發(fā)布時(shí)間：2018-06-06 06:10

  本文選題：產(chǎn)權(quán) + 產(chǎn)權(quán)交易　； 參考：《太原理工大學(xué)》2013年碩士論文

【摘要】：國有企業(yè)作為國民經(jīng)濟(jì)的中堅(jiān)力量在改革開放中始終引領(lǐng)著中國經(jīng)濟(jì)的發(fā)展方向,對經(jīng)濟(jì)發(fā)展起著支柱性作用。計(jì)劃經(jīng)濟(jì)時(shí)代,國家以行政指令方式直接參與、管理企業(yè)經(jīng)營活動的行為有效促進(jìn)了國民經(jīng)濟(jì)的恢復(fù),為我國經(jīng)濟(jì)的快速發(fā)展奠定了堅(jiān)實(shí)的基礎(chǔ);然而進(jìn)入20世紀(jì)80年代,在經(jīng)濟(jì)建設(shè)不斷取得豐碩成果的同時(shí),國有企業(yè)較為刻板的經(jīng)營體制與社會主義市場經(jīng)濟(jì)建設(shè)的矛盾也日益凸顯,舊有的經(jīng)營體制嚴(yán)重束縛了國有企業(yè)的發(fā)展活力,體制亟需創(chuàng)新,改革迫在眉睫。 2001年,《中華人民共和國國民經(jīng)濟(jì)和社會發(fā)展第十個(gè)五年計(jì)劃綱要》為國有企業(yè)改革指明了方向。“綱要”明確指出,“十五”期間應(yīng)繼續(xù)深化國有企業(yè)改革,建立產(chǎn)權(quán)清晰、權(quán)責(zé)明確、政企分開、管理科學(xué)的現(xiàn)代企業(yè)制度。同一時(shí)期,為國有企業(yè)改革服務(wù)的產(chǎn)權(quán)交易市場也開始發(fā)展壯大,在國有企業(yè)改革中發(fā)揮著舉足輕重的作用。產(chǎn)權(quán)交易市場為國有企業(yè)產(chǎn)權(quán)的流轉(zhuǎn)提供了理想平臺,通過發(fā)揮市場機(jī)制作用能夠有效實(shí)現(xiàn)國有資本的優(yōu)化重組和擴(kuò)張?jiān)鲋�。近年�?在產(chǎn)權(quán)市場進(jìn)行的國有產(chǎn)權(quán)交易中,以整體或部分出售國有股權(quán)的方式完成國有企業(yè)改革的案例比比皆是,據(jù)統(tǒng)計(jì),2010年,國有股權(quán)交易占產(chǎn)權(quán)市場中所有交易項(xiàng)目的比重高達(dá)70%左右。股權(quán)收購必然會涉及股權(quán)定價(jià)問題,在股權(quán)交易過程中能否對國有權(quán)益進(jìn)行科學(xué)合理的定價(jià),并使定價(jià)能夠滿足交易雙方的需求是決定交易成敗的關(guān)鍵。目前,發(fā)展相對成熟了的證券交易市場對上市公司股權(quán)交易已經(jīng)形成了一套科學(xué)合理的定價(jià)機(jī)制,而我國產(chǎn)權(quán)交易市場現(xiàn)階段仍處于建設(shè)初期,在市場運(yùn)作模式和相關(guān)法律法規(guī)上都還不完善,尚未形成一套高效的價(jià)格發(fā)現(xiàn)和價(jià)格形成機(jī)制。因而,在國有權(quán)益交易過程中,對國有權(quán)益定價(jià)方法、交易方式和監(jiān)管模式等方式方法的選擇上還存在很多問題,加之我國國有企業(yè)特殊的委托代理關(guān)系,使整個(gè)定價(jià)過程變得更加復(fù)雜。因此,針對產(chǎn)權(quán)市場中國有權(quán)益交易定價(jià)機(jī)制問題的研究有一定的必要性。 本文通過研究產(chǎn)權(quán)市場中國有權(quán)益交易定價(jià)機(jī)制的現(xiàn)狀,歸納總結(jié)出國有權(quán)益交易定價(jià)機(jī)制的演變歷程,在深入分析現(xiàn)行定價(jià)機(jī)制的基礎(chǔ)上,提出目前我國產(chǎn)權(quán)市場中國有權(quán)益交易定價(jià)機(jī)制存在的問題。為明確問題產(chǎn)生的根源,對可能影響國有權(quán)益交易價(jià)格形成的因素進(jìn)行分析,并以產(chǎn)權(quán)市場中實(shí)際發(fā)生的國有股權(quán)交易項(xiàng)目為研究樣本,對交易價(jià)格的影響因素進(jìn)行回歸分析,以進(jìn)一步明確國有權(quán)益交易定價(jià)機(jī)制的改進(jìn)方向。最后,針對現(xiàn)行定價(jià)機(jī)制所存在的問題提出合理的完善建議,使定價(jià)機(jī)制真正發(fā)揮市場配置資源的作用,達(dá)到資源優(yōu)化配置和國有權(quán)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.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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