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改革我国现有的产权制度是社会化大生产和完善市场经济新体制的迫切要求。但是,产权问题对于现在经济学家来说仍然很复杂,特别是国有产权定价机制,还没有一套完整系统的方案、模型。只要我们能寻找到国有产权“公正、公开的交易价格”,国企改制中的一切问题都将不再是问题。在操作中尽量使用拍卖形式,少用或者不用招标形式,让价格成为调控产权价值的主要指标。本文分析了产权制度、产权交易,并结合我国产权交易现状,利用贴现现金流量法和Black-Scholes期权公式来对企业产权进行定价的研究。
Reforming the existing system of property rights in our country is an urgent requirement of socializing large-scale production and perfecting the new system of market economy. However, the issue of property rights is still very complicated for economists nowadays, especially the pricing mechanism of state-owned property rights. There is no complete systematic solution or model yet. As long as we can find “fair and open transaction prices” of state-owned property rights, all the problems in the restructuring of state-owned enterprises will no longer be a problem. As far as possible in the operation of the auction form, less or not the form of bidding, the price control of property values ?? become a major indicator. This article analyzes the property rights system, property transactions, combined with the status quo of China’s property rights transactions, the use of discounted cash flow method and Black-Scholes option formula to study the pricing of enterprise property.