键在于合理确定全流通的股票价格。以预期每股收益为基础的全流通价格理论依据在于公司的资产价值而不是企业价值 ,企业价值不在于资产值多少钱 ,而在于这些资产每年能创造出多少利润。以数据的形式 ,从投资的公平与效率的角度 ,对非流通股全流通价格选择的净资产定价和每股收益定价进行了分析与比较。提出应以净资产值作为非流通股全流通的定价基础 ,以净资产配售方式逐步解决非流通股全流通问题。

The Choice and Comparison of Full Negotiable Price of Non-Circulating Stocks in Stock Market

The paper holds that the defects in circulation system of Chinese stock markets lie in the risks of market mechanism, and points out the solution is to circulate non circulating stocks in an all round way, in which the key remains to fix a reasonable price for these stocks. The full negotiable price theory with the basis of expected earnings per share originates from total assets of company. In view of the fairness and effectiveness of investment, the author employs statistic data to analyze and compare the options of fixing net assets of full negotiable price of non circulating stocks with pricing earnings per share, consequently raises a solution about full negotiable price, i.e. fixing the full negotiable price of non circulating stocks on the basis of total net assets, and selling net assets by quota allocation.