State-owned reduce the inevitable demand that holding is reform of contemporary company system, also be the need that enrichs social security fund to advance a state-owend enterprise to reform battle of assault fortified positions, accordingly, state-owned decrease holding is our country security market to commercialize, what standardization strides is important one pace. Also absolutely, state-owned decrease held price to also want to follow commercialized principle accordingly. But because appear on the market the adjustment of company equity structure cannot one pace reachs the designated position, state-owned reducing held actual price can be only consider characteristic of Chinese security market in order to commercialize a principle to fix a price for the foundation. What to appearing on the market only company equity structure has reform and law law plan is perfect, large stockholder or initiator partner are decreased hold or add hold share true implementation commercializes a price. One, with new those who issue price just the same is state-owned decrease hold price pattern to have grumous administrative sex and forestall sex what double colour 　 issues recently is new counteract what issueing to add hair is new China has reduce held price, the intense reaction that pattern of this kind of price produced in the market, although not be the main reason that epicycle stock market drops, also be the fuse that epicycle stock market drops. Stock market epicycle drops to already amounted to 20 ％ left and right sides up to now, considering other factor while, have to be opposite state-owned decrease hold a price to undertake thinking over. State-owned decrease hold the price and new a basis that issues price just the same what be? Concerned branch and appear on the market the company is being decreased hold state-owned when did not announce corresponding price basis. This perhaps says great majority to investor above all is a kind of information for partner exposure is inadequate, it is inequitable. State-owned who is decreasing the constitutor that supports value policy? It is a government perhaps saying is the Ministry of finance. The Ministry of finance is branch of function of a government above all, exercise administration function, and will make by its state-owned decrease maintaining price pattern is price of a kind of administration. But stock however the child that just is market economy, and be in our country or a kind of commodity that will trade freely through stock market, and state-owned by do not shed the process that leads to current transition to fix a price however by service, having toing say is a contradiction. Next, the Ministry of finance still is state-owned actually the unified spokesman of equity, perhaps saying is large stockholder. State-owned large stockholder is being decreased hold state-owned when it is all other investor that goes up to the market forcibly according to oneself certain price (besides state-owned large him stockholder) sell piece, these investor serve as buyer do not have price negotiation right, you want to be about, not by bear sell business to have exclusive selling rights. And the constitutor of policy is not to want apparently state-owned decrease hold a branch to sell entirely bear sell business, the certificate business of our country also is bought entirely without ability state-owned decrease hold a share. Accordingly, be in state-owned decreasing the between state-owned large stockholder and numerous investor buying and selling in holding to concern is actually: This is the price of my deciding, you want to be about, also must not want. State-owned large stockholder is in state-owned decrease monopoly position is in actually in holding, state-owned decrease supporting a price also is price of a kind of monopoly actually. By this token, state-owned decrease hold the price and new issue price just the same pattern of this kind of price holds an administrative price and monopoly price concurrently double colour, this and state-owned decrease holding itself is a kind of property that commercializes reform it is abhorrent. 2, state-owned decrease the held point of view that commercializes price principle 　 to trade from the market to look, the stock trades as a kind of mark perhaps say commodity, its trade the price is by buyers and sellers the negotiation is decided. The government serves as the person that superintend, make a series of assurance " the game of 3 fair " is regular, and superintend trade bilateral toe the mark. In this kind regulation falls, trade the price is a reasonable market value, it is the price that buyers and sellers is willing to accept. With new those who issue just the same is state-owned decrease supporting the price is not a market price case. The first, the place before be like is narrated, this price holds an administrative price and the double colour that forestall fixes a price concurrently. The 2nd, to investor (namely buyer) accept not gladly namely, investor polls with the foot through " the manner that " will come to convey his. The 3rd, this is the value that one is changed in market game regulation by one-sided and market price case did not change accordingly however. State-owned with social community in the beginning of share issues its but current property is different: State-owned it is not OK in stock market freedom current, and social community can be in stock market freedom is current. This is a basic game regulation. At present social community the price is done not have namely state-owned participate in what form below current condition to trade the price. And the part is state-owned now want suddenly current, game regulation was changed, the part is state-owned from a blame free and current market entered a free and current market. State-owned the price should be changed, and the price of free circulation market also should be changed. Having a fact is clear: Standard of state-owned share price is current without the freedom in reason and the market that do not have it to participate in so the price is same. Because, if social community when be being issued first, set clearly state-owned of current time, current scale, large stockholder decrease support regulation, so, freedom is current the price that the price won't be now. State-owned decreasing a when hold important characteristic is state-owned decrease the freedom that holding is not partial equity to make over what mean an enterprise to control right however to weaken or change. Current great majority appears on the market in the company, state-owned partner is the biggest partner, it is to control a partner absolutely even (accuse a scale to be in 50 ％ above) . State-owned decrease stage by stage hold mean state-owned what partner counterpoises to company control is progressively weaken, state-owned to minority accuse a scale to appear on the market inferiorly the change that the company means an enterprise to control right, the change that perhaps controls right for the enterprise created more convenient condition. From the point of this angle, state-owned the whole that the price is an enterprise evaluates the price to divide with the price after company stock sum total; Perhaps buy the price. The angle that evaluates from asset looks, the means of company appraised price basically has: Standard of law of earnings present worth, value of replacement cost-or-market method, liquidation, analogy value standard. As a result of its to different company development foreground anticipates business pattern is different, different the valuation method that waits for place to use is different also, the difference that as net as its assets is worth its appraisal result is different also, the key is the value of the quality of its asset, intangible assets, especially intangible assets evaluates the technology that includes a company, brand, brand, business praise etc. Meeting outclass net assets is worth excellent company appraised price, some companies appraised price is near net asset value. Buy the price, buy the price that just control right to acquire a company and is willing to pay namely. Be in abroad, completely current to share appear on the market company, through 2 class the market is bought or the agreement buys equity to achieve certain proportion to achieve buy what just control right to the enterprise to get. Buying the price is a kind most commercialized price. Although state-owned decrease the buying party that holds a share (investor) buy behavior to be not stem from the end that gets an enterprise to control right, but state-owned decrease hold what caused an enterprise to control right in fact to weaken or the change that controls right for the enterprise created advantage. And, opposite with new those who issue just the same is state-owned decrease maintain price pattern for, the metabolic angle that controls right from the enterprise will decide state-owned decrease hold the price to provide rationality more, also more accord with " principle of 3 fair " . 3, what specific environment leaves our country security market is state-owned decrease hold the characteristic that commercializes a price to choose security market of 　 our country to depend on: 1, security market city is filled with rate is very high. New a price that releasing the price is product of a kind of shortage the price that is not value of company of a kind of sufficient report. Of 2 class market trade the overall level of the price also is such. Stock price basically is decided by supply demand relations actually, is not by the enterprise value is decided. And, comparative to appear on the market partly the stock of the company value of 2 class market is to get operated price, is not in " the freedom below regulation of game of 3 fair " trades the price. 2, social community issue with state-owned decrease held property different sell to investor for a short while together. Social community emission income is to return appear on the market the company is all, it is the investor equity investment to the company; State-owned decrease hold belong to already went 2 times of share current, its income puts in social security fund 's charge, and this income is ambitious be opposite at state-owned partner appear on the market the corresponding investment amount of the company. 3, appear on the market company equity structure is inside quite long period will still dispute is current with current coexist. These 3 characteristic make clear, value of 2 class market is right state-owned decrease hold the price has referenced effect only and do not have decision effect; Appear on the market of company equity completely current change cannot come true, of 2 class market buy the price to arise impossibly also. But state-owned decrease holding is an inevitable trend. In this kind specific market environment falls, from the point of analysis of angle of company control advantageous position, the whole with the enterprise assesses the value or potential agreement buys the price to be foundation, reference but case of current share price will decide state-owned decrease supporting the price is a reality to commercialize a price to choose. In appear on the market the company is issued first new when, the company just undertook asset evaluate commonly, can undertake estimation to the intangible assets of the enterprise so, state-owned decrease held fundamental price to be equal to every to evaluate net asset value to add estimation of every intangible assets to be worth. In appear on the market the company is added hair is new when, it is state-owned that OK and similar ground uses value of account face net asset to add estimation of every intangible assets to be worth reduce held fundamental price. Because new issue the market to be filled with rate the market was mirrorred to be opposite on one degree the self-identity degree of this company value, because this total to the enterprise valuation has referenced sense. From the angle consideration of maneuverability, the government sector can evaluate a principle according to intangible assets the certain and diploid less than that to planning to appear on the market or already appeared on the market the intangible assets estimation of the company is worth demarcate to be net assets, the ground is new issue the market to be filled with rate will decide corresponding specific multiple. What form from this is state-owned decrease supporting fundamental price is state-owned decrease support the price. What form according to afore-mentioned methods is state-owned decrease support the price will under new release the price, in appear on the market the company is issued first new or add hair is new when, state-owned decrease hold a part according to decreasing the price and new issue the price to want to undertake shrinking accordingly, with new at the same time to investor put on sale. In the meantime, will appear on the market henceforth the company is in issue first new or add hair is new undertake state-owned decrease hold Shi Yingming to announce price basis and computational method truly, in order to ensure " " of 3 general principles. Apparent, decide according to afore-mentioned methods state-owned decrease hold the price to be able to ensure the appreciation keeping a cost of state-owned asset, mature the enterprise is being decreased hold the value at that time. And to investor (buyer) for, because cannot form the real transaction value that decides by the market, so it is foundation, reference with company value new hair quotations is filled with the price of rate is a more logical market price pattern, because of the stock bear sell business to be in affirmatory new hair quotations is filled with inquiry had to orgnaization investor when rate, mirrorred on certain level the market is right at that time the self-identity degree of company value. And in light of the point of view that commands authority change from the enterprise, case of such state-owned share price also is buy the price possibly, to with new a standard of state-owned share price that issues just the same is very difficult also in be bought actually get buying just be admissived truly. 4, the large stockholder below environment of mature security market and initiator partner share are decreased hold commercialize afore-mentioned price 　 method to just be in our country solve below specific market environment current with blame is current a blame of the implementation in coexisted equity structure is current a choice of progressively and current a reality, it is to solve our country to appear on the market a of characteristic of setting of company equity structure special solution. State-owned decrease holding also is large stockholder is decreased actually holding share to perhaps say is initiator partner is decreased hold share, in light of the security market that matures from international, large stockholder and initiator partner are decreased hold or add holding a share is according to the stock the price of 2 classes market undertakes sell or be buyinged, this is a market trade the price, but its premise is: The first, appear on the market the branch of has different rights and interests that company stock is the person that press share hold is common stock, preferential etc, common stock is but current, preferential a share that waits for other property should turn to be in for common stock preferential specific requirement set when issueing (be just like our country can change bond to want to turn for current same) , congenial coequal, common stock is nonexistent this plants our country current with blame is current just negotiability is different but other rights and interests however the phenomenon of just the same, and our country appears on the market the company is in issue first new when not was not clearly at all current to current a condition of changeover. The 2nd, concerned legal laws and regulations set pair of initiator clearly current time limitation, provided large stockholder and initiator stockholder clearly every time share is decreased hold or add the information such as held scale, time to show a demand, in order to ensure principle of 3 fair " mixes the " of security market the interest of small shareholder. Accordingly, spend from what our country security market develops in light of, will issue first henceforth new appear on the market company common stock should be installed for completely current, not part of one's job is current and blame is current, and have initiator only with blame initiator distinction, at the same time perfect and relevant law laws and regulations and security market trade regular. Only such, new issue the price and share of 2 class market trade the price can tend more rational, large stockholder or initiator partner are being decreased hold or add interest enroach on won't be caused to small shareholder when holding share, accord with " principle of 3 fair " . During transferring to afore-mentioned phase, concerned branch should be made state-owned or blame is current to current the concerned regulation of a changeover, in appear on the market the company makes clear concerned content when raise capital by floating shares first, the from beginning to end that should achieve legal laws and regulations only agrees and information is announced adequately can ensure principle of 3 fair " is able to abide by " . (www.my-paper.info my paper)