Research On The Property Rights Transaction Pricing Mechanism Of State-owned In The Property Market

State-owned enterprises as the hard core of the national economic development has always been leading the development direction of China’s economy during the reform and openness,and playing a post role in the economic development.In the era of planned economy,it contributed to the recovery of national economy and layed a solid foundation for the rapid economic development when the state taken a way of administration instruction to involved in the enterprises’business directly;however,in the1980’,when the economic construction got continual fruitful results,the contradiction between the more inflexible enterprise management system and the socialist market economic system has arisen gradually,the old system has been a severe restriction for the development vitality of state-owned enterprise.The system calls for an innovation,and reform would be necessary.In2001,the promulgation of The Tenth Five-year Plan for National Economic and Social Development of People’Republic of China pointed the way for the reformation.The Tenth Five-year Plan compendium definitely prescribes that during "the Tenth Five-year",we should deepen the reform of enterprises and establish a modern enterprise system,which characterized by clear ownership,specific power and responsibility,politics and enterprise parted, scientific management.During the same period,the property rights exchange market for state-owned enterprises’transaction has began to keep growing, and play a significant role in the reform.The property rights exchange market provides an ideal platform for enterprises’rights exchange,through the market mechanism,it can provide effective way to optimize capital structure and ensure expansion and added value of the capital.In recent years,much of the government’s stock in enterprises has been sold as a whole or individual elements can be found everywhere.According to statistics,in2010,state-owned stock equity transactions was accounts for about70percent of all transactions in property rights exchange market.Stock acquisition must related to the share pricing issue.Whether there is a scientific and reasonable pricing that both satisfy the demand of transferor and transferee for state-owned stork equity is the crux to whether success can be achieved.At present,the relatively mature security exchange market has formed a scientific and reasonable pricing mechanism of public companies’trading of shares,however,the property rights exchange market is at the early stage of construction,no matter market operation mode or laws and regulations have yet been completed,and has not formed a more efficient price discovering and price formation mechanism.So,during the transaction of state-owned property rights,many questions remain on the selection of pricing methodology,trading mode and supervision model of state-owned property rights,and pricing will get more complicated because of the special principal-agent relationship in state-owned enterprises.Therefore,it will be necessary to have a research on the pricing mechanism of state-owned property rights.This article summarizes the pricing mechanism in different times by exploring the state of the pricing mechanism about state-owned property rights, and on this basis,pointing out the existing problems in the pricing mechanism. In order to know the source of problems and the improving direction definitely, several possible factors that affecting the pricing mechanism are discussed and an empirical analysis based on the samples from state-owned enterprises’ property rights trading by multiple regression analysis is conducted. Finally,to perfect the mechanism and achieve the goals of resources optimization allocation as well as preserving and increasing the value of state-owned property rights,some reasonable suggestions for the problems are proposed.